Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33393 | |
Entity Registrant Name | GENCO SHIPPING & TRADING LIMITED | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 98-0439758 | |
Entity Address, Address Line One | 299 Park Avenue | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10171 | |
City Area Code | 646 | |
Local Phone Number | 443-8550 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | GNK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,102,336 | |
Entity Central Index Key | 0001326200 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 43,113 | $ 114,573 |
Restricted cash | 5,643 | 5,643 |
Due from charterers, net of a reserve of $1,556 and $1,403, respectively | 20,039 | 20,116 |
Prepaid expenses and other current assets | 11,186 | 9,935 |
Inventories | 23,337 | 24,563 |
Fair value of assets position | 1,822 | |
Total current assets | 105,140 | 174,830 |
Noncurrent assets: | ||
Vessels, net of accumulated depreciation of $265,189 and $253,005, respectively | 1,031,948 | 981,141 |
Deposits on vessels | 18,543 | |
Deferred drydock, net of accumulated amortization of $13,660 and $12,879 respectively | 14,577 | 14,275 |
Fixed assets, net of accumulated depreciation and amortization of $4,593 and $3,984, respectively | 7,784 | 7,237 |
Operating lease right-of-use assets | 5,144 | 5,495 |
Restricted cash | 315 | 315 |
Fair value of derivative instruments | 2,594 | 1,166 |
Total noncurrent assets | 1,062,362 | 1,028,172 |
Total assets | 1,167,502 | 1,203,002 |
Current liabilities: | ||
Accounts payable and accrued expenses | 25,800 | 29,956 |
Deferred revenue | 10,133 | 10,081 |
Current operating lease liabilities | 1,882 | 1,858 |
Total current liabilities: | 37,815 | 41,895 |
Noncurrent liabilities: | ||
Long-term operating lease liabilities | 5,723 | 6,203 |
Long-term debt, net of deferred financing costs of $7,355 and $7,771, respectively | 189,895 | 238,229 |
Total noncurrent liabilities | 195,618 | 244,432 |
Total liabilities | 233,433 | 286,327 |
Commitments and contingencies (Note 13) | ||
Equity: | ||
Common stock, par value $0.01; 500,000,000 shares authorized; 42,102,336 and 41,924,597 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 421 | 419 |
Additional paid-in capital | 1,674,400 | 1,702,166 |
Accumulated other comprehensive income | 4,118 | 825 |
Accumulated deficit | (745,134) | (786,823) |
Total Genco Shipping & Trading Limited shareholders' equity | 933,805 | 916,587 |
Noncontrolling interest | 264 | 88 |
Total equity | 934,069 | 916,675 |
Total liabilities and equity | $ 1,167,502 | $ 1,203,002 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Due from charterers, reserve | $ 1,556 | $ 1,403 |
Noncurrent assets: | ||
Vessels, accumulated depreciation | 265,189 | 253,005 |
Deferred drydock, accumulated amortization | 13,660 | 12,879 |
Fixed assets, accumulated depreciation and amortization | 4,593 | 3,984 |
Deferred financing costs, noncurrent | $ 7,355 | $ 7,771 |
Genco Shipping & Trading Limited shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 42,102,336 | 41,924,597 |
Common stock, shares outstanding (in shares) | 42,102,336 | 41,924,597 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Total revenues | $ 136,227 | $ 87,591 |
Operating expenses: | ||
Voyage expenses | 38,464 | 35,074 |
Vessel operating expenses | 27,013 | 19,046 |
Charter hire expenses | 7,638 | 5,435 |
General and administrative expenses (inclusive of nonvested stock amortization expense of $690 and $522, respectively) | 6,043 | 6,102 |
Technical management fees | 917 | 1,464 |
Depreciation and amortization | 14,059 | 13,441 |
Loss on sale of vessels | 720 | |
Total operating expenses | 94,134 | 81,282 |
Operating income | 42,093 | 6,309 |
Other income (expense): | ||
Other income | 1,997 | 146 |
Interest income | 17 | 71 |
Interest expense | (2,242) | (4,541) |
Other expense, net | (228) | (4,324) |
Net income | 41,865 | 1,985 |
Less: Net income attributable to noncontrolling interest | 176 | |
Net income attributable to Genco Shipping & Trading Limited | $ 41,689 | $ 1,985 |
Net earnings per share-basic | $ 0.99 | $ 0.05 |
Net earnings per share-diluted | $ 0.97 | $ 0.05 |
Weighted average common shares outstanding-basic | 42,166,106 | 41,973,782 |
Weighted average common shares outstanding-diluted | 42,867,349 | 42,276,380 |
Voyage | ||
Revenues: | ||
Total revenues | $ 136,227 | $ 87,591 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Consolidated Statements of Operations | ||
Nonvested stock amortization expense | $ 690 | $ 522 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Net income | $ 41,865 | $ 1,985 |
Other comprehensive income | 3,293 | 161 |
Comprehensive income | 45,158 | 2,146 |
Less: Comprehensive income attributable to noncontrolling interest | 176 | |
Comprehensive income attributable to Genco Shipping & Trading Limited | $ 44,982 | $ 2,146 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Genco Shipping & Trading Limited Shareholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interest | Total |
Balance at Dec. 31, 2020 | $ 744,994 | $ 418 | $ 1,713,406 | $ (968,830) | $ 744,994 | ||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 1,985 | 1,985 | 1,985 | ||||
Other comprehensive income | 161 | $ 161 | 161 | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 1 | (1) | |||||
Cash dividends declared | (845) | (845) | (845) | ||||
Nonvested stock amortization | 522 | 522 | 522 | ||||
Balance at Mar. 31, 2021 | 746,817 | 419 | 1,713,082 | 161 | (966,845) | 746,817 | |
Balance at Dec. 31, 2021 | 916,587 | 419 | 1,702,166 | 825 | (786,823) | $ 88 | 916,675 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 41,689 | 41,689 | 176 | 41,865 | |||
Other comprehensive income | 3,293 | 3,293 | 3,293 | ||||
Issuance of shares due to vesting of RSUs and exercise of options | 2 | (2) | |||||
Cash dividends declared | (28,454) | (28,454) | (28,454) | ||||
Nonvested stock amortization | 690 | 690 | 690 | ||||
Balance at Mar. 31, 2022 | $ 933,805 | $ 421 | $ 1,674,400 | $ 4,118 | $ (745,134) | $ 264 | $ 934,069 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Consolidated Statements of Equity | ||
Dividends declared per share | $ 0.67 | $ 0.02 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 41,865 | $ 1,985 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,059 | 13,441 |
Amortization of deferred financing costs | 418 | 976 |
Right-of-use asset amortization | 351 | 344 |
Amortization of nonvested stock compensation expense | 690 | 522 |
Loss on sale of vessels | 720 | |
Amortization of premium on derivative | 43 | 69 |
Interest rate cap premium payment | (240) | |
Insurance proceeds for protection and indemnity claims | 99 | 41 |
Change in assets and liabilities: | ||
Decrease in due from charterers | 77 | 1,748 |
Increase in prepaid expenses and other current assets | (1,350) | (2,692) |
Decrease (increase) in inventories | 1,226 | (2,565) |
(Decrease) increase in accounts payable and accrued expenses | (2,834) | 1,548 |
Increase (decrease) in deferred revenue | 52 | (1,032) |
Decrease in operating lease liabilities | (456) | (432) |
Deferred drydock costs incurred | (1,685) | (939) |
Net cash provided by operating activities | 52,555 | 13,494 |
Cash flows from investing activities: | ||
Purchase of vessels and ballast water treatment systems, including deposits | (45,482) | (1,190) |
Purchase of scrubbers (capitalized in Vessels) | (41) | |
Purchase of other fixed assets | (1,483) | (152) |
Net proceeds from sale of vessels | 21,272 | |
Insurance proceeds for hull and machinery claims | 61 | |
Net cash (used in) provided by investing activities | (46,965) | 19,950 |
Cash flows from financing activities: | ||
Cash dividends paid | (28,289) | (888) |
Payment of deferred financing costs | (11) | |
Net cash used in financing activities | (77,050) | (49,098) |
Net decrease in cash, cash equivalents and restricted cash | (71,460) | (15,654) |
Cash, cash equivalents and restricted cash at beginning of period | 120,531 | 179,679 |
Cash, cash equivalents and restricted cash at end of period | 49,071 | 164,025 |
