GENCO SHIPPING & TRADING LTD, 10-Q filed on 8/3/2022
Quarterly Report
v3.22.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2022
Aug. 03, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
Document Transition Report false  
Entity File Number 001-33393  
Entity Registrant Name GENCO SHIPPING & TRADING LIMITED  
Entity Incorporation, State or Country Code 1T  
Entity Tax Identification Number 98-0439758  
Entity Address, Address Line One 299 Park Avenue  
Entity Address, Address Line Two 12th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10171  
City Area Code 646  
Local Phone Number 443-8550  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol GNK  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   42,281,407
Entity Central Index Key 0001326200  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 44,669 $ 114,573
Restricted cash 5,643 5,643
Due from charterers, net of a reserve of $1,471 and $1,403, respectively 24,963 20,116
Prepaid expenses and other current assets 9,237 9,935
Inventories 31,740 24,563
Fair value of derivative instruments 3,894  
Total current assets 120,146 174,830
Noncurrent assets:    
Vessels, net of accumulated depreciation of $277,600 and $253,005, respectively 1,025,403 981,141
Deposits on vessels   18,543
Deferred drydock, net of accumulated amortization of $14,063 and $12,879 respectively 25,521 14,275
Fixed assets, net of accumulated depreciation and amortization of $5,019 and $3,984, respectively 8,014 7,237
Operating lease right-of-use assets 4,790 5,495
Restricted cash 315 315
Fair value of derivative instruments 1,954 1,166
Total noncurrent assets 1,065,997 1,028,172
Total assets 1,186,143 1,203,002
Current liabilities:    
Accounts payable and accrued expenses 41,183 29,956
Deferred revenue 5,789 10,081
Current operating lease liabilities 1,944 1,858
Total current liabilities: 48,916 41,895
Noncurrent liabilities:    
Long-term operating lease liabilities 5,200 6,203
Long-term debt, net of deferred financing costs of $6,932 and $7,771, respectively 181,568 238,229
Total noncurrent liabilities 186,768 244,432
Total liabilities 235,684 286,327
Commitments and contingencies (Note 13)
Equity:    
Common stock, par value $0.01; 500,000,000 shares authorized; 42,281,407 and 41,924,597 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 423 419
Additional paid-in capital 1,641,664 1,702,166
Accumulated other comprehensive income 5,617 825
Accumulated deficit (697,752) (786,823)
Total Genco Shipping & Trading Limited shareholders' equity 949,952 916,587
Noncontrolling interest 507 88
Total equity 950,459 916,675
Total liabilities and equity $ 1,186,143 $ 1,203,002
v3.22.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current Assets:    
Due from charterers, reserve $ 1,471 $ 1,403
Noncurrent assets:    
Vessels, accumulated depreciation 277,600 253,005
Deferred drydock, accumulated amortization 14,063 12,879
Fixed assets, accumulated depreciation and amortization 5,019 3,984
Deferred financing costs, noncurrent $ 6,932 $ 7,771
Genco Shipping & Trading Limited shareholders' equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 42,281,407 41,924,597
Common stock, shares outstanding (in shares) 42,281,407 41,924,597
v3.22.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Total revenues $ 137,764 $ 121,008 $ 273,991 $ 208,599
Operating expenses:        
Voyage expenses 32,460 36,702 70,924 71,775
Vessel operating expenses 29,463 18,789 56,477 37,834
Charter hire expenses 5,044 8,325 12,682 13,761
General and administrative expenses (inclusive of nonvested stock amortization expense of $826, $551, $1,516, and $1,073, respectively) 6,381 5,854 12,424 11,957
Technical management fees 700 1,305 1,617 2,769
Depreciation and amortization 14,521 13,769 28,579 27,209
Loss on sale of vessels   15   735
Total operating expenses 88,569 84,759 182,703 166,040
Operating income 49,195 36,249 91,288 42,559
Other income (expense):        
Other income 767 210 2,764 356
Interest income 68 48 85 119
Interest expense (2,405) (4,470) (4,647) (9,012)
Other expense, net (1,570) (4,212) (1,798) (8,537)
Net income 47,625 32,037 89,490 34,022
Less: Net income attributable to noncontrolling interest 243   419  
Net income attributable to Genco Shipping & Trading Limited $ 47,382 $ 32,037 $ 89,071 $ 34,022
Earnings per share-basic $ 1.12 $ 0.76 $ 2.11 $ 0.81
Earnings per share-diluted $ 1.10 $ 0.75 $ 2.07 $ 0.80
Weighted average common shares outstanding-basic 42,385,423 42,071,019 42,276,371 42,022,669
Weighted average common shares outstanding-diluted 42,996,676 42,612,132 42,932,370 42,445,184
Voyage        
Revenues:        
Total revenues $ 137,764 $ 121,008 $ 273,991 $ 208,599
v3.22.2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Condensed Consolidated Statements of Operations        
Nonvested stock amortization expense $ 826 $ 551 $ 1,516 $ 1,073
v3.22.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 47,625 $ 32,037 $ 89,490 $ 34,022
Other comprehensive income (loss) 1,499 (23) 4,792 138
Comprehensive income 49,124 32,014 94,282 34,160
Less: Comprehensive income attributable to noncontrolling interest 243   419  
Comprehensive income attributable to Genco Shipping & Trading Limited $ 48,881 $ 32,014 $ 93,863 $ 34,160
v3.22.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Thousands
Genco Shipping & Trading Limited Shareholders' Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Noncontrolling Interest
Total
Balance at Dec. 31, 2020 $ 744,994 $ 418 $ 1,713,406   $ (968,830)   $ 744,994
Increase (Decrease) in Shareholders' Equity              
Net income 1,985       1,985   1,985
Other comprehensive income (loss) 161     $ 161     161
Issuance of shares due to vesting of RSUs and exercise of options   1 (1)        
Cash dividends declared (845)   (845)       (845)
Nonvested stock amortization 522   522       522
Balance at Mar. 31, 2021 746,817 419 1,713,082 161 (966,845)   746,817
Balance at Dec. 31, 2020 744,994 418 1,713,406   (968,830)   744,994
Increase (Decrease) in Shareholders' Equity              
Net income             34,022
Other comprehensive income (loss)             138
Balance at Jun. 30, 2021 777,272 419 1,711,523 138 (934,808)   777,272
Balance at Mar. 31, 2021 746,817 419 1,713,082 161 (966,845)   746,817
Increase (Decrease) in Shareholders' Equity              
Net income 32,037       32,037   32,037
Other comprehensive income (loss) (23)     (23)     (23)
Cash dividends declared (2,110)   (2,110)       (2,110)
Nonvested stock amortization 551   551       551
Balance at Jun. 30, 2021 777,272 419 1,711,523 138 (934,808)   777,272
Balance at Dec. 31, 2021 916,587 419 1,702,166 825 (786,823) $ 88 916,675
Increase (Decrease) in Shareholders' Equity              
Net income 41,689       41,689 176 41,865
Other comprehensive income (loss) 3,293     3,293     3,293
Issuance of shares due to vesting of RSUs and exercise of options   2 (2)        
Cash dividends declared (28,454)   (28,454)       (28,454)
Nonvested stock amortization 690   690       690
Balance at Mar. 31, 2022 933,805 421 1,674,400 4,118 (745,134) 264 934,069
Balance at Dec. 31, 2021 916,587 419 1,702,166 825 (786,823) 88 916,675
Increase (Decrease) in Shareholders' Equity              
Net income             89,490
Other comprehensive income (loss)             4,792
Balance at Jun. 30, 2022 949,952 423 1,641,664 5,617 (697,752) 507 950,459
Balance at Mar. 31, 2022 933,805 421 1,674,400 4,118 (745,134) 264 934,069
Increase (Decrease) in Shareholders' Equity              
Net income 47,382       47,382 243 47,625
Other comprehensive income (loss) 1,499     1,499     1,499
Issuance of shares due to exercise of options   2 (2)        
Cash dividends declared (33,560)   (33,560)       (33,560)
Nonvested stock amortization 826   826       826
Balance at Jun. 30, 2022 $ 949,952 $ 423 $ 1,641,664 $ 5,617 $ (697,752) $ 507 $ 950,459
v3.22.2
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
3 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Condensed Consolidated Statements of Equity        
Dividends declared per share $ 0.79 $ 0.67 $ 0.05 $ 0.02
v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 89,490 $ 34,022
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,579 27,209
Amortization of deferred financing costs 841 2,235
Right-of-use asset amortization 705 690
Amortization of nonvested stock compensation expense 1,516 1,073
Loss on sale of vessels   735
Amortization of premium on derivative 110 111
Interest rate cap premium payment   (240)
Insurance proceeds for protection and indemnity claims 169 101
Change in assets and liabilities:    
Increase in due from charterers (4,847) (921)
Decrease (increase) in prepaid expenses and other current assets 584 (894)
Increase in inventories (7,177) (4,858)
Increase in accounts payable and accrued expenses 8,602 5,028
(Decrease) increase in deferred revenue (4,292) 954
Decrease in operating lease liabilities (917) (871)
Deferred drydock costs incurred (14,204) (1,822)
Net cash provided by operating activities 99,159 62,552
Cash flows from investing activities:    
Purchase of vessels and ballast water treatment systems, including deposits (48,346) (24,678)
Purchase of scrubbers (capitalized in Vessels)   (126)
Purchase of other fixed assets (1,927) (431)
Net proceeds from sale of vessels   29,096
Insurance proceeds for hull and machinery claims 293 295
Net cash (used in) provided by investing activities (49,980) 4,156
Cash flows from financing activities:    
Cash dividends paid (61,572) (2,983)
Payment of deferred financing costs (11)  
Net cash used in financing activities (119,083) (85,186)
Net decrease in cash, cash equivalents and restricted cash (69,904) (18,478)
Cash, cash equivalents and restricted cash at beginning of period 120,531 179,679
Cash, cash equivalents and restricted cash at end of period 50,627 161,201
Secured Debt | $450 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt $ (57,500)  
Secured Debt | $133 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   (24,320)
Secured Debt | $495 Million Credit Facility    
Cash flows from financing activities:    
Repayment of secured debt   $ (57,883)
v3.22.2
GENERAL INFORMATION
6 Months Ended
Jun. 30, 2022
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 subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in one business segment.

