Company Quick10K Filing
Genco Shipping & Trading
Price9.36 EPS-1
Shares42 P/E-10
MCap391 P/FCF14
Net Debt352 EBIT-14
TEV743 TEV/EBIT-53
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-28
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-17
10-Q 2014-06-30 Filed 2014-08-15
10-Q 2014-03-31 Filed 2014-05-19
10-K 2013-12-31 Filed 2014-04-07
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-07-26
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-10
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-15 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2020-05-06
8-K 2020-03-17
8-K 2020-02-25
8-K 2020-01-29
8-K 2019-11-06
8-K 2019-10-25
8-K 2019-08-07
8-K 2019-06-11
8-K 2019-05-15
8-K 2019-05-08
8-K 2019-03-05
8-K 2018-12-18
8-K 2018-12-18
8-K 2018-11-07
8-K 2018-10-10
8-K 2018-08-14
8-K 2018-08-08
8-K 2018-07-18
8-K 2018-06-15
8-K 2018-06-14
8-K 2018-05-31
8-K 2018-05-15
8-K 2018-05-08
8-K 2018-04-05
8-K 2018-03-26
8-K 2018-02-27

GNK 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 gnk-20200630xex10d1.htm
EX-10.2 gnk-20200630xex10d2.htm
EX-10.3 gnk-20200630xex10d3.htm
EX-10.5 gnk-20200630xex10d5.htm
EX-31.1 gnk-20200630xex31d1.htm
EX-31.2 gnk-20200630xex31d2.htm
EX-32.1 gnk-20200630xex32d1.htm
EX-32.2 gnk-20200630xex32d2.htm

Genco Shipping & Trading Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02012201420172020
Assets, Equity
0.20.10.0-0.0-0.1-0.22012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission File Number 001-33393

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands

98-0439758

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

299 Park Avenue, 12th Floor, New York, New York 10171

(Address of principal executive offices) (Zip Code)

(646) 443-8550

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $0.01 per share

GNK

New York Stock Exchange (NYSE)

The number of shares outstanding of each of the issuer’s classes of common stock, as of August 5, 2020: Common stock, par value $0.01 per share — 41,801,753 shares.

Table of Contents

Genco Shipping & Trading Limited

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited)

4

a)

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

4

b)

Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2020 and 2019

5

c)

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months ended June 30, 2020 and 2019

6

d)

Condensed Consolidated Statements of Equity for the Three and Six Months ended June 30, 2020 and 2019

7

e)

Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2020 and 2019

8

f)

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

52

PART II —OTHER INFORMATION

Item 1A.

Risk Factors

53

Item 6.

Exhibits

54

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, SEC filings, 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

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Genco Shipping & Trading Limited

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

(U.S. Dollars in thousands, except for share and per share data)

(Unaudited)

June 30, 

December 31, 

    

2020

    

2019

 

    

    

 

Assets

Current assets:

Cash and cash equivalents

$

127,722

$

155,889

Restricted cash

 

14,855

 

6,045

Due from charterers, net of a reserve of $662 and $1,064, respectively

 

13,370

 

13,701

Prepaid expenses and other current assets

8,705

10,049

Inventories

23,034

27,208

Vessels held for sale

23,252

10,303

Total current assets

 

210,938

 

223,195

Noncurrent assets:

Vessels, net of accumulated depreciation of $242,465 and $288,373, respectively

 

1,109,341

 

1,273,861

Deferred drydock, net of accumulated amortization of $7,691 and $11,862 respectively

 

19,192

 

17,304

Fixed assets, net of accumulated depreciation and amortization of $2,057 and $2,154, respectively

 

7,215

 

5,976

Operating lease right-of-use assets

 

7,565

 

8,241

Restricted cash

 

315

 

315

Total noncurrent assets

 

1,143,628

 

1,305,697

Total assets

$

1,354,566

$

1,528,892

Liabilities and Equity

Current liabilities:

Accounts payable and accrued expenses

$

24,071

$

49,604

Current portion of long-term debt

 

79,522

 

69,747

Deferred revenue

 

4,368

 

6,627

Current operating lease liabilities

1,720

1,677

Total current liabilities:

 

109,681

 

127,655

Noncurrent liabilities:

Long-term operating lease liabilities

8,955

9,826

Long-term debt, net of deferred financing costs of $11,648 and $13,094, respectively

403,304

412,983

Total noncurrent liabilities

 

412,259

 

422,809

Total liabilities

 

521,940

 

550,464

Commitments and contingencies (Note 12)

Equity:

Common stock, par value $0.01; 500,000,000 shares authorized; 41,801,753 and 41,754,413 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

418

417

Additional paid-in capital

1,714,019

1,721,268

Accumulated deficit

 

(881,811)

 

(743,257)

Total equity

 

832,626

 

978,428

Total liabilities and equity

$

1,354,566

$

1,528,892

See accompanying notes to condensed consolidated financial statements.