Secured Debt | $450 Million Credit Facility | ||
Cash flows from financing activities: | ||
Repayment of secured debt | $ (48,750) | |
Secured Debt | $133 Million Credit Facility | ||
Cash flows from financing activities: | ||
Repayment of secured debt | (22,740) | |
Secured Debt | $495 Million Credit Facility | ||
Cash flows from financing activities: | ||
Repayment of secured debt | $ (25,470) |
GENERAL INFORMATION
GENERAL INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
GENERAL INFORMATION | |
GENERAL INFORMATION | 1 - GENERAL INFORMATION The accompanying Condensed Consolidated Financial Statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in one business segment. At March 31, 2022, the Company’s fleet consisted of 44 drybulk vessels, including 17 Capesize drybulk carriers, 15 Ultramax drybulk carriers and twelve Supramax drybulk carriers, with an aggregate carrying capacity of approximately 4,636,000 dwt and an average age of approximately 10.1 years. During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned by Synergy as of March 31, 2022 and December 31, 2021, and was formed to provide ship management services to the Company’s vessels. As of March 31, 2022 and December 31, 2021, the investments GSSM received from the Company and Synergy totaled Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Over the course of the pandemic, governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical changes, and closure of non-essential businesses. This led to a significant slowdown in overall economic activity levels globally and a decline in demand for certain of the raw materials that our vessels transport. At present, it is not possible to ascertain any future impact of COVID-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the results for 2022. However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic, any potential variants and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022. The accompanying Condensed Consolidated Financial Statements include the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation. Basis of presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 (the “2021 10-K”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels, the fair value of time charters acquired, and the fair value of derivative instruments, if any. Actual results could differ from those estimates. Cash, cash equivalents and restricted cash The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2022 2021 Cash and cash equivalents $ 43,113 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 49,071 $ 120,531 Bunker swap and forward fuel purchase agreements From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore any unrealized or realized gains and losses are recorded in the Condensed Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the three months ended March 31, 2022 and 2021, the Company recorded $629 and $155 of realized gains in other income, respectively. During the three months ended March 31, 2022 and 2021, the Company recorded $1,439 and ($116) of unrealized gains (losses) in other income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of March 31, 2022 and December 31, 2021 is and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of March 31, 2022 and December 31, 2021 is Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from average scrap value of steel. During the three months ended March 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of . The decrease in depreciation expense resulted in a change to the basic and diluted net earnings per share, respectively, during the three months ended March 31, 2022. The basic and diluted net earnings per share for the three months ended March 31, 2022 would have been Voyage expense recognition In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. Refer to Note 11 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net gain of during the three months ended March 31, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Technical management fees Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies. Loss on sale of vessels During the three months ended March 31, 2021, the Company recorded a net loss of $720 related primarily to the sale of the Baltic Panther, the Baltic Hare and the Baltic Cougar, as well as net losses associated with the exchange of the Baltic Cove, the Baltic Fox, the Genco Spirit, the Genco Avra and the Genco Mare. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. There were vessels sold during the three months ended March 31, 2022. Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)” which provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, “ Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modification made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modification made on or before December 31, 2022. The Company has evaluated the impact of the adoption of ASU 2020-04 and ASU 2021-01 and has determined that there is no effect on its Condensed Consolidated Financial Statements and related disclosures. |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
CASH FLOW INFORMATION | |
CASH FLOW INFORMATION | 3 - CASH FLOW INFORMATION For the three months ended March 31, 2022, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $615 for the Purchase of vessels and ballast water treatment systems, including deposits, and $716 for the Purchase of other fixed assets. For the three months ended March 31, 2022, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of For the three months ended March 31, 2021, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $975 for the Purchase of vessels and ballast water treatment systems, including deposits, $17 for the Purchase of scrubbers, $154 for the Purchase of other fixed assets and $61 for the Net proceeds from sale of vessels. For the three months ended March 31, 2021, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of for Cash dividends payable. During the three months ended March 31, 2022 and 2021, cash paid for interest, net of amounts capitalized, was $1,793 and $3,583 , respectively. During the three months ended March 31, 2022 and 2021, there was no cash paid for income taxes. During the three months ended March 31, 2022, the Company reclassified $18,543 from Deposits on vessels to Vessels, net of accumulated depreciation upon the delivery of the Genco May and Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions. During the three months ended March 31, 2021, the Company reclassified $15,630 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Baltic Leopard and Genco Lorraine prior to March 31, 2021. On February 23, 2022, the Company issued 201,934 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was On February 23, 2021, the Company issued 103,599 restricted stock units and options to purchase 118,552 shares of the Company’s stock at an exercise price of $9.91 to certain individuals. The fair value of these restricted stock units and stock options were $1,027 and $513, respectively. Refer to Note 14 — Stock-Based Compensation for further information regarding the aforementioned grants. Supplemental Condensed Consolidated Cash Flow information related to leases is as follows: For the Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 557 $ 557 |
VESSEL ACQUISITIONS AND DISPOSI
VESSEL ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2022 | |