At June 30, 2022, the Company’s fleet consisted of 44 drybulk vessels, including 17 Capesize drybulk carriers, 15 Ultramax drybulk carriers and twelve Supramax drybulk carriers, with an aggregate carrying capacity of approximately 4,636,000 dwt and an average age of approximately 10.3 years.

During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned 50% by the Company and 50% by Synergy as of June 30, 2022 and December 31, 2021, and was formed to provide ship management services to the Company’s vessels. As of June 30, 2022 and December 31, 2021, the investments GSSM received from the Company and Synergy totaled $50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM.

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

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

At present, it is not possible to ascertain any future impact of COVID-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the results for 2022.  However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic, any potential variants and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends. 

v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

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”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022 (the “2021 10-K”). The accompanying Condensed Consolidated Financial Statements include the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.

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. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2022.


Use of estimates

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

Cash, cash equivalents and restricted cash

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

    

2022

    

2021

 

Cash and cash equivalents

 

$

44,669

 

$

114,573

Restricted cash - current

5,643

5,643

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

50,627

 

$

120,531

Bunker swap and forward fuel purchase agreements

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

During the three months ended June 30, 2022 and 2021, the Company recorded $667 and $60 of realized gains in other income, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $321 and $168 of unrealized gains in other income, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded $1,296 and $215 of realized gains in other income, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded $1,760 and $52 of unrealized gains in other income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of June 30, 2022 and December 31, 2021 is $1,853 and $113 and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase

agreements in a liability position as of June 30, 2022 and December 31, 2021 is $0 and $20 and are recorded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost 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 for vessels during the three months ended June 30, 2022 and 2021 was $12,411 and $12,045, respectively. Depreciation for vessels during the six months ended June 30, 2022 and 2021 was $24,595 and $23,814, 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 cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from $310 per lwt to $400 per lwt prospectively based on the average of the 15-year average scrap value of steel.

During the three months ended June 30, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $1,159. The decrease in depreciation expense resulted in a $0.03 and $0.02 change to the basic and diluted net earnings per share, respectively, during the three months ended June 30, 2022. The basic and diluted net earnings per share for the three months ended June 30, 2022 would have been $1.09 per share and $1.08 per share, respectively, if there was no change in the estimated scrap value.

During the six months ended June 30, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $2,304. The decrease in depreciation expense resulted in a $0.06 and $0.05 change to the basic and diluted net earnings per share, respectively, during the six months ended June 30, 2022. The basic and diluted net earnings per share for the six months ended June 30, 2022 would have been $2.05 per share and $2.02 per share, respectively, if there was no change in the estimated scrap value.

Voyage expense recognition

In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. 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 of $2,421 and $443 during the three months ended June 30, 2022 and 2021, respectively, and $4,425 and $937 during the six months ended June 30, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Technical management fees

Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM

for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies.

