Genco Shipping & Trading Ltd. Q2 2024 Financial Update

TL;DR

Genco Shipping Q2 2024 financials out: Equity details updated, VIEs confirmed.

AI Summary

Genco Shipping & Trading Ltd. reported its financial results for the period ending June 30, 2024. The company's financial statements include details on retained earnings, common stock, and additional paid-in capital as of June 30, 2024, and March 31, 2024. The filing also references their variable interest entity, GsShipmanagementPte.LtdMember, for the periods of 2024 and 2023.

Why It Matters

This 10-Q filing provides investors with a detailed look at Genco Shipping & Trading Ltd.'s financial health and changes in equity for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 42757895 — Prepaid Expense and Other Assets Current (As of June 30, 2024)
• 42546959 — Prepaid Expense and Other Assets Current (As of March 31, 2024)

Key Players & Entities

• GENCO SHIPPING & TRADING LTD (company) — Filer
• 20240630 (date) — Period of Report
• GsShipmanagementPte.LtdMember (company) — Variable Interest Entity
• 2024-01-01 (date) — Reporting Period Start
• 2024-06-30 (date) — Reporting Period End

FAQ

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 ( 95,000 ) — Repayments on
• $450 Million — olver ( 95,000 ) — Repayments on the $450 Million Credit Facility — ( 17,500 ) Cash di

Filing Documents

• gnk-20240630x10q.htm (10-Q) — 3426KB
• gnk-20240630xex10d1.htm (EX-10.1) — 46KB
• gnk-20240630xex31d1.htm (EX-31.1) — 11KB
• gnk-20240630xex31d2.htm (EX-31.2) — 11KB
• gnk-20240630xex32d1.htm (EX-32.1) — 7KB
• gnk-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-011391.txt ( ) — 10126KB
• gnk-20240630.xsd (EX-101.SCH) — 63KB
• gnk-20240630_cal.xml (EX-101.CAL) — 48KB
• gnk-20240630_def.xml (EX-101.DEF) — 296KB
• gnk-20240630_lab.xml (EX-101.LAB) — 480KB
• gnk-20240630_pre.xml (EX-101.PRE) — 391KB
• gnk-20240630x10q_htm.xml (XML) — 1623KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements (unaudited)

Financial Statements (unaudited) 4 a) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 202 3 4 b) Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 5 c) Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2024 and 2023 6 d) Condensed Consolidated Statements of Equity for the Three and Six Months ended June 30, 2024 and 2023 7 e) Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30 , 2024 and 2023 9 f) Notes to Condensed Consolidated Financial Statements 10 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 50

—OTHER INFORMATION

PART II —OTHER INFORMATION Item 6. Exhibits 50 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 June 30, 2024 and December 31, 2023 (U.S. Dollars in thousands, except for share and per share data) (Unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 42,033 $ 46,542 Due from charterers, net of a reserve of $ 2,289 and $ 3,257 , respectively 29,669 17,815 Prepaid expenses and other current assets 8,304 10,154 Inventories 24,407 26,749 Fair value of derivative instruments — 572 Vessels held for sale 31,507 55,440 Total current assets 135,920 157,272 Noncurrent assets: Vessels, net of accumulated depreciation of $ 299,317 and $ 296,452 , respectively 887,897 945,114 Deferred drydock, net of accumulated amortization of $ 28,282 and $ 23,047 respectively 24,826 29,502 Fixed assets, net of accumulated depreciation and amortization of $ 8,502 and $ 8,063 , respectively 7,127 7,071 Operating lease right-of-use assets 1,889 2,628 Restricted cash 315 315 Total noncurrent assets 922,054 984,630 Total assets $ 1,057,974 $ 1,141,902 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 27,961 $ 24,245 Deferred revenue 7,569 8,746 Current operating lease liabilities 2,355 2,295 Total current liabilities: 37,885 35,286 Noncurrent liabilities: Long-term operating lease liabilities 608 1,801 Long-term debt, net of deferred financing costs of $ 8,834 and $ 9,831 , respectively 96,166 190,169 Total noncurrent liabilities 96,774 191,970 Total liabilities 134,659 227,256 Commitments and contingencies (Note 14) Equity: Common stock, par value $ 0.01 ; 500,000,000 shares authorized; 42,757,895 and 42,546,959 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 427 425 Additional paid-in capital 1,520,179 1,553,421 A

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View this 10-Q filing on SEC EDGAR