VESSEL ACQUISITIONS AND DISPOSITIONS | |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 - VESSEL ACQUISITIONS AND DISPOSITIONS Vessel Acquisitions On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29,170 each, that were renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The Company used cash on hand to finance the purchase. As of December 31, 2021, deposits on vessels were . The remaining purchase price of Capitalized interest expense associated with these newbuilding contracts for the three months ended March 31, 2022 and 2021 was $5 and $0, respectively. Vessel Exchange On December 17, 2020, the Company entered into an agreement to acquire three Ultramax vessels in exchange for six Handysize vessels for a fair value of $46,000 less a 1.0% commission payable to a third party. The Genco Magic, a 2014-built Ultramax vessel, and the Genco Vigilant and the Genco Freedom, both 2015-built Ultramax vessels, were delivered to the Company on December 23, 2020, January 28, 2021 and February 20, 2021, respectively. The Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, were delivered to the buyers on December 29, 2020, January 30, 2021 and February 2, 2021, respectively. The Genco Spirit, the Genco Avra and the Genco Mare, all 2011-built Handysize vessels, were delivered to the buyers on February 15, 2021, February 21, 2021 and February 24, 2021, respectively. Vessel Dispositions As of March 31, 2022 and December 31, 2021, the Company recorded $5,643 of current restricted cash in the Condensed Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. Pursuant to the $450 Million Credit Facility, the net proceeds received from the sale will remain classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360 day During November 2020, the Company entered into agreements to sell the Baltic Cougar, the Baltic Hare and the Baltic Panther. The sale of the Baltic Hare, the Baltic Panther and the Baltic Cougar were completed on January 15, 2021, January 4, 2021 and February 24, 2021, respectively. Refer to the “Loss on sale of vessels” section in Note 2 — Summary of Significant Accounting Policies for discussion of the net loss on sale of vessels recorded during the three months ended March 31, 2022 and 2021. |
NET EARNINGS PER SHARE
NET EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
NET EARNINGS PER SHARE | |
NET EARNINGS PER SHARE | 5 – NET EARNINGS PER SHARE The computation of basic net earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 14 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. There were restricted stock units that were dilutive during the three months ended March 31, 2022 and 2021, respectively. There were stock options that were dilutive during the three months ended March 31, 2022 and 2021, respectively. The components of the denominator for the calculation of basic and diluted net earnings per share are as follows: For the Three Months Ended March 31, 2022 2021 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,166,106 41,973,782 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,166,106 41,973,782 Dilutive effect of stock options 440,550 87,358 Dilutive effect of restricted stock units 260,693 215,240 Weighted-average common shares outstanding, diluted 42,867,349 42,276,380 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 6 - RELATED PARTY TRANSACTIONS During the three months ended March 31, 2022 and 2021, the Company did not have any related party transactions. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2022 | |
DEBT | |
DEBT | 7 – DEBT Long-term debt, net consists of the following: March 31, December 31, 2022 2021 Principal amount $ 197,250 $ 246,000 Less: Unamortized debt financing costs (7,355) (7,771) Less: Current portion — — Long-term debt, net $ 189,895 $ 238,229 March 31, 2022 December 31, 2021 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $450 Million Credit Facility $ 197,250 $ 7,355 $ 246,000 $ 7,771 Total debt $ 197,250 $ 7,355 $ 246,000 $ 7,771 As of March 31, 2022 and December 31, 2021, $7,355 and $7,771 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets. $450 Million Credit Facility On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s $495 Million Credit Facility and its $133 Million Credit Facility. On August 31, 2021, proceeds of under the $450 Million Credit Facility were used, together with cash on hand, to refinance all of the Company’s existing credit facilities (the $495 Million Credit Facility and the $133 Million Credit Facility, as described below) into one facility. was drawn down under the revolving credit facility. The key terms associated with the $450 Million Credit Facility are as follows: ● The final maturity date is August 3, 2026. ● Borrowings are subject to a limit of the ratio of the principal amount of debt outstanding to the collateral (“LTV”) of 55% . ● There is a non-committed accordion term loan facility whereby additional borrowings of up to $150,000 may be incurred if additional eligible collateral is provided; such additional borrowings are subject to a LTV ratio of 60% for collateral vessels less than five years old or 55% for collateral vessels at least five years old but not older than seven years . ● Borrowings bear interest at LIBOR plus a margin of 2.15% to 2.75% based on the Company’s quarterly total net leverage ratio (the ratio of total indebtedness to consolidated EBITDA), which may be increased or decreased by a margin of up to 0.05% based on the Company’s performance regarding emissions targets. Upon cessation of the LIBOR rate, borrowings will bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread adjustment, plus the applicable margin referred to above. ● Scheduled quarterly commitment reductions under the revolver are $11,720 per quarter followed by a balloon payment of $215,600 . ● Collateral includes forty of our current vessels, leaving five unencumbered vessels, including the vessels delivered during January 2022. ● Commitment fees are 40% of the applicable margin for unutilized commitments. ● The Company can sell or dispose of collateral vessels without loan prepayment if a replacement vessel or vessels meeting certain requirements are included as collateral within 360 days . ● The Company is subject to customary financial covenants, including a collateral maintenance covenant requiring the aggregate appraised value of collateral vessels to be at least 140% of the principal amount of loans outstanding, a minimum liquidity covenant requiring our unrestricted cash and cash equivalents to be the greater of $500 per vessel or 5% of total indebtedness, a minimum working capital covenant requiring consolidated current assets (excluding restricted cash) minus current liabilities (excluding the current portion of debt) to be not less than zero, and a debt to capitalization covenant requiring the ratio of total net indebtedness to total capitalization to be not more than 70% . ● The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend. Other restrictions in the dividend covenants of the Company’s prior credit facilities were eliminated. As of March 31, 2022, there was $221,840 of availability under the $450 Million Credit Facility. Total debt repayments of $48,750 were made during the three months ended March 31, 2022 under the $450 Million Credit Facility. As of March 31, 2022, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility. $495 Million Credit Facility On May 31, 2018, the Company entered into the $460 Million Credit Facility, a five-year senior secured credit facility for an aggregate amount of up to $460,000 which was used to (i) refinance all of the Company’s prior credit facilities into one facility and (ii) pay down the debt on seven of the Company’s oldest vessels, which have been sold. On February 28, 2019, the Company entered into an amendment to the $460 Million Credit Facility, which provided an additional tranche of up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels (as so amended, the “$495 Million Credit Facility”). On June 5, 2020, the Company entered into an amendment to the $495 Million Credit Facility to extend the period that collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral from 180 days to 360 days . On February 18, 2021 and February 26, 2021, the Company utilized of the proceeds from the sale of the Genco Charger and Genco Thunder, respectively, as loan prepayment under these terms. These amounts are included in the total debt repayments below. As a result of the loan prepayments for vessel sales, scheduled amortization payments were recalculated in accordance with the terms of the facility during April 2021. Scheduled amortization payments under the $460 million tranche were revised to $12,400 which commenced on June 30, 2021, with a final payment of $189,605 due on the maturity date. On December 17, 2020, the Company entered into an amendment to the $495 