Recent accounting pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)” which provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modification made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modification made on or before December 31, 2022. The Company has evaluated the impact of the adoption of ASU 2020-04 and ASU 2021-01 and has determined that there is no effect on its Condensed Consolidated Financial Statements and related disclosures.

v3.22.2
CASH FLOW INFORMATION
6 Months Ended
Jun. 30, 2022
CASH FLOW INFORMATION  
CASH FLOW INFORMATION

3 - CASH FLOW INFORMATION

For the six months ended June 30, 2022, 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 $3,965 for the Purchase of vessels and ballast water treatment systems, including deposits, and $1,036 for the Purchase of other fixed assets. For the six months ended June 30, 2022, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $599 for Cash dividends payable. Additionally, for the six months ended June 30, 2022, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Prepaid expenses and other current assets consisting of $348 for the Purchase of vessels and ballast water treatment systems, including deposits.

For the six months ended June 30, 2021, 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 $497 for the Purchase of vessels and ballast water treatment systems, including deposits, $27 for the Purchase of scrubbers, $35 for the Purchase of other fixed assets and $7 for the Net proceeds from sale of vessels. For the six months ended June 30, 2021, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $86 for Cash dividends payable.

During the six months ended June 30, 2022 and 2021, cash paid for interest, net of amounts capitalized, was $3,739 and $6,764, respectively.

During the six months ended June 30, 2022 and 2021, there was no cash paid for income taxes.

During the six months ended June 30, 2022, the Company reclassified $18,543 from Deposits on vessels to Vessels, net of accumulated depreciation upon the delivery of the Genco May and Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions.

During the six months ended June 30, 2021, the Company reclassified $7,798 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into an agreement to sell the Genco Lorraine prior to June 30, 2021.  

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

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

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

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

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

Refer to Note 14 — Stock-Based Compensation for further information regarding the aforementioned grants.

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

For the Six Months Ended

June 30, 

2022

2021

 

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

Operating cash flows from operating leases

$

1,115

$

1,115

v3.22.2
VESSEL ACQUISITIONS AND DISPOSITIONS
6 Months Ended
Jun. 30, 2022
VESSEL ACQUISITIONS AND DISPOSITIONS  
VESSEL ACQUISITIONS AND DISPOSITIONS

4 - VESSEL ACQUISITIONS AND DISPOSITIONS

Vessel Acquisitions

On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29,170 each, that were renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The Company used cash on hand to finance the purchase. As of December 31, 2021, deposits on vessels were $18,543. The remaining purchase price of $40,838 was paid during the six months ended June 30, 2022 upon delivery of the vessels.

Capitalized interest expense associated with these newbuilding contracts for the three months ended June 30, 2022 and 2021 was $0 and $54, respectively, and $5 and $54 for the six months ended June 30, 2022 and 2021, respectively.

Vessel Dispositions

As of June 30, 2022 and December 31, 2021, the Company recorded $5,643 of current restricted cash in the Condensed Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. Pursuant to the $450 Million Credit Facility, the net proceeds received from the sale will remain classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360-day period, the Company will be required to use the proceeds as a loan prepayment.

v3.22.2
NET EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2022
NET EARNINGS PER SHARE  
NET EARNINGS PER SHARE

5 – EARNINGS PER SHARE

The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 14 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.

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

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

    

2021

    

2022

    

2021

 

Common shares outstanding, basic:

Weighted-average common shares outstanding, basic

42,385,423

 

42,071,019

42,276,371

 

42,022,669

Common shares outstanding, diluted:

Weighted-average common shares outstanding, basic

42,385,423

 

42,071,019

42,276,371

 

42,022,669

Dilutive effect of stock options

415,578

340,072

427,995

214,413

Dilutive effect of restricted stock units

195,675

 

201,041

228,004

 

208,102

Weighted-average common shares outstanding, diluted

42,996,676

 

42,612,132

42,932,370

 

42,445,184

v3.22.2
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2022
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

6 - RELATED PARTY TRANSACTIONS

During the three and six months ended June 30, 2022 and 2021, the Company did not have any related party transactions.

v3.22.2
DEBT
6 Months Ended
Jun. 30, 2022
DEBT  
DEBT

7 – DEBT

Long-term debt, net consists of the following:

June 30, 

December 31, 

    

2022

    

2021

 

Principal amount

 

$

188,500

 

$

246,000

Less: Unamortized debt financing costs

 

(6,932)

 

(7,771)

Less: Current portion

 

 

Long-term debt, net

 

$

181,568

 

$

238,229

June 30, 2022

December 31, 2021

Unamortized

Unamortized

Debt Issuance

Debt Issuance

    

Principal

    

Cost

    

Principal

    

Cost

 

$450 Million Credit Facility

$

188,500

$

6,932

$

246,000

$

7,771

Total debt

$

188,500

 

$

6,932

$

246,000

 

$

7,771

As of June 30, 2022 and December 31, 2021, $6,932 and $7,771 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets.

$450 Million Credit Facility

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities into one facility.

As of June 30, 2022, there was $218,870 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 and $57,500 were made during the three and six months ended June 30, 2022, respectively, under the $450 Million Credit Facility.

As of June 30, 2022, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility.

Interest rates

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

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

2021

2022

  

2021

Effective Interest Rate

3.96

%  

3.22

%  

3.43

%  

  

3.20

%  

Range of Interest Rates (excluding unused commitment fees)

2.61% to 3.84

%  

2.59 % to 3.44

%  

2.26% to 3.84

%  

  

2.59 % to 3.48

%  

v3.22.2
DERIVATIVE INSTRUMENTS
6 Months Ended
Jun. 30, 2022
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

8 – DERIVATIVE INSTRUMENTS

The Company is exposed to interest rate risk on its floating rate debt. As of June 30, 2022, the Company had three interest rate cap agreements outstanding to manage interest costs and the risk associated with variable interest rates. The three interest rate cap agreements were initially designated and qualified as cash flow hedges. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in Accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings.

During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of dedesignation will be recognized over the remaining original hedge

period. During the three and six months ended June 30, 2022, the Company recorded a loss of $11 in interest expense for the portion of the interest rate caps not designated as a hedging instrument.

The following table summarizes the interest rate cap agreements in place as of June 30, 2022.

Interest Rate Cap Detail

Notional Amount Outstanding

June 30, 

Trade date

Cap Rate

Start Date

End Date

    

2022

March 25, 2021

0.75

%

April 29, 2021

March 28, 2024

$

50,000

July 29, 2020

0.75

%

July 31, 2020

December 29, 2023

100,000

March 6, 2020

1.50

%

March 10, 2020

March 10, 2023

50,000

$

200,000

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

The Company recorded a $4,792 gain for the six months ended June 30, 2022 in AOCI. The estimated income that is currently recorded in AOCI as of June 30, 2022 that is expected to be reclassified into earnings within the next twelve months is $3,744.

