Genco Shipping & Trading Ltd. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Genco Shipping & Trading Ltd. filed its Q1 2024 10-Q report on May 8, 2024, detailing financial information and equity changes.</b>

AI Summary

GENCO SHIPPING & TRADING LTD (GNK) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Genco Shipping & Trading Ltd. filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 299 Park Avenue, 12th Floor, New York, NY 10171. The SIC code for Genco Shipping & Trading Ltd. is 4412 (Deep Sea Foreign Transportation of Freight). The filing includes data related to various equity accounts as of March 31, 2024, December 31, 2023, March 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking GENCO SHIPPING & TRADING LTD, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Genco Shipping & Trading Ltd.'s financial health and operational performance for the first quarter of 2024, crucial for investment decisions. The detailed breakdown of equity accounts and financial data allows stakeholders to track changes in the company's capital structure and assess its financial stability over different periods.

Risk Assessment

Risk Level: low — GENCO SHIPPING & TRADING LTD shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk.

Analyst Insight

Monitor future filings for revenue trends, debt levels, and operational performance metrics to assess the company's trajectory in the drybulk shipping market.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 0001326200 — Central Index Key (Company's Central Index Key)
• 001-33393 — SEC File Number (Company's SEC file number)

Key Players & Entities

• GENCO SHIPPING & TRADING LTD (company) — Filer name
• 299 PARK AVENUE (location) — Business address street 1
• NEW YORK (location) — Business address city
• 10171 (location) — Business address zip
• GNK (ticker) — Ticker symbol
• 20240331 (date) — Conformed period of report
• 20240508 (date) — Filed as of date
• 4412 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial results are reported.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share GNK New York Stock Exchan
• $500 Million — inancing activities: Repayments on the $500 Million Revolver ( 30,000 ) — Repayments on
• $450 Million — olver ( 30,000 ) — Repayments on the $450 Million Credit Facility — ( 8,750 ) Cash div

Filing Documents

• gnk-20240331x10q.htm (10-Q) — 2482KB
• gnk-20240331xex10d1.htm (EX-10.1) — 39KB
• gnk-20240331xex10d2.htm (EX-10.2) — 44KB
• gnk-20240331xex10d3.htm (EX-10.3) — 45KB
• gnk-20240331xex10d4.htm (EX-10.4) — 45KB
• gnk-20240331xex10d5.htm (EX-10.5) — 69KB
• gnk-20240331xex10d6.htm (EX-10.6) — 64KB
• gnk-20240331xex10d7.htm (EX-10.7) — 64KB
• gnk-20240331xex10d8.htm (EX-10.8) — 64KB
• gnk-20240331xex31d1.htm (EX-31.1) — 11KB
• gnk-20240331xex31d2.htm (EX-31.2) — 11KB
• gnk-20240331xex32d1.htm (EX-32.1) — 7KB
• gnk-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-007375.txt (&nbsp;) — 8971KB
• gnk-20240331.xsd (EX-101.SCH) — 60KB
• gnk-20240331_cal.xml (EX-101.CAL) — 47KB
• gnk-20240331_def.xml (EX-101.DEF) — 283KB
• gnk-20240331_lab.xml (EX-101.LAB) — 463KB
• gnk-20240331_pre.xml (EX-101.PRE) — 377KB
• gnk-20240331x10q_htm.xml (XML) — 1333KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements (unaudited)

Financial Statements (unaudited) 4 a) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 202 3 4 b) Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 5 c) Condensed Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2024 and 2023 6 d) Condensed Consolidated Statements of Equity for the Three Months ended March 31, 2024 and 2023 7 e) Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31 , 2024 and 2023 8 f) Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 45

—OTHER INFORMATION

PART II —OTHER INFORMATION Item 5. Other Information 45 Item 6. Exhibits 45 2 Table of Contents Website Information We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website's Investor section. Accordingly, investors should monitor the Investor portion of our website, in addition to following our press releases, filings with the U.S. Securities and Exchange Commission (the "SEC"), public conference calls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at the Investor Relations Home page of the Investor section of our website. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only. 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Genco Shipping & Trading Limited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (U.S. Dollars in thousands, except for share and per share data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 48,364 $ 46,542 Due from charterers, net of a reserve of $ 2,299 and $ 3,257 , respectively 21,888 17,815 Prepaid expenses and other current assets 9,076 10,154 Inventories 30,638 26,749 Fair value of derivative instruments — 572 Vessels held for sale 36,218 55,440 Total current assets 146,184 157,272 Noncurrent assets: Vessels, net of accumulated depreciation of $ 308,626 and $ 296,452 , respectively 934,572 945,114 Deferred drydock, net of accumulated amortization of $ 27,480 and $ 23,047 respectively 27,264 29,502 Fixed assets, net of accumulated depreciation and amortization of $ 8,134 and $ 8,063 , respectively 7,211 7,071 Operating lease right-of-use assets 2,260 2,628 Restricted cash 315 315 Total noncurrent assets 971,622 984,630 Total assets $ 1,117,806 $ 1,141,902 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 31,296 $ 24,245 Deferred revenue 5,679 8,746 Current operating lease liabilities 2,325 2,295 Total current liabilities: 39,300 35,286 Noncurrent liabilities: Long-term operating lease liabilities 1,208 1,801 Long-term debt, net of deferred financing costs of $ 9,332 and $ 9,831 , respectively 160,668 190,169 Total noncurrent liabilities 161,876 191,970 Total liabilities 201,176 227,256 Commitments and contingencies (Note 14) Equity: Common stock, par value $ 0.01 ; 500,000,000 shares authorized; 42,751,752 and 42,546,959 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 427 425 Additional paid-in capital 1,536,987 1,553,

View Full Filing

View this 10-Q filing on SEC EDGAR