Million Credit Facility that allowed the Company to enter into a vessel transaction in which the Company agreed to acquire three Ultramax vessels in exchange for six of the Company’s Handysize vessels. Refer to Note 4 — Vessel Acquisitions and Dispositions. On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $9,300, $12,200 and $11,250, respectively, under the $35 million tranche of the $495 Million Credit Facility. Scheduled quarterly repayments under this tranche were $2,339 . On June 7, 2021, the Company repaid the remaining outstanding balance under the $35 million tranche of Total debt repayments of $25,470 were made during the three months ended March 31, 2021 under the $495 Million Credit Facility. On August 31, 2021, the $495 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. $133 Million Credit Facility On August 14, 2018, the Company entered into the $108 Million Credit Facility, a five-year senior secured credit facility that was used to finance a portion of the purchase price of six vessels. These vessels also served as collateral under the facility, which were delivered to the Company during the three months ended September 30, 2018. On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility that provided for a revolving credit facility of up to $25,000 (the “Revolver”) for general corporate and working capital purposes (as so amended, the “$133 Million Credit Facility”). The key terms associated with the Revolver were as follows: ● The final maturity date of the Revolver was August 14, 2023. ● Borrowings under the Revolver could be incurred pursuant to multiple drawings on or prior to July 1, 2023 in minimum amounts of $1,000 . ● Borrowings under the Revolver bore interest at LIBOR plus 3.00% ● The Revolver was subject to consecutive quarterly commitment reductions commencing on the last day of the fiscal quarter ending September 30, 2020 in an amount equal to approximately $1.9 million each quarter. ● Borrowings under the Revolver were subject to a limit of 60% for the ratio of outstanding total term and revolver loans to the aggregate appraised value of collateral vessels under the $133 Million Credit Facility. The collateral and financial covenants otherwise remained substantially the same as they were under the $108 Million Credit Facility. On June 15, 2020, the Company drew down $24,000 under the Revolver of the $133 Million Credit Facility. On March 31, 2021, the Company repaid the remaining Total debt repayments of $22,740 were made during the three months ended March 31, 2021 under the $133 Million Credit Facility. On August 31, 2021, the $133 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the “$450 Million Credit Facility” section above. Interest rates The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: For the Three Months Ended March 31, 2022 2021 Effective Interest Rate 2.99 % 3.18 % Range of Interest Rates (excluding unused commitment fees) 2.26 % to 2.61 % 2.61 % to 3.48 % |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | 8 – DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk on its floating rate debt. As of March 31, 2022, the Company had interest rate cap agreements outstanding to manage interest costs and the risk associated with variable interest rates. The interest rate cap agreements have been designated and qualify as cash flow hedges. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in Accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings. The following table summarizes the interest rate cap agreements in place as of March 31, 2022. Interest Rate Cap Detail Notional Amount Outstanding March 31, Trade date Cap Rate Start Date End Date 2022 March 25, 2021 0.75 % April 29, 2021 March 28, 2024 $ 50,000 July 29, 2020 0.75 % July 31, 2020 December 29, 2023 100,000 March 6, 2020 1.50 % March 10, 2020 March 10, 2023 50,000 $ 200,000 The Company records the fair value of the interest rate caps as Fair value of derivative instruments in the current and non-current asset section on its Condensed Consolidated Balance Sheets. The Company has elected to use the income approach to value the interest rate derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates, implied volatility, basis swap adjustments, and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for most fair value measurements. The Company recorded a $3,293 gain for the three months ended March 31, 2022 in AOCI. The estimated income that is currently recorded in AOCI as of March 31, 2022 that is expected to be reclassified into earnings within the next twelve months is . The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations For the Three Months Ended March 31, 2022 2021 Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 2,242 $ 4,541 The effects of fair value and cash flow hedging Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: Interest contracts: Amount of gain or (loss) reclassified from AOCI to income $ — $ — Premium excluded and recognized on an amortized basis 43 69 Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring — — The following table shows the interest rate cap assets as of March 31, 2022: March 31, December 31, Derivatives designated as hedging instruments Balance Sheet Location 2022 2021 Interest rate caps Fair value of derivative instruments - current $ 1,822 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 2,594 $ 1,166 The components of AOCI included in the accompanying Condensed Consolidated Balance Sheet consists of net unrealized gains on cash flow hedges as of March 31, 2022. AOCI — January 1, 2022 $ 825 Amount recognized in OCI on derivative, intrinsic 3,675 Amount recognized in OCI on derivative, excluded (382) Amount reclassified from OCI into income — AOCI — March 31, 2022 $ 4,118 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying values of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. March 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 43,113 $ 43,113 $ 114,573 $ 114,573 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 197,250 197,250 246,000 246,000 The carrying value of the borrowings under the $450 Million Credit Facility as of March 31, 2022 and as of December 31, 2021, which excludes the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as this credit facility represents a floating rate loan. The carrying amounts of the Company’s other financial instruments as of March 31, 2022 and December 31, 2021 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments. ASC Subtopic 820-10, “ Fair Value Measurements & Disclosures ” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows: ● Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. ● Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. ● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Cash and cash equivalents and restricted cash are considered Level 1 items, as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 8 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was vessel impairment recorded during the three months ended March 31, 2022 and 2021. The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. Nonrecurring fair value measurements may include impairment tests of the Company’s operating lease right-of-use assets if there are indicators of impairments. indicators of impairment of the operating lease right-of-use assets. The Company did not have any Level 3 financial assets or liabilities as of March 31, 2022 and December 31, 2021. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2022 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 10 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: March 31, December 31, 2022 2021 Accounts payable $ 12,835 $ 9,399 Accrued general and administrative expenses 1,608 4,719 Accrued vessel operating expenses 11,357 15,838 Total accounts payable and accrued expenses $ 25,800 $ 29,956 |
VOYAGE REVENUES
VOYAGE REVENUES | 3 Months Ended |
Mar. 31, 2022 | |
VOYAGE REVENUES | |