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

For the Three Months Ended June 30, 

For the Six Months Ended June 30, 

2022

    

2021

    

2022

    

2021

Interest Expense

Interest Expense

Interest Expense

Interest Expense

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

$

2,405

$

4,470

$

4,647

$

9,012

The effects of fair value and cash flow hedging

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

Interest contracts:

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

$

(50)

$

$

(50)

$

Premium excluded and recognized on an amortized basis

56

42

98

111

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

The following table shows the interest rate cap assets as of June 30, 2022:

June 30, 

December 31, 

Balance Sheet Location

2022

2021

Derivatives designated as hedging instruments

Interest rate caps

Fair value of derivative instruments - current

$

3,781

$

Interest rate caps

Fair value of derivative instruments - noncurrent

$

1,871

$

1,166

Derivatives not designated as hedging instruments

Interest rate caps

Fair value of derivative instruments - current

$

113

$

Interest rate caps

Fair value of derivative instruments - noncurrent

$

83

$

The components of AOCI included in the accompanying Condensed Consolidated Balance Sheet consists of net unrealized gains on cash flow hedges as of June 30, 2022.

AOCI — January 1, 2022

$

825

Amount recognized in OCI on derivative, intrinsic

 

5,295

Amount recognized in OCI on derivative, excluded

 

(503)

Amount reclassified from OCI into income

 

AOCI — June 30, 2022

$

5,617

v3.22.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS  
FAIR VALUE OF FINANCIAL INSTRUMENTS

9 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values and carrying values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

June 30, 2022

December 31, 2021

    

Carrying

    

    

Carrying

    

 

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

$

44,669

$

44,669

$

114,573

$

114,573

Restricted cash

 

5,958

 

5,958

 

5,958

 

5,958

Principal amount of floating rate debt

 

188,500

 

188,500

 

246,000

 

246,000

The carrying value of the borrowings under the $450 Million Credit Facility as of June 30, 2022 and December 31, 2021, which excludes the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as this credit facility represents a floating rate loan. The carrying amounts of the Company’s other financial instruments as of June 30, 2022 and December 31, 2021 (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. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 8 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the three and six months ended June 30, 2022 and 2021.

The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. Nonrecurring fair value measurements may include impairment tests of the Company’s operating lease right-of-use assets if there are indicators of impairments.  During the three and six months ended June 30, 2022 and 2021, there were no indicators of impairment of the operating lease right-of-use assets.

The Company did not have any Level 3 financial assets or liabilities as of June 30, 2022 and December 31, 2021.

v3.22.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6 Months Ended
Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

10 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

    

June 30, 

    

December 31, 

    

2022

    

2021

 

Accounts payable

$

13,691

$

9,399

Accrued general and administrative expenses

 

3,328

 

4,719

Accrued vessel operating expenses

 

24,164

 

15,838

Total accounts payable and accrued expenses

$

41,183

$

29,956

v3.22.2
VOYAGE REVENUES
6 Months Ended
Jun. 30, 2022
VOYAGE REVENUES  
VOYAGE REVENUES

11 – VOYAGE REVENUES

Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2022 and 2021, the Company earned $137,764 and $121,008 of voyage revenues, respectively. For the six months ended June 30, 2022 and 2021, the Company earned $273,991 and $208,599 of voyage revenues, respectively.

Total voyage revenues 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, 

    

2022

    

2021

2022

    

2021

Lease revenue

$

62,752

$

31,557

$

118,557

$

50,457

Spot market voyage revenue

75,012

89,451

155,434

158,142

Total voyage revenues

$

137,764

$

121,008

$

273,991

$

208,599

v3.22.2
LEASES
6 Months Ended
Jun. 30, 2022
LEASES  
LEASES

12 – LEASES

On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was $306 of sublease income recorded during the three months ended June 30, 2022 and 2021 and $612 of sublease income recorded during the six months ended June 30, 2022 and 2021. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operations.

The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases.  During the three and six months ended June 30, 2022 and 2021, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.

v3.22.2
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

13 – COMMITMENTS AND CONTINGENCIES

During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 36 of its vessels.  The cost of these systems varies 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 $1.0 million for Capesize vessels and $0.6 million for Supramax vessels. These costs are capitalized and depreciated over the remainder of the life of the vessels.  Prior to any adjustments for vessel impairment and vessel sales, the Company recorded cumulatively $24,064 and $18,992 in Vessel assets in the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively, related to BWTS additions. Excluding any installation fees, the Company expects to pay $1,129 during the remainder of 2022 for BWTS.

v3.22.2
STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2022
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

14 - STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

Stock Options

The following table summarizes the stock option activity for the six months ended June 30, 2022:

Weighted

Weighted

Number

Average

Average

of

Exercise

Fair

    

Options

    

Price

    

Value

    

Outstanding as of January 1, 2022

 

916,287

 

$

9.02

$

4.08

Granted

 

Exercised

 

(392,774)

10.19

5.45

Forfeited

 

Outstanding as of June 30, 2022

 

523,513

 

$

8.14

$

3.05

Exercisable as of June 30, 2022

 

329,622

 

$

8.09

$

3.11

The following table summarizes certain information about the options outstanding as of June 30, 2022:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2022

June 30, 2022

Weighted

Weighted

 

Weighted

Average

 

Weighted

Average

Weighted

Average

Exercise Price of

 

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

8.14

 

193,891

$

8.22

4.07

329,622

$

8.09

3.35

As of June 30, 2022 and December 31, 2021, a total of 523,513 and 916,287 stock options were outstanding, respectively.

Amortization of the unamortized stock-based compensation balance of $200 as of June 30, 2022 is expected to be expensed $111, $81 and $8 during the remainder of 2022 and during the years ending December 31, 2023 and 2024, respectively.

For the three and six months ended June 30, 2022 and 2021, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows:

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

2021

2022

    

2021

 

General and administrative expenses

$

55

$

151

$

168

$

330

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, 2022 and December 31, 2021, 612,300 and 478,848 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.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors.  The RSUs that have been issued to other individuals vest ratably on each of the three or five year anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the six months ended June 30, 2022:

Weighted

Number of

Average Grant

    

RSUs

Date Price

Outstanding as of January 1, 2022

306,887

$

9.65

Granted

243,190

20.00

Vested

(180,661)

10.85

Forfeited

Outstanding as of June 30, 2022

369,416

$

15.88

The total fair value of the RSUs that vested during the six months ended June 30, 2022 and 2021 was $3,733 and $1,798, 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, 2022:

Unvested RSUs

Vested RSUs

June 30, 2022

June 30, 2022

Weighted

Weighted

Average

Weighted

Average

Remaining

Average

Number of

Grant Date

Contractual

Number of

Grant Date

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

369,416

$

15.88

2.71

837,998

$

10.43

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2022, unrecognized compensation cost of $4,261 related to RSUs will be recognized over a weighted-average period of 2.71 years.

