Genco Shipping & Trading Ltd. Files 2023 Annual Report (10-K)

TL;DR

<b>Genco Shipping & Trading Ltd. filed its 2023 10-K, detailing financial performance and equity information.</b>

AI Summary

GENCO SHIPPING & TRADING LTD (GNK) filed a Annual Report (10-K) with the SEC on February 27, 2024. Genco Shipping & Trading Ltd. filed its 10-K report for the fiscal year ending December 31, 2023. The company is engaged in the deep sea foreign transportation of freight. The filing includes financial data for the fiscal years 2023, 2022, 2021, and 2020. Key financial statement components such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for multiple years. Information regarding equity incentive plans, including performance shares and employee stock options, is provided.

Why It Matters

For investors and stakeholders tracking GENCO SHIPPING & TRADING LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Genco Shipping & Trading Ltd.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of financial statements and equity components offers insights into the company's capital structure, profitability trends, and shareholder value, which are key considerations for investment decisions.

Risk Assessment

Risk Level: medium — GENCO SHIPPING & TRADING LTD shows moderate risk based on this filing. The company operates in the highly cyclical and capital-intensive drybulk shipping industry, which is subject to significant volatility in charter rates and vessel values, impacting financial performance and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Genco Shipping & Trading Ltd.'s exposure to market fluctuations and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-27 — Filing Date (Date filed)
• 42546959 — Prepaid Expense and Other Assets Current (Balance Sheet Item)
• 42327181 — Accounts Payable and Accrued Liabilities Current (Balance Sheet Item)

Key Players & Entities

• GENCO SHIPPING & TRADING LTD (company) — Filer name
• 299 PARK AVENUE (location) — Business and mailing address
• NEW YORK (location) — Business and mailing city
• 10171 (location) — Business and mailing zip code
• GNK (ticker) — Ticker symbol
• GsShipmanagementPte.LtdMember (company) — Variable Interest Entity

FAQ

Risk Factors

• Market Conditions [high — market]: The drybulk shipping industry is subject to significant volatility in charter rates and vessel values, influenced by global economic conditions, geopolitical events, and supply/demand dynamics.
• Debt and Financing [medium — financial]: The company's ability to service its debt obligations and fund its capital expenditures is dependent on its operating performance and access to capital markets.
• Vessel Operations [medium — operational]: The safe and efficient operation of the company's fleet is critical, with risks including mechanical failures, accidents, and compliance with international maritime regulations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Genco Shipping & Trading Ltd. detailing its financial health and operations for the fiscal year.)

Key Financial Figures

• $14.03 — to the last sale price of such stock of $14.03 per share as of June 30, 2023 was appro
• $450 Million — mendment to extend and upsize our prior $450 Million Credit Facility. The amended structure
• $500 million — ty. The amended structure consists of a $500 million revolving credit facility (the "$500 Mi
• $500 Million — million revolving credit facility (the "$500 Million Revolver") which can be utilized to sup
• $249.2 million — d this strategy by reducing our debt by $249.2 million as of December 31, 2023 while expanding
• $200.0 million — This has resulted in a debt balance of $200.0 million as of December 31, 2023, a 55% reductio
• $46.9 million — market environments. In addition to the $46.9 million of cash on our balance sheet as of Dece
• $294.8 m — e have undrawn revolver availability of $294.8 million, bringing our total liquidity to
• $341.7 million — illion, bringing our total liquidity to $341.7 million providing us with significant financial
• $4.10 — e dividends under our value strategy of $4.10 per share. 2 Table of Contents Our
• $16,350 — e Genco Constantine 2008 March 2024 $16,350 Genco Hadrian 2008 March 2024 $13,
• $13,750 — ,350 Genco Hadrian 2008 March 2024 $13,750 Genco Maximus 200

Filing Documents

• gnk-20231231x10k.htm (10-K) — 4118KB
• gnk-20231231xex10d5.htm (EX-10.5) — 138KB
• gnk-20231231xex10d56.htm (EX-10.56) — 41KB
• gnk-20231231xex10d57.htm (EX-10.57) — 52KB
• gnk-20231231xex10d61.htm (EX-10.61) — 82KB
• gnk-20231231xex10d62.htm (EX-10.62) — 2406KB
• gnk-20231231xex10d63.htm (EX-10.63) — 21KB
• gnk-20231231xex19d1.htm (EX-19.1) — 48KB
• gnk-20231231xex21d1.htm (EX-21.1) — 91KB
• gnk-20231231xex23d1.htm (EX-23.1) — 4KB
• gnk-20231231xex31d1.htm (EX-31.1) — 12KB
• gnk-20231231xex31d2.htm (EX-31.2) — 12KB
• gnk-20231231xex32d1.htm (EX-32.1) — 7KB
• gnk-20231231xex32d2.htm (EX-32.2) — 7KB
• gnk-20231231xex10d63001.jpg (GRAPHIC) — 7KB
• 0001558370-24-001857.txt (&nbsp;) — 18112KB
• gnk-20231231.xsd (EX-101.SCH) — 115KB
• gnk-20231231_cal.xml (EX-101.CAL) — 65KB
• gnk-20231231_def.xml (EX-101.DEF) — 473KB
• gnk-20231231_lab.xml (EX-101.LAB) — 807KB
• gnk-20231231_pre.xml (EX-101.PRE) — 666KB
• gnk-20231231x10k_htm.xml (XML) — 2644KB

BUSINESS

ITEM 1. BUSINESS OVERVIEW General We are a New York City-based company incorporated in the Marshall Islands in 2004. We transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 45 drybulk carriers, including 18 Capesize drybulk carriers, 15 Ultramax drybulk carriers, and twelve Supramax drybulk carriers with an aggregate carrying capacity of approximately 4,828,000 deadweight tons ("dwt"). The average age of our current fleet is approximately 11.7 years. All of the vessels in our fleet were built in shipyards with reputations for constructing high-quality vessels. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers. Of the vessels currently in our fleet, 20 are on spot market voyage charters, 20 are on fixed-rate time charter contracts, five are on spot market-related time charters, and we are currently time chartering-in four third party vessels. See pages 5 – 6 for a table of our current fleet. Our approach towards fleet composition is to own a high-quality fleet of vessels that focuses on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Copenhagen and Singapore. Overall, we utili

View Full Filing

View this 10-K filing on SEC EDGAR