VOYAGE REVENUES | 1 1 – VOYAGE REVENUES Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended March 31, 2022 and 2021, the Company earned Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606 — Revenue from Contracts with Customers . Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used; therefore, revenue from spot market voyage charters is not within the scope of ASC 842 — Leases (“ASC 842”). Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered in. The fuel consumption and any port expenses incurred prior to arrival at the load port are capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Similarly, for any third party vessels that are chartered in, the charter hire expenses during this period are capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. During time charter agreements, including fixed rate time charters and spot market-related time charters, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. During time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Condensed Consolidated Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease. Total voyage revenues recognized in the Condensed Consolidated Statements of Operations includes the following: For the Three Months Ended March 31, 2022 2021 Lease revenue $ 55,804 $ 18,900 Spot market voyage revenue 80,423 68,691 Total voyage revenues $ 136,227 $ 87,591 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
LEASES | |
LEASES | 12 – LEASES On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was of sublease income recorded during the three months ended March 31, 2022 and 2021. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operations. The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the three months ended March 31, 2022 and 2021 all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 13 – COMMITMENTS AND CONTINGENCIES During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 36 of its vessels. The cost of these systems vary based on the size and specifications of each vessel and whether the systems will be installed in China during the vessels’ scheduled drydockings. Based on the contractual purchase price of the BWTS and the estimated installation fees, the Company estimates the cost of the systems to be approximately $1.0 million for Capesize vessels and $0.6 million for Supramax vessels. These costs are capitalized and depreciated over the remainder of the life of the vessels. Prior to any adjustments for vessel impairment and vessel sales, the Company recorded cumulatively $21,351 and $18,992 in Vessel assets in the Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, respectively, related to BWTS additions. Excluding any installation fees, the Company expects to pay |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 14 - STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2022: Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2022 916,287 $ 9.02 $ 4.08 Granted — — — Exercised (112,476) 11.69 6.11 Forfeited — — — Outstanding as of March 31, 2022 803,811 $ 8.65 $ 3.80 Exercisable as of March 31, 2022 609,920 $ 8.78 $ 4.06 The following table summarizes certain information about the options outstanding as of March 31, 2022: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2022 March 31, 2022 Weighted Weighted Weighted Average Weighted Average Weighted Average Exercise Price of Average Remaining Average Remaining Outstanding Number of Exercise Contractual Number of Exercise Contractual Options Options Price Life Options Price Life $ 8.65 193,891 $ 8.22 4.31 609,920 $ 8.78 2.85 As of March 31, 2022 and December 31, 2021, a total of 803,811 and 916,287 stock options were outstanding, respectively. Amortization of the unamortized stock-based compensation balance of $255 as of March 31, 2022 is expected to be expensed $166, $81 and $8 during the remainder of 2022 and during the years ending December 31, 2023 and 2024, respectively. For the three months ended March 31, 2022 and 2021, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows: For the Three Months Ended March 31, 2022 2021 General and administrative expenses $ 113 $ 180 Restricted Stock Units The Company has issued restricted stock units (“RSUs”) under the 2015 Plan to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of March 31, 2022 and December 31, 2021, shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares of common stock will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the amended 2015 Plan. The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the three months ended March 31, 2022: Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2022 306,887 $ 9.65 Granted 208,457 19.58 Vested (132,696) 8.68 Forfeited — — Outstanding as of March 31, 2022 382,648 $ 15.40 The total fair value of the RSUs that vested during the three months ended March 31, 2022 and 2021 was $2,655 and $1,130 , respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2022: Unvested RSUs Vested RSUs March 31, 2022 March 31, 2022 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 382,648 $ 15.40 2.82 790,033 $ 10.04 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2022, unrecognized compensation cost of For the three months ended March 31, 2022 and 2021, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows: For the Three Months Ended March 31, 2022 2021 General and administrative expenses $ 577 $ 342 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Mar. 31, 2022 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | 15 - LEGAL PROCEEDINGS From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 16 – SUBSEQUENT EVENTS On May 4, 2022, the Company announced a regular quarterly dividend of $0.79 per share to be paid on or about May 24, 2022, to shareholders of record as of May 16, 2022. The aggregate amount of the dividend is expected to be approximately $33.5 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of consolidation | Principles of consolidation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022. The accompanying Condensed Consolidated Financial Statements include the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation. |
Basis of presentation | Basis of presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 (the “2021 10-K”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels, the fair value of time charters acquired, and the fair value of derivative instruments, if any. Actual results could differ from those estimates. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2022 2021 Cash and cash equivalents $ 43,113 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 49,071 $ 120,531 |
Bunker swaps and forward fuel purchase agreements | Bunker swap and forward fuel purchase agreements From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore any unrealized or realized gains and losses are recorded in the Condensed Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy. During the three months ended March 31, 2022 and 2021, the Company recorded $629 and $155 of realized gains in other income, respectively. During the three months ended March 31, 2022 and 2021, the Company recorded $1,439 and ($116) of unrealized gains (losses) in other income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of March 31, 2022 and December 31, 2021 is and are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of March 31, 2022 and December 31, 2021 is |
Vessels, net | Vessels, net Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost that is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons (lwt). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from average scrap value of steel. During the three months ended March 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of . The decrease in depreciation expense resulted in a change to the basic and diluted net earnings per share, respectively, during the three months ended March 31, 2022. The basic and diluted net earnings per share for the three months ended March 31, 2022 would have been |
Voyage expense recognition | Voyage expense recognition In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. Refer to Note 11 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net gain of during the three months ended March 31, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. |