For the three and six months ended June 30, 2022 and 2021, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

    

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

2021

    

2022

    

2021

 

General and administrative expenses

$

771

$

401

$

1,348

$

743

v3.22.2
LEGAL PROCEEDINGS
6 Months Ended
Jun. 30, 2022
LEGAL PROCEEDINGS  
LEGAL PROCEEDINGS

15 - LEGAL PROCEEDINGS

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

v3.22.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

16 – SUBSEQUENT EVENTS

On August 3, 2022, the Company announced a regular quarterly dividend of $0.50 per share to be paid on or about August 23, 2022, to shareholders of record as of August 16, 2022. The aggregate amount of the dividend is expected to be approximately $21.3 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of presentation

Basis of presentation

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”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022 (the “2021 10-K”). The accompanying Condensed Consolidated Financial Statements include the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.

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. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2022.

Use of estimates

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

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

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

    

2022

    

2021

 

Cash and cash equivalents

 

$

44,669

 

$

114,573

Restricted cash - current

5,643

5,643

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

50,627

 

$

120,531

Bunker swaps and forward fuel purchase agreements

Bunker swap and forward fuel purchase agreements

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

During the three months ended June 30, 2022 and 2021, the Company recorded $667 and $60 of realized gains in other income, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $321 and $168 of unrealized gains in other income, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded $1,296 and $215 of realized gains in other income, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded $1,760 and $52 of unrealized gains in other income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of June 30, 2022 and December 31, 2021 is $1,853 and $113 and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase

agreements in a liability position as of June 30, 2022 and December 31, 2021 is $0 and $20 and are recorded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Vessels, net

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation for vessels during the three months ended June 30, 2022 and 2021 was $12,411 and $12,045, respectively. Depreciation for vessels during the six months ended June 30, 2022 and 2021 was $24,595 and $23,814, 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 cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from $310 per lwt to $400 per lwt prospectively based on the average of the 15-year average scrap value of steel.

During the three months ended June 30, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $1,159. The decrease in depreciation expense resulted in a $0.03 and $0.02 change to the basic and diluted net earnings per share, respectively, during the three months ended June 30, 2022. The basic and diluted net earnings per share for the three months ended June 30, 2022 would have been $1.09 per share and $1.08 per share, respectively, if there was no change in the estimated scrap value.

Voyage expense recognition

Voyage expense recognition

In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. 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 of $2,421 and $443 during the three months ended June 30, 2022 and 2021, respectively, and $4,425 and $937 during the six months ended June 30, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Technical management fees

Technical management fees

Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM

for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies.

Recent accounting pronouncements

Recent accounting pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)” which provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modification made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modification made on or before December 31, 2022. The Company has evaluated the impact of the adoption of ASU 2020-04 and ASU 2021-01 and has determined that there is no effect on its Condensed Consolidated Financial Statements and related disclosures.

v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of restricted cash and cash equivalents

June 30, 

December 31, 

    

2022

    

2021

 

Cash and cash equivalents

 

$

44,669

 

$

114,573

Restricted cash - current

5,643

5,643

Restricted cash - noncurrent

 

315

 

315

Cash, cash equivalents and restricted cash

 

$

50,627

 

$

120,531

v3.22.2
CASH FLOW INFORMATION (Tables)
6 Months Ended
Jun. 30, 2022
CASH FLOW INFORMATION  
Schedule of cash flow information related to operating leases

For the Six Months Ended

June 30, 

2022

2021

 

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

Operating cash flows from operating leases

$

1,115

$

1,115

v3.22.2
NET EARNINGS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2022
NET EARNINGS PER SHARE  
Components of denominator for calculation of basic and diluted net earnings per share

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

    

2021

    

2022

    

2021

 

Common shares outstanding, basic:

Weighted-average common shares outstanding, basic

42,385,423

 

42,071,019

42,276,371

 

42,022,669

Common shares outstanding, diluted:

Weighted-average common shares outstanding, basic

42,385,423

 

42,071,019

42,276,371

 

42,022,669

Dilutive effect of stock options

415,578

340,072

427,995

214,413

Dilutive effect of restricted stock units

195,675

 

201,041

228,004

 

208,102

Weighted-average common shares outstanding, diluted

42,996,676

 

42,612,132

42,932,370

 

42,445,184

v3.22.2
DEBT (Tables)
6 Months Ended
Jun. 30, 2022
DEBT  
Schedule of components of Long-term debt

June 30, 

December 31, 

    

2022

    

2021

 

Principal amount

 

$

188,500

 

$

246,000

Less: Unamortized debt financing costs

 

(6,932)

 

(7,771)

Less: Current portion

 

 

Long-term debt, net

 

$

181,568

 

$

238,229

June 30, 2022

December 31, 2021

Unamortized

Unamortized

Debt Issuance

Debt Issuance

    

Principal

    

Cost

    

Principal

    

Cost

 

$450 Million Credit Facility

$

188,500

$

6,932

$

246,000

$

7,771

Total debt

$

188,500

 

$

6,932

$

246,000

 

$

7,771

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, 

2022

2021

2022

  

2021

Effective Interest Rate

3.96

%  

3.22

%  

3.43

%  

  

3.20

%  

Range of Interest Rates (excluding unused commitment fees)

2.61% to 3.84

%  

2.59 % to 3.44

%  

2.26% to 3.84

%  

  

2.59 % to 3.48

%  

v3.22.2
DERIVATIVE INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2022
DERIVATIVE INSTRUMENTS  
Schedule of interest cap agreements

Interest Rate Cap Detail

Notional Amount Outstanding

June 30, 

Trade date

Cap Rate

Start Date

End Date

    

2022

March 25, 2021

0.75

%

April 29, 2021

March 28, 2024

$

50,000

July 29, 2020

0.75

%

July 31, 2020

December 29, 2023

100,000

March 6, 2020

1.50

%

March 10, 2020

March 10, 2023

50,000

$

200,000

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

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

For the Three Months Ended June 30, 

For the Six Months Ended June 30, 

2022

    

2021

    

2022

    

2021

Interest Expense

Interest Expense

Interest Expense

Interest Expense

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

$

2,405

$

4,470

$

4,647

$

9,012

The effects of fair value and cash flow hedging

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

Interest contracts:

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

$

(50)

$

$

(50)

$

Premium excluded and recognized on an amortized basis

56

42

98

111

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

Schedule of interest rate cap assets

June 30, 

December 31, 

Balance Sheet Location

2022

2021

Derivatives designated as hedging instruments

Interest rate caps

Fair value of derivative instruments - current

$

3,781

$

Interest rate caps

Fair value of derivative instruments - noncurrent

$

1,871

$

1,166

Derivatives not designated as hedging instruments

Interest rate caps

Fair value of derivative instruments - current

$

113

$

Interest rate caps

Fair value of derivative instruments - noncurrent

$

83

$

Components of AOCI included in the accompanying condensed consolidated balance sheet

