Genco Shipping & Trading Files Q3 2024 10-Q

TL;DR

Genco Shipping & Trading filed its Q3 2024 10-Q, showing financial and operational details.

AI Summary

Genco Shipping & Trading Ltd. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational aspects for the third quarter. Key financial data and disclosures relevant to investors and stakeholders are presented, reflecting the company's status in the drybulk shipping market.

Why It Matters

This filing provides crucial insights into Genco Shipping & Trading's financial health and operational performance during the third quarter of 2024, impacting investor decisions and market sentiment.

Risk Assessment

Risk Level: medium — The company operates in the volatile drybulk shipping industry, which is subject to significant market fluctuations and geopolitical risks.

Key Numbers

• 42,757,895 — Prepaid Expense and Other Assets Current (As of 2024-09-30)
• 42,546,959 — Accounts Payable and Accrued Liabilities Current (As of 2024-09-30)

Key Players & Entities

• GENCO SHIPPING & TRADING LTD (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• 299 PARK AVENUE (address) — Business and Mail Address
• GsShipmanagementPte.LtdMember (company) — Variable Interest Entity

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 ( 120,000 ) — Repayments on
• $450 Million — lver ( 120,000 ) — Repayments on the $450 Million Credit Facility — ( 26,250 ) Cash di

Filing Documents

• gnk-20240930x10q.htm (10-Q) — 3594KB
• gnk-20240930xex31d1.htm (EX-31.1) — 11KB
• gnk-20240930xex31d2.htm (EX-31.2) — 11KB
• gnk-20240930xex32d1.htm (EX-32.1) — 7KB
• gnk-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-014664.txt ( ) — 10341KB
• gnk-20240930.xsd (EX-101.SCH) — 64KB
• gnk-20240930_cal.xml (EX-101.CAL) — 50KB
• gnk-20240930_def.xml (EX-101.DEF) — 297KB
• gnk-20240930_lab.xml (EX-101.LAB) — 487KB
• gnk-20240930_pre.xml (EX-101.PRE) — 393KB
• gnk-20240930x10q_htm.xml (XML) — 1649KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements (unaudited)

Financial Statements (unaudited) 4 a) Condensed Consolidated Balance Sheets as of S eptember 30, 2024 and December 31, 202 3 4 b) Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 5 c) Condensed Consolidated Statements of Comprehensive Income ( Loss) for the Three and Nine Months ended September 30, 2024 and 2023 6 d) Condensed Consolidated Statements of Equity for the Three and Nine Months ended September 30, 2024 and 2023 7 e) Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 52

—OTHER INFORMATION

PART II —OTHER INFORMATION Item 6. Exhibits 52 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 September 30, 2024 and December 31, 2023 (U.S. Dollars in thousands, except for share and per share data) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 46,665 $ 46,542 Due from charterers, net of a reserve of $ 2,236 and $ 3,257 , respectively 20,434 17,815 Prepaid expenses and other current assets 10,860 10,154 Inventories 24,918 26,749 Fair value of derivative instruments — 572 Vessels held for sale 24,594 55,440 Total current assets 127,471 157,272 Noncurrent assets: Vessels, net of accumulated depreciation of $ 310,626 and $ 296,452 , respectively 877,837 945,114 Deferred drydock, net of accumulated amortization of $ 30,741 and $ 23,047 respectively 30,132 29,502 Fixed assets, net of accumulated depreciation and amortization of $ 9,159 and $ 8,063 , respectively 7,227 7,071 Operating lease right-of-use assets 1,516 2,628 Restricted cash 315 315 Total noncurrent assets 917,027 984,630 Total assets $ 1,044,498 $ 1,141,902 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 32,937 $ 24,245 Deferred revenue 5,886 8,746 Current operating lease liabilities 2,386 2,295 Total current liabilities: 41,209 35,286 Noncurrent liabilities: Long-term operating lease liabilities — 1,801 Long-term debt, net of deferred financing costs of $ 8,330 and $ 9,831 , respectively 71,670 190,169 Total noncurrent liabilities 71,670 191,970 Total liabilities 112,879 227,256 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 September 30, 2024 and December 31, 2023, respectively 427 425 Additional paid-in capital 1,506,909

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View this 10-Q filing on SEC EDGAR