Technical management fees | Technical management fees Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies. |
Loss on sale of vessels | Loss on sale of vessels During the three months ended March 31, 2021, the Company recorded a net loss of $720 related primarily to the sale of the Baltic Panther, the Baltic Hare and the Baltic Cougar, as well as net losses associated with the exchange of the Baltic Cove, the Baltic Fox, the Genco Spirit, the Genco Avra and the Genco Mare. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels. There were vessels sold during the three months ended March 31, 2022. |
Recent accounting pronouncements | Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)” which provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, “ Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modification made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or prospectively for contract modification made on or before December 31, 2022. The Company has evaluated the impact of the adoption of ASU 2020-04 and ASU 2021-01 and has determined that there is no effect on its Condensed Consolidated Financial Statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of restricted cash and cash equivalents | March 31, December 31, 2022 2021 Cash and cash equivalents $ 43,113 $ 114,573 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 49,071 $ 120,531 |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
CASH FLOW INFORMATION | |
Schedule of cash flow information related to operating leases | For the Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 557 $ 557 |
NET EARNINGS PER SHARE (Tables)
NET EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
NET EARNINGS PER SHARE | |
Components of denominator for calculation of basic and diluted net earnings per share | For the Three Months Ended March 31, 2022 2021 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,166,106 41,973,782 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,166,106 41,973,782 Dilutive effect of stock options 440,550 87,358 Dilutive effect of restricted stock units 260,693 215,240 Weighted-average common shares outstanding, diluted 42,867,349 42,276,380 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
DEBT | |
Schedule of components of Long-term debt | March 31, December 31, 2022 2021 Principal amount $ 197,250 $ 246,000 Less: Unamortized debt financing costs (7,355) (7,771) Less: Current portion — — Long-term debt, net $ 189,895 $ 238,229 March 31, 2022 December 31, 2021 Unamortized Unamortized Debt Issuance Debt Issuance Principal Cost Principal Cost $450 Million Credit Facility $ 197,250 $ 7,355 $ 246,000 $ 7,771 Total debt $ 197,250 $ 7,355 $ 246,000 $ 7,771 |
Schedule of effective interest rate and the range of interest rates on the debt | For the Three Months Ended March 31, 2022 2021 Effective Interest Rate 2.99 % 3.18 % Range of Interest Rates (excluding unused commitment fees) 2.26 % to 2.61 % 2.61 % to 3.48 % |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
DERIVATIVE INSTRUMENTS | |
Schedule of interest cap agreements | Interest Rate Cap Detail Notional Amount Outstanding March 31, Trade date Cap Rate Start Date End Date 2022 March 25, 2021 0.75 % April 29, 2021 March 28, 2024 $ 50,000 July 29, 2020 0.75 % July 31, 2020 December 29, 2023 100,000 March 6, 2020 1.50 % March 10, 2020 March 10, 2023 50,000 $ 200,000 |
Schedule of the effect of fair value and cash flow hedge accounting on the statement of operations | The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations For the Three Months Ended March 31, 2022 2021 Interest Expense Interest Expense Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 2,242 $ 4,541 The effects of fair value and cash flow hedging Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: Interest contracts: Amount of gain or (loss) reclassified from AOCI to income $ — $ — Premium excluded and recognized on an amortized basis 43 69 Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring — — |
Schedule of interest rate cap assets | March 31, December 31, Derivatives designated as hedging instruments Balance Sheet Location 2022 2021 Interest rate caps Fair value of derivative instruments - current $ 1,822 $ — Interest rate caps Fair value of derivative instruments - noncurrent $ 2,594 $ 1,166 |
Components of AOCI included in the accompanying condensed consolidated balance sheet | AOCI — January 1, 2022 $ 825 Amount recognized in OCI on derivative, intrinsic 3,675 Amount recognized in OCI on derivative, excluded (382) Amount reclassified from OCI into income — AOCI — March 31, 2022 $ 4,118 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair values and carrying values of the Company's financial instruments | March 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 43,113 $ 43,113 $ 114,573 $ 114,573 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 197,250 197,250 246,000 246,000 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | |
Schedule of accounts payable and accrued expenses | March 31, December 31, 2022 2021 Accounts payable $ 12,835 $ 9,399 Accrued general and administrative expenses 1,608 4,719 Accrued vessel operating expenses 11,357 15,838 Total accounts payable and accrued expenses $ 25,800 $ 29,956 |
VOYAGE REVENUES (Tables)
VOYAGE REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
VOYAGE REVENUES | |
Schedule of voyage revenue | For the Three Months Ended March 31, 2022 2021 Lease revenue $ 55,804 $ 18,900 Spot market voyage revenue 80,423 68,691 Total voyage revenues $ 136,227 $ 87,591 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan | 3 Months Ended |
Mar. 31, 2022 | |
Stock Options | |
Stock Awards | |
Schedule of stock option activity | Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2022 916,287 $ 9.02 $ 4.08 Granted — — — Exercised (112,476) 11.69 6.11 Forfeited — — — Outstanding as of March 31, 2022 803,811 $ 8.65 $ 3.80 Exercisable as of March 31, 2022 609,920 $ 8.78 $ 4.06 The following table summarizes certain information about the options outstanding as of March 31, 2022: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2022 March 31, 2022 Weighted Weighted Weighted Average Weighted Average Weighted Average Exercise Price of Average Remaining Average Remaining Outstanding Number of Exercise Contractual Number of Exercise Contractual Options Options Price Life Options Price Life $ 8.65 193,891 $ 8.22 4.31 609,920 $ 8.78 2.85 |
Schedule of nonvested stock amortization expense | For the Three Months Ended March 31, 2022 2021 General and administrative expenses $ 113 $ 180 |
Restricted Stock Units | |
Stock Awards | |
Summary of nonvested restricted stock units | Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2022 306,887 $ 9.65 Granted 208,457 19.58 Vested (132,696) 8.68 Forfeited — — Outstanding as of March 31, 2022 382,648 $ 15.40 The total fair value of the RSUs that vested during the three months ended March 31, 2022 and 2021 was $2,655 and $1,130 , respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2022: Unvested RSUs Vested RSUs March 31, 2022 March 31, 2022 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 382,648 $ 15.40 2.82 790,033 $ 10.04 |
Schedule of nonvested stock amortization expense | For the Three Months Ended March 31, 2022 2021 General and administrative expenses $ 577 $ 342 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)titemsegment | Dec. 31, 2021USD ($) | |
Segment reporting | ||
Number of reportable segments | segment | 1 | |
Drybulk Vessels | ||
Segment reporting | ||
Number of vessels in fleet | 44 | |
Capacity of vessels | t | 4,636,000 | |
Average age of vessels | 10 years 1 month 6 days | |
Capesize Drybulk Carriers | ||
Segment reporting | ||
Number of vessels in fleet | 17 | |
Ultramax Vessels | ||
Segment reporting | ||
Number of vessels in fleet | 15 | |
Supramax Vessels | ||
Segment reporting | ||
Number of vessels in fleet | 12 | |
GSSM | Variable Interest Entity | ||
Segment reporting | ||
Ownership percentage | 50.00% | 50.00% |
Investments used directly for operations | $ | $ 50 | $ 50 |
GSSM | Synergy | ||
Segment reporting | ||
Ownership by synergy | 50.00% | 50.00% |