AOCI — January 1, 2022

$

825

Amount recognized in OCI on derivative, intrinsic

 

5,295

Amount recognized in OCI on derivative, excluded

 

(503)

Amount reclassified from OCI into income

 

AOCI — June 30, 2022

$

5,617

v3.22.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of fair values and carrying values of the Company's financial instruments

June 30, 2022

December 31, 2021

    

Carrying

    

    

Carrying

    

 

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Cash and cash equivalents

$

44,669

$

44,669

$

114,573

$

114,573

Restricted cash

 

5,958

 

5,958

 

5,958

 

5,958

Principal amount of floating rate debt

 

188,500

 

188,500

 

246,000

 

246,000

v3.22.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
6 Months Ended
Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.  
Schedule of accounts payable and accrued expenses

    

June 30, 

    

December 31, 

    

2022

    

2021

 

Accounts payable

$

13,691

$

9,399

Accrued general and administrative expenses

 

3,328

 

4,719

Accrued vessel operating expenses

 

24,164

 

15,838

Total accounts payable and accrued expenses

$

41,183

$

29,956

v3.22.2
VOYAGE REVENUES (Tables)
6 Months Ended
Jun. 30, 2022
VOYAGE REVENUES  
Schedule of voyage revenue

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

2022

    

2021

Lease revenue

$

62,752

$

31,557

$

118,557

$

50,457

Spot market voyage revenue

75,012

89,451

155,434

158,142

Total voyage revenues

$

137,764

$

121,008

$

273,991

$

208,599

v3.22.2
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan
6 Months Ended
Jun. 30, 2022
Stock Options  
Stock Awards  
Schedule of stock option activity

Weighted

Weighted

Number

Average

Average

of

Exercise

Fair

    

Options

    

Price

    

Value

    

Outstanding as of January 1, 2022

 

916,287

 

$

9.02

$

4.08

Granted

 

Exercised

 

(392,774)

10.19

5.45

Forfeited

 

Outstanding as of June 30, 2022

 

523,513

 

$

8.14

$

3.05

Exercisable as of June 30, 2022

 

329,622

 

$

8.09

$

3.11

The following table summarizes certain information about the options outstanding as of June 30, 2022:

Options Outstanding and Unvested,

Options Outstanding and Exercisable,

June 30, 2022

June 30, 2022

Weighted

Weighted

 

Weighted

Average

 

Weighted

Average

Weighted

Average

Exercise Price of

 

Average

Remaining

Average

Remaining

Outstanding

Number of

Exercise

Contractual

Number of

Exercise

Contractual

Options

    

Options

    

Price

    

Life

    

Options

    

Price

    

Life

 

$

8.14

 

193,891

$

8.22

4.07

329,622

$

8.09

3.35

Schedule of nonvested stock amortization expense

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

2021

2022

    

2021

 

General and administrative expenses

$

55

$

151

$

168

$

330

Restricted Stock Units  
Stock Awards  
Summary of nonvested restricted stock units

Weighted

Number of

Average Grant

    

RSUs

Date Price

Outstanding as of January 1, 2022

306,887

$

9.65

Granted

243,190

20.00

Vested

(180,661)

10.85

Forfeited

Outstanding as of June 30, 2022

369,416

$

15.88

The total fair value of the RSUs that vested during the six months ended June 30, 2022 and 2021 was $3,733 and $1,798, 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, 2022:

Unvested RSUs

Vested RSUs

June 30, 2022

June 30, 2022

Weighted

Weighted

Average

Weighted

Average

Remaining

Average

Number of

Grant Date

Contractual

Number of

Grant Date

RSUs

    

Price

    

Life

    

RSUs

    

Price

 

369,416

$

15.88

2.71

837,998

$

10.43

Schedule of nonvested stock amortization expense

    

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2022

2021

    

2022

    

2021

 