4

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Genco Shipping & Trading Limited

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019

(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

   

Revenues:

Voyage revenues

$

74,206

$

83,550

$

172,542

$

177,014

Total revenues

74,206

 

83,550

172,542

 

177,014

Operating expenses:

Voyage expenses

41,695

 

41,800

90,063

 

84,822

Vessel operating expenses

21,058

 

24,358

42,871

 

47,549

Charter hire expenses

1,432

4,849

4,507

7,267

General and administrative expenses (inclusive of nonvested stock amortization expense of $476, $569, $957 and $1,021, respectively)

5,471

 

5,799

11,238

 

12,109

Technical management fees

1,724

1,885

3,578

3,825

Depreciation and amortization

15,930

 

18,271

33,504

 

36,348

Impairment of vessel assets

13,897

112,814

13,897

Loss (gain) on sale of vessels

486

(611)

Total operating expenses

87,310

 

110,859

299,061

 

205,206

Operating loss

(13,104)

 

(27,309)

(126,519)

 

(28,192)

Other (expense) income:

Other income (expense)

120

 

107

(464)

 

437

Interest income

253

 

1,073

847

 

2,400

Interest expense

(5,473)

 

(8,124)

(12,418)

(16,699)

Impairment of right-of-use asset

(223)

(223)

Other expense

(5,100)

 

(7,167)

(12,035)

 

(14,085)

Net loss

$

(18,204)

$

(34,476)

$

(138,554)

$

(42,277)

Net loss per share-basic

$

(0.43)

$

(0.83)

$

(3.31)

$

(1.01)

Net loss per share-diluted

$

(0.43)

$

(0.83)

$

(3.31)

$

(1.01)

Weighted average common shares outstanding-basic

41,900,901

 

41,742,301

41,883,629

 

41,734,248

Weighted average common shares outstanding-diluted

41,900,901

 

41,742,301

41,883,629

 

41,734,248

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Comprehensive Loss

For the Three and Six Months Ended June 30, 2020 and 2019

(U.S. Dollars in Thousands)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

 

Net loss

$

(18,204)

 

$

(34,476)

$

(138,554)

 

$

(42,277)

Other comprehensive income

 

 

Comprehensive loss

$

(18,204)

 

$

(34,476)

$

(138,554)

 

$

(42,277)

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Equity

For the Three and Six Months Ended June 30, 2020 and 2019

(U.S. Dollars in Thousands)

(Unaudited)

Additional

Common

Paid-in

Accumulated

Stock

Capital

Deficit

Total Equity

Balance — January 1, 2020

$

417

$

1,721,268

$

(743,257)

$

978,428

Net loss

(120,350)

(120,350)

Issuance of 47,341 shares of vested RSUs, net of forfeitures of 1,490 shares

1

(1)

Cash dividends declared ($0.175 per share)

(7,363)

(7,363)

Nonvested stock amortization

481

481

Balance — March 31, 2020

$

418

$

1,714,385

$

(863,607)

$

851,196

Net loss

(18,204)

(18,204)

Cash dividends declared ($0.02 per share)

(842)

(842)

Nonvested stock amortization

476

476

Balance — June 30, 2020

$

418

$

1,714,019

$

(881,811)

$

832,626

Additional

Common

Paid-in

Accumulated

Stock

Capital

Deficit

Total Equity

Balance — January 1, 2019

$

416

$

1,740,163

$

(687,272)

$

1,053,307

Net loss

(7,801)

(7,801)

Issuance of 12,477 shares of vested RSUs

Nonvested stock amortization

452

452

Balance — March 31, 2019

$

416

$

1,740,615

$

(695,073)

$

1,045,958

Net loss

(34,476)

(34,476)

Nonvested stock amortization

569

569

Balance — June 30, 2019

$

416

$

1,741,184

$

(729,549)

$

1,012,051

See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

(U.S. Dollars in Thousands)

(Unaudited)

For the Six Months Ended

June 30, 

    

2020

    

2019

 

Cash flows from operating activities:

Net loss

 

$

(138,554)

$

(42,277)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Depreciation and amortization

33,504

 

36,348

Amortization of deferred financing costs

1,909

 

1,867

Noncash operating lease expense

676

577

Amortization of nonvested stock compensation expense

957

 

1,021

Impairment of right-of-use asset

223

Impairment of vessel assets

112,814

 

13,897

Loss (gain) on sale of vessels

486

 

(611)

Insurance proceeds for protection and indemnity claims

278

389

Insurance proceeds for loss of hire claims

78

Change in assets and liabilities:

Decrease in due from charterers

331

 

6,588

Decrease in prepaid expenses and other current assets

504

 

165

Decrease in inventories

4,174

223

(Decrease) increase in accounts payable and accrued expenses

(17,454)

 

828

(Decrease) increase in deferred revenue

(2,259)

 

1,859

Decrease in operating lease liabilities

(828)

(786)

Deferred drydock costs incurred

(5,593)

 

(5,488)

Net cash (used in) provided by operating activities

(8,977)

 

14,823

Cash flows from investing activities:

Purchase of vessels and ballast water treatment systems, including deposits

(2,275)

 

(7,754)

Purchase of scrubbers (capitalized in Vessels)

(10,839)

(10,370)

Purchase of other fixed assets

(2,716)

 

(2,494)

Net proceeds from sale of vessels

14,726

6,309

Insurance proceeds for hull and machinery claims

484

612

Net cash used in investing activities

(620)

 

(13,697)

Cash flows from financing activities:

Proceeds from the $133 Million Credit Facility

24,000

Repayments on the $133 Million Credit Facility

(3,280)

(3,160)

Proceeds from the $495 Million Credit Facility

11,250

Repayments on the $495 Million Credit Facility

(33,321)

(34,575)

Payment of common stock issuance costs

(105)

Cash dividends paid

(8,126)

Payment of deferred financing costs

(283)

 

(611)

Net cash used in financing activities

(9,760)

 

(38,451)

Net decrease in cash, cash equivalents and restricted cash

(19,357)

 

(37,325)

Cash, cash equivalents and restricted cash at beginning of period

162,249

 

202,761

Cash, cash equivalents and restricted cash at end of period

 

$

142,892

$

165,436

See accompanying notes to condensed consolidated financial statements.

8