Investments used directly for operations | $ | $ 50 | $ 50 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash | ||||
Cash and cash equivalents | $ 43,113 | $ 114,573 | ||
Restricted cash - current | 5,643 | 5,643 | ||
Restricted cash - noncurrent | 315 | 315 | ||
Cash, cash equivalents and restricted cash | $ 49,071 | $ 120,531 | $ 164,025 | $ 179,679 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bunker swaps and Forward Purchase Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |||
Fair value of assets position | $ 1,822 | ||
Prepaid expenses and other current assets | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Fair value of assets position | 1,602 | $ 82 | |
Accounts payable and accrued expenses | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Fair value of liability position | 70 | $ 139 | |
Other income | Bunker Swap and Forward Fuel Purchase Agreements | |||
Summary of Significant Accounting Policies | |||
Realized gains | 629 | $ 155 | |
Unrealized gains (losses) | $ 1,439 | $ (116) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels, net (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2022$ / item | Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2021$ / item |
Vessels, net | ||||
Estimated useful life | 25 years | |||
Depreciation and amortization | $ | $ 14,059 | $ 13,441 | ||
Estimated scrap value (in dollars per lightweight ton) | $ / item | 400 | 310 | ||
Estimated life of average scrap value of steel | 15 years | |||
Decrease in depreciation expense | $ | $ 1,146 | |||
Increase in basic net earnings per share | $ 0.03 | |||
Increase in diluted net earnings per share | 0.02 | |||
Basic net earnings per share if no change to estimated scrap value | 0.96 | |||
Diluted net earnings per share if no change to estimated scrap value | $ 0.95 | |||
Vessels | ||||
Vessels, net | ||||
Depreciation and amortization | $ | $ 12,184 | $ 11,769 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Voyage expense recognition | ||
Net gain on purchase and sale of bunker fuel and net realizable value adjustments | $ 2,004 | $ 493 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loss on sale of vessels (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022item | Mar. 31, 2021USD ($) | |
Gain on sale of vessels | ||
Loss on sale of vessels | $ 720 | |
Number of vessels sold | item | 0 | |
Baltic Panther Baltic Hare Baltic Cougar Baltic Leopard Baltic Cove Baltic Fox Genco Spirit Genco Avra and Genco Mare | ||
Gain on sale of vessels | ||
Loss on sale of vessels | $ 720 |
CASH FLOW INFORMATION - Non-cas
CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Non-cash investing and financing activities | ||
Reclassification from deposits on vessels to vessels, net of accumulated depreciation | $ 18,543 | |
Reclassification from vessels to vessels held for sale | $ 15,630 | |
Cash dividends paid | 28,289 | 888 |
Cash paid for interest | 1,793 | 3,583 |
Cash paid for estimated income taxes | 0 | 0 |
Accounts payable and accrued expenses | ||
Non-cash investing and financing activities | ||
Purchases of vessels and ballast water treatment systems | 615 | 975 |
Purchase of scrubbers | 17 | |
Purchase of other fixed assets | 716 | 154 |
Net proceeds from sale of vessels | 61 | |
Non-cash financing activities cash dividends payable | $ 322 | $ 71 |
CASH FLOW INFORMATION - Stock-B
CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - USD ($) $ / shares in Units, $ in Thousands | Feb. 23, 2022 | Feb. 23, 2021 | Mar. 31, 2022 |
Restricted Stock Units | |||
Non-cash investing and financing activities | |||
Granted (in shares) | 201,934 | 103,599 | 208,457 |
Aggregate fair value | $ 3,950 | $ 1,027 | |
Stock Options | |||
Non-cash investing and financing activities | |||
Aggregate fair value | $ 513 | ||
Options to purchase (in shares) | 118,552 | ||
Exercise price | $ 9.91 |
CASH FLOW INFORMATION - Lease p
CASH FLOW INFORMATION - Lease payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 557 | $ 557 |
VESSEL ACQUISITIONS AND DISPO_2
VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | Aug. 03, 2021 | Dec. 17, 2020USD ($)item | Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | May 18, 2021USD ($)item |
VESSEL ACQUISITIONS | ||||||
Number of vessels sold | item | 0 | |||||
Deposits on vessels | $ 18,543 | |||||
Restricted cash, current | $ 5,643 | 5,643 | ||||
Secured Debt | $450 Million Credit Facility | ||||||
VESSEL ACQUISITIONS | ||||||
Restricted Cash, Current | $ 5,643 | 5,643 | ||||
Period for which sales proceeds from vessels will remain as restricted cash | 360 days | |||||
Collateral vessel replacement period | 360 days | 360 days | ||||
Agreement To Purchase Ultramax Newbuild Vessels | Genco Mary and Genco Laddey | ||||||
VESSEL ACQUISITIONS | ||||||
Number of vessels purchased under option to be acquired per purchase agreement | item | 2 | |||||
Capacity of vessels | item | 61,000 | |||||
Purchase price per vessel | $ 29,170 | |||||
Deposits on vessels | $ 18,543 | |||||
Remaining purchase price of vessels paid | $ 40,838 | |||||
Capitalized interest associated with new building contracts | $ 5 | $ 0 | ||||
Ultramax Vessels | Agreement To Exchange Vessels | ||||||
VESSEL ACQUISITIONS | ||||||
Number of vessels to be exchanged | item | 3 | |||||
Handysize Vessels | Agreement To Exchange Vessels | ||||||
VESSEL ACQUISITIONS | ||||||
Number of vessels to be exchanged | item | 6 | |||||
Adjusted total fair market value of vessels | $ 46,000 | |||||
Broker commission (as a percent) | 1.00% |
NET EARNINGS PER SHARE (Details
NET EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common shares outstanding, basic: | ||
Weighted average common shares outstanding-basic | 42,166,106 | 41,973,782 |
Common shares outstanding, diluted: | ||
Weighted average common shares outstanding-basic | 42,166,106 | 41,973,782 |
Weighted-average common shares outstanding, diluted (in shares) | 42,867,349 | 42,276,380 |
Stock Options | ||
Common shares outstanding, diluted: | ||
Dilutive effect of share based arrangements | 440,550 | 87,358 |
Restricted Stock Units | ||
Common shares outstanding, diluted: | ||
Dilutive effect of share based arrangements | 260,693 | 215,240 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
RELATED PARTY TRANSACTIONS | ||
Related party transactions | $ 0 | $ 0 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility | ||
Principal amount | $ 197,250 | $ 246,000 |
Less: Unamortized debt financing costs | (7,355) | (7,771) |
Long-term debt, net | 189,895 | 238,229 |
Secured Debt | $450 Million Credit Facility | ||
Line of Credit Facility | ||
Principal amount | 197,250 | 246,000 |
Less: Unamortized debt financing costs | $ (7,355) | $ (7,771) |
DEBT - 450 Million Credit Facil
DEBT - 450 Million Credit Facility (Details) $ in Thousands | Aug. 31, 2021USD ($) | Aug. 03, 2021USD ($)item | Jan. 31, 2022item | Mar. 31, 2022USD ($) |
$450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Maximum borrowing capacity | $ 450,000 | $ 450,000 | ||
Term of facilities | 5 years | |||
Consecutive quarterly commitment reductions | $ 11,720 | |||
Balloon payment | 215,600 | |||
Additional borrowing capacity | $ 150,000 | |||
Drawdowns during the period | $ 350,000 | |||
Loan to value ratio | 55.00% | |||
Remaining borrowing capacity | 221,840 | |||
Maximum total indebtedness to total capitalization (as a ratio) | 70 | |||
Number of vessels to serve as collateral under debt agreement | item | 40 | |||
Key covenant - Percentage of unrestricted cash to total indebtedness | 5.00% | |||
Key covenant - Unrestricted cash and cash equivalents minimum per vessel | $ 500 | |||
Repayment of secured debt | $ 48,750 | |||
Commitment fee on unused daily average unutilized commitment (as a percent) | 40.00% | |||
Number of unencumbered vessels delivered | item | 5 | |||
Collateral vessel replacement period | 360 days | 360 days | ||
Revolving credit facility | Secured Debt | ||||
Debt | ||||
Maximum borrowing capacity | $ 300,000 | |||
Drawdowns during the period | 200,000 | |||
Term loan facility | Secured Debt | ||||
Debt | ||||
Maximum borrowing capacity | $ 150,000 | |||