General and administrative expenses

$

771

$

401

$

1,348

$

743

v3.22.2
GENERAL INFORMATION (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
item
t
segment
Dec. 31, 2021
USD ($)
Segment reporting    
Number of reportable segments | segment 1  
Drybulk Vessels    
Segment reporting    
Number of vessels in fleet 44  
Capacity of vessels | t 4,636,000  
Average age of vessels 10 years 3 months 18 days  
Capesize Drybulk Carriers    
Segment reporting    
Number of vessels in fleet 17  
Ultramax Vessels    
Segment reporting    
Number of vessels in fleet 15  
Supramax Vessels    
Segment reporting    
Number of vessels in fleet 12  
GSSM | Variable Interest Entity    
Segment reporting    
Ownership percentage 50.00% 50.00%
Investments used directly for operations | $ $ 50 $ 50
GSSM | Synergy    
Segment reporting    
Ownership by synergy 50.00% 50.00%
Investments used directly for operations | $ $ 50 $ 50
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, cash equivalents and restricted cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Restricted Cash        
Cash and cash equivalents $ 44,669 $ 114,573    
Restricted cash - current 5,643 5,643    
Restricted cash - noncurrent 315 315    
Cash, cash equivalents and restricted cash $ 50,627 $ 120,531 $ 161,201 $ 179,679
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bunker swaps and Forward Purchase Agreements (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Summary of Significant Accounting Policies          
Fair value of derivative instruments $ 3,894   $ 3,894    
Prepaid expenses and other current assets | Bunker Swap and Forward Fuel Purchase Agreements          
Summary of Significant Accounting Policies          
Fair value of derivative instruments 1,853   1,853   $ 113
Accounts payable and accrued expenses | Bunker Swap and Forward Fuel Purchase Agreements          
Summary of Significant Accounting Policies          
Fair value of liability position 0   0   $ 20
Other income | Bunker Swap and Forward Fuel Purchase Agreements          
Summary of Significant Accounting Policies          
Realized gains 667 $ 60 1,296 $ 215  
Unrealized gains (losses) $ 321 $ 168 $ 1,760 $ 52  
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net (Details)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jan. 01, 2022
$ / item
Jun. 30, 2022
USD ($)
$ / shares
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
$ / shares
Jun. 30, 2021
USD ($)
Dec. 31, 2021
$ / item
Vessels, net            
Estimated useful life       25 years    
Depreciation and amortization | $   $ 14,521 $ 13,769 $ 28,579 $ 27,209  
Estimated scrap value (in dollars per lightweight ton) | $ / item 400         310
Estimated life of average scrap value of steel 15 years          
Decrease in depreciation expense | $   $ 1,159   $ 2,304    
Increase in basic net earnings per share   $ 0.03   $ 0.06    
Increase in diluted net earnings per share   0.02   0.05    
Basic net earnings per share if no change to estimated scrap value   1.09   2.05    
Diluted net earnings per share if no change to estimated scrap value   $ 1.08   $ 2.02    
Vessels            
Vessels, net            
Depreciation and amortization | $   $ 12,411 $ 12,045 $ 24,595 $ 23,814  
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Voyage expense recognition        
Net gain on purchase and sale of bunker fuel and net realizable value adjustments $ 2,421 $ 443 $ 4,425 $ 937
v3.22.2
CASH FLOW INFORMATION - Non-cash (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Non-cash investing and financing activities    
Reclassification from deposits on vessels to vessels, net of accumulated depreciation $ 18,543  
Reclassification from vessels to vessels held for sale   $ 7,798
Cash dividends paid 61,572 2,983
Cash paid for interest 3,739 6,764
Cash paid for estimated income taxes 0 0
Accounts payable and accrued expenses    
Non-cash investing and financing activities    
Purchases of vessels and ballast water treatment systems 3,965 497
Purchase of scrubbers   27
Purchase of other fixed assets 1,036 35
Net proceeds from sale of vessels   7
Non-cash financing activities cash dividends payable 599 $ 86
Prepaid expenses and other current assets    
Non-cash investing and financing activities    
Purchases of vessels and ballast water treatment systems $ 348  
v3.22.2
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended
May 16, 2022
Feb. 23, 2022
May 13, 2021
May 04, 2021
Feb. 23, 2021
Jun. 30, 2022
Restricted Stock Units            
Non-cash investing and financing activities            
Granted (in shares) 27,331 201,934 33,525 18,428 103,599 243,190
Aggregate fair value $ 600 $ 3,950 $ 515 $ 300 $ 1,027  
Stock Options            
Non-cash investing and financing activities            
Options to purchase (in shares)         118,552  
Exercise price         $ 9.91  
Aggregate fair value         $ 513  
v3.22.2
CASH FLOW INFORMATION - Lease payments (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 1,115 $ 1,115
v3.22.2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
May 18, 2021
USD ($)
item
VESSEL ACQUISITIONS            
Deposits on vessels         $ 18,543  
Restricted cash, current $ 5,643   $ 5,643   5,643  
Secured Debt | $450 Million Credit Facility            
VESSEL ACQUISITIONS            
Restricted Cash, Current 5,643   $ 5,643   5,643  
Period for which sales proceeds from vessels will remain as restricted cash     360 days      
Collateral vessel replacement period     360 days      
Agreement To Purchase Ultramax Newbuild Vessels | Genco Mary and Genco Laddey            
VESSEL ACQUISITIONS            
Number of vessels purchased under option to be acquired per purchase agreement | item           2
Capacity of vessels | item           61,000
Purchase price per vessel           $ 29,170
Deposits on vessels         $ 18,543  
Remaining purchase price of vessels paid     $ 40,838      
Capitalized interest associated with new building contracts $ 0 $ 54 $ 5 $ 54    
v3.22.2
NET EARNINGS PER SHARE (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Common shares outstanding, basic:        
Weighted average common shares outstanding-basic 42,385,423 42,071,019 42,276,371 42,022,669
Common shares outstanding, diluted:        
Weighted average common shares outstanding-basic 42,385,423 42,071,019 42,276,371 42,022,669
Weighted-average common shares outstanding, diluted (in shares) 42,996,676 42,612,132 42,932,370 42,445,184
Stock Options        
Common shares outstanding, diluted:        
Dilutive effect of share based arrangements 415,578 340,072 427,995 214,413
Restricted Stock Units        
Common shares outstanding, diluted:        
Dilutive effect of share based arrangements 195,675 201,041 228,004 208,102
v3.22.2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
RELATED PARTY TRANSACTIONS        
Related party transactions $ 0 $ 0 $ 0 $ 0
v3.22.2
DEBT - Components of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Line of Credit Facility    
Principal amount $ 188,500 $ 246,000
Less: Unamortized debt financing costs (6,932) (7,771)
Long-term debt, net 181,568 238,229
Secured Debt | $450 Million Credit Facility    
Line of Credit Facility    
Principal amount 188,500 246,000
Less: Unamortized debt financing costs $ (6,932) $ (7,771)
v3.22.2
DEBT - 450 Million Credit Facility (Details) - Secured Debt
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 03, 2021
USD ($)
facility
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
$450 Million Credit Facility      
Debt      
Maximum borrowing capacity $ 450,000 $ 450,000 $ 450,000
Term of facilities 5 years    
Number of prior credit facilities refinanced into one facility | facility 2    
Remaining borrowing capacity   218,870 218,870
Repayment of secured debt   $ 8,750 $ 57,500
Revolving credit facility      
Debt      
Maximum borrowing capacity $ 300,000    
Term loan facility      
Debt      
Maximum borrowing capacity $ 150,000    
v3.22.2
DEBT - Interest Rates (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest rates on debt        
Effective Interest Rate (as a percent) 3.96% 3.22% 3.43% 3.20%
Minimum        
Interest rates on debt        
Range of interest rates (excluding unused commitment fees) 2.61% 2.59% 2.26% 2.59%
Maximum        
Interest rates on debt        
Range of interest rates (excluding unused commitment fees) 3.84% 3.44% 3.84% 3.48%
v3.22.2
DERIVATIVE INSTRUMENTS - Agreements (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
item
Mar. 31, 2022
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Jun. 30, 2022
USD ($)
item
Jun. 30, 2021
USD ($)
Aug. 03, 2021
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Gain recorded $ 1,499 $ 3,293 $ (23) $ 161 $ 4,792 $ 138  
$450 Million Credit Facility | Secured Debt              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Line of Credit Facility, Maximum Borrowing Capacity $ 450,000       $ 450,000   $ 450,000
Interest Rate Cap | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Number of interest rate caps | item 3       3    
Derivative, Notional Amount $ 200,000       $ 200,000    
Gain recorded         4,792    
Amount of AOCI expected to be reclassified into earnings over the next 12 months 3,744       3,744    
Interest Rate Cap | Derivatives not designated as hedging instruments              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Loss on derivatives $ (11)       $ (11)    
Interest Rate Cap - March 28, 2024 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Cap rate (as a percent) 0.75%       0.75%    
Derivative, Notional Amount $ 50,000       $ 50,000    
Interest Rate Cap - December 29, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Cap rate (as a percent) 0.75%       0.75%    
Derivative, Notional Amount $ 100,000       $ 100,000    
Interest Rate Cap - March 10, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Cap rate (as a percent) 1.50%       1.50%    
Derivative, Notional Amount $ 50,000       $ 50,000    
v3.22.2
DERIVATIVE INSTRUMENTS - Fair Value and Cash Flow Hedge (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
DERIVATIVE INSTRUMENTS        
Total amounts of income and expense line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 2,405 $ 4,470 $ 4,647 $ 9,012
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:        
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income (50)   (50)  
Interest contracts: Premium excluded and recognized on an amortized basis $ 56 $ 42 $ 98 $ 111
v3.22.2
DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair value of derivative instruments - current $ 3,894  
Fair value of derivative instruments - noncurrent 1,954 $ 1,166
Interest Rate Cap | Derivatives designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair value of derivative instruments - current 3,781  
Fair value of derivative instruments - noncurrent 1,871 $ 1,166
Interest Rate Cap | Derivatives not designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair value of derivative instruments - current 113  
Fair value of derivative instruments - noncurrent $ 83  
v3.22.2
DERIVATIVE INSTRUMENTS - AOCI (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2022
USD ($)
DERIVATIVE INSTRUMENTS  
Balance at the beginning of the period $ 825
Amount recognized in OCI on derivative, intrinsic 5,295
Amount recognized in OCI on derivative, excluded (503)
Balance at the end of the period $ 5,617
v3.22.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Fair value of financial instruments    
Principal amount of floating rate debt $ 188,500 $ 246,000
Carrying Value    
Fair value of financial instruments    
Cash and cash equivalents 44,669 114,573
Restricted cash 5,958 5,958
Principal amount of floating rate debt 188,500 246,000
Fair value    
Fair value of financial instruments    
Cash and cash equivalents 44,669 114,573
Restricted cash 5,958 5,958
Principal amount of floating rate debt $ 188,500 $ 246,000
v3.22.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Fair value of financial instruments          
Impairment of vessel assets $ 0 $ 0 $ 0 $ 0  
Impairment of operating lease right of use asset 0 $ 0 0 $ 0  
Level 3          
Fair value of financial instruments          
Financial assets 0   0   $ 0
Financial liabilities $ 0   $ 0   $ 0
v3.22.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.    
Accounts payable $ 13,691 $ 9,399
Accrued general and administrative expenses 3,328 4,719
Accrued vessel operating expenses 24,164 15,838
Total accounts payable and accrued expenses $ 41,183 $ 29,956
v3.22.2
VOYAGE REVENUES (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income statement        
Lease revenue $ 62,752 $ 31,557 $ 118,557 $ 50,457
Voyage Revenue 75,012 89,451 155,434 158,142
Total revenues 137,764 121,008 273,991 208,599
Voyage        
Income statement        
Total revenues $ 137,764 $ 121,008 $ 273,991 $ 208,599
v3.22.2
LEASES - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
LEASES        
Sublease income $ 306 $ 306 $ 612 $ 612
v3.22.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
6 Months Ended
Dec. 31, 2018
USD ($)
item
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Purchase commitment      
Vessel assets   $ 1,025,403 $ 981,141
Purchase Agreements for BWTS      
Purchase commitment      
Number of vessels to receive ballast water treatments systems | item 36    
Vessel assets   24,064 $ 18,992
Remainder of 2022 purchase obligation   $ 1,129  
Purchase Agreement of BWTS for Capesize Vessels      
Purchase commitment      
BWTS purchase price $ 1,000    
Purchase Agreement of BWTS for Supramax Vessels      
Purchase commitment      
BWTS purchase price $ 600    
v3.22.2
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - Stock Options - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Feb. 23, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Unrecognized compensation cost          
Unamortized compensation cost   $ 200   $ 200  
Future amortization of stock based compensation          
Remainder of 2022   111   111  
2023   81   81  
2024   $ 8   $ 8  
Number of Options          
Outstanding at beginning of period (in shares)       916,287  
Granted (in shares) 118,552        
Exercised (in shares)       (392,774)  
Outstanding at end of period (in shares)   523,513   523,513  
Weighted Average Exercise Price          
Outstanding at beginning of period (in dollars per share)       $ 9.02  
Granted (in dollars per share) $ 9.91        
Exercised (in dollars per share)       10.19  
Outstanding at end of period (in dollars per share)   $ 8.14   8.14  
Weighted Average Fair Value          
Outstanding at beginning of period (in dollars per share)       4.08  
Exercised (in dollars per share)       5.45  
Outstanding at end of period (in dollars per share)   $ 3.05   $ 3.05  
Options outstanding and unvested   193,891   193,891  
Weighted Average Exercise Price Of Outstanding and Unvested Options       $ 8.22  
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life       4 years 25 days  
Options Exercisable, Number of options   329,622   329,622  
Options Exercisable, Weighted Average Exercise Price   $ 8.09   $ 8.09  
Options Exercisable, Weighted Average Fair Value (in dollars per share)       $ 3.11  
Options Exercisable, Weighted Average Remaining Contractual Life       3 years 4 months 6 days  
Stock options outstanding   523,513   523,513  
General and Administrative Expense          
Stock options          
Amortization expense   $ 55 $ 151 $ 168 $ 330
v3.22.2
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
May 16, 2022
Feb. 23, 2022
May 13, 2021
May 04, 2021
Feb. 23, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Stock Awards                    
Number of common shares outstanding in respect of RSUs           612,300   612,300   478,848
Number of Shares                    
Balance at the beginning of the period (in shares)               306,887    
Granted (in shares) 27,331 201,934 33,525 18,428 103,599     243,190    
Vested (in shares)               (180,661)    
Balance at the end of the period (in shares)           369,416   369,416    
Number of shares vested           837,998   837,998    
Weighted Average Grant Date Price, Vested           $ 10.43   $ 10.43    
Weighted Average Fair Value                    
Balance at the beginning of the period (in dollars per share)               9.65    
Granted (in dollars per share)               20.00    
Vested (in dollars per share)               10.85    
Balance at the end of the period (in dollars per share)           $ 15.88   $ 15.88    
Weighted-average remaining contractual life               2 years 8 months 15 days    
Additional disclosures                    
Total fair value of shares vested               $ 3,733 $ 1,798  
Unrecognized compensation cost related to nonvested stock awards                    
Unrecognized compensation cost           $ 4,261   $ 4,261    
Weighted-average period for recognition of unrecognized compensation cost               2 years 8 months 15 days    
General and Administrative Expense                    
Additional disclosures                    
Recognized nonvested stock amortization expense           $ 771 $ 401 $ 1,348 $ 743  
Other Individuals | Minimum                    
Stock Awards                    
Vesting period of awards               3 years    
Other Individuals | Maximum                    
Stock Awards                    
Vesting period of awards               5 years    
v3.22.2
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Aug. 03, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Subsequent Event [Line Items]          
Dividends declared per share of common stock   $ 0.79 $ 0.67 $ 0.05 $ 0.02
Subsequent Event          
Subsequent Event [Line Items]          
Dividends declared per share of common stock $ 0.50        
Aggregate amount of dividend $ 21.3        
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on sale of vessels (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Gain on sale of vessels    
Loss on sale of vessels $ 15 $ 735