Drawdowns during the period | $ 150,000 | |||
Collateral Vessels Less Than Five Years Old | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Loan to value ratio | 60.00% | |||
Collateral Vessels At Least Five Years Old But Not Older Than Seven Years | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Loan to value ratio | 55.00% | |||
LIBOR | $450 Million Credit Facility | ||||
Debt | ||||
Margin increase or decrease based on performance of emissions targets | 0.05% | |||
Minimum | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Collateral security maintenance test (as a percent) | 140.00% | |||
Minimum | Collateral Vessels At Least Five Years Old But Not Older Than Seven Years | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Collateral vessels age for increase in borrowings | 5 years | |||
Minimum | LIBOR | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Applicable margin over reference rate | 2.15% | |||
Maximum | Collateral Vessels Less Than Five Years Old | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Collateral vessels age for increase in borrowings | 5 years | |||
Maximum | Collateral Vessels At Least Five Years Old But Not Older Than Seven Years | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Collateral vessels age for increase in borrowings | 7 years | |||
Maximum | LIBOR | $450 Million Credit Facility | Secured Debt | ||||
Debt | ||||
Applicable margin over reference rate | 2.75% |
DEBT - 495 Million Credit Facil
DEBT - 495 Million Credit Facility (Details) $ in Thousands | Jun. 30, 2021USD ($) | Jun. 07, 2021USD ($) | Feb. 26, 2021USD ($) | Feb. 18, 2021USD ($) | Jun. 05, 2020 | Jun. 04, 2020 | Mar. 12, 2020USD ($) | Sep. 23, 2019USD ($) | Aug. 28, 2019USD ($) | Feb. 28, 2019USD ($)item | May 31, 2018USD ($)item | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Aug. 03, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 17, 2020item |
Secured Debt | $495 Million Credit Facility | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Maximum borrowing capacity | $ 495,000 | $ 495,000 | ||||||||||||||
Collateral vessel replacement period | 360 days | 180 days | ||||||||||||||
Repayment of secured debt | $ 25,470 | |||||||||||||||
Secured Debt | $495 Million Credit Facility | Period After June 30, 2021 | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Amount of periodic payment | $ 12,400 | |||||||||||||||
Final payment amount | $ 189,605 | |||||||||||||||
Secured Debt | $495 Million Credit Facility | Genco Charger | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 3,471 | |||||||||||||||
Secured Debt | $495 Million Credit Facility | Genco Thunder | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Vessel sale proceeds utilized as a loan repayment | $ 5,339 | |||||||||||||||
Secured Debt | $460 Million Credit Facility | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Maximum borrowing capacity | $ 460,000 | |||||||||||||||
Term of facilities | 5 years | |||||||||||||||
Number of oldest vessels identified for sale for which debt will be paid down | item | 7 | |||||||||||||||
Secured Debt | $35,000 Scrubber Tranche | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Maximum borrowing capacity | $ 35,000 | |||||||||||||||
Drawdowns during the period | $ 11,250 | $ 12,200 | $ 9,300 | |||||||||||||
Number of Capesize vessels for which the scrubber installation will be financed | item | 17 | |||||||||||||||
Repayment of secured debt | $ 20,013 | |||||||||||||||
Amount of periodic payment | $ 2,339 | |||||||||||||||
Agreement To Exchange Vessels | Ultramax Vessels | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Number of vessels to be exchanged | item | 3 | |||||||||||||||
Agreement To Exchange Vessels | Handysize Vessels | ||||||||||||||||
Line of Credit Facility | ||||||||||||||||
Number of vessels to be exchanged | item | 6 |
DEBT - 133 Million Credit Facil
DEBT - 133 Million Credit Facility (Details) - Secured Debt | Mar. 31, 2021USD ($) | Jun. 15, 2020USD ($) | Jun. 11, 2020USD ($) | Aug. 14, 2018USD ($)item | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) |
$133 Million Credit Facility | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 133,000,000 | |||||
Repayment of secured debt | $ 22,740,000 | |||||
$108 Million Credit Facility | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 108,000,000 | |||||
Term of facilities | 5 years | |||||
Number of vessels committed to be acquired under purchase agreement | item | 6 | |||||
Revolver | ||||||
Line of Credit Facility | ||||||
Maximum borrowing capacity | $ 25,000,000 | |||||
Drawdowns during the period | $ 24,000,000 | |||||
Minimum amounts of borrowings | 1,000 | |||||
Consecutive quarterly commitment reductions | $ 1,900,000 | |||||
Threshold percentage of ratio of outstanding loan to aggregate appraised value of collateral vessels. | 60.00% | |||||
Repayment of secured debt | $ 21,160,000 | |||||
Revolver | LIBOR | ||||||
Line of Credit Facility | ||||||
Applicable margin over reference rate | 3.00% |
DEBT - Interest Rates (Details)
DEBT - Interest Rates (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest rates on debt | ||
Effective Interest Rate (as a percent) | 2.99% | 3.18% |
Minimum | ||
Interest rates on debt | ||
Range of interest rates (excluding unused commitment fees) | 2.26% | 2.61% |
Maximum | ||
Interest rates on debt | ||
Range of interest rates (excluding unused commitment fees) | 2.61% | 3.48% |
DERIVATIVE INSTRUMENTS - Agreem
DERIVATIVE INSTRUMENTS - Agreements (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain recorded | $ 3,293 | $ 161 |
Interest Rate Cap | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of interest rate caps | item | 3 | |
Derivative, Notional Amount | $ 200,000 | |
Gain recorded | 3,293 | |
Amount of AOCI expected to be reclassified into earnings over the next 12 months | $ 1,654 | |
Interest Rate Cap - March 28, 2024 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 0.75% | |
Derivative, Notional Amount | $ 50,000 | |
Interest Rate Cap - December 29, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 0.75% | |
Derivative, Notional Amount | $ 100,000 | |
Interest Rate Cap - March 10, 2023 | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap rate (as a percent) | 1.50% | |
Derivative, Notional Amount | $ 50,000 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
DERIVATIVE INSTRUMENTS | ||
Total amounts of income and expense line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded | $ 2,242 | $ 4,541 |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | ||
Interest contracts: Premium excluded and recognized on an amortized basis | $ 43 | $ 69 |
DERIVATIVE INSTRUMENTS - Intere
DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative instruments - current | $ 1,822 | |
Fair value of derivative instruments - noncurrent | 2,594 | $ 1,166 |
Interest Rate Cap | Derivatives designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative instruments - current | 1,822 | |
Fair value of derivative instruments - noncurrent | $ 2,594 | $ 1,166 |
DERIVATIVE INSTRUMENTS - AOCI (
DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
DERIVATIVE INSTRUMENTS | |
Balance at the beginning of the period | $ 825 |
Amount recognized in OCI on derivative, intrinsic | 3,675 |
Amount recognized in OCI on derivative, excluded | (382) |
Balance at the end of the period | $ 4,118 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair value of financial instruments | ||
Principal amount of floating rate debt | $ 197,250 | $ 246,000 |
Carrying Value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 43,113 | 114,573 |
Restricted cash | 5,958 | 5,958 |
Principal amount of floating rate debt | 197,250 | 246,000 |
Fair value | ||
Fair value of financial instruments | ||
Cash and cash equivalents | 43,113 | 114,573 |
Restricted cash | 5,958 | 5,958 |
Principal amount of floating rate debt | $ 197,250 | $ 246,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($)item | Dec. 31, 2021USD ($) | |
Fair value of financial instruments | |||
Number of vessels written down as part of impairment | item | 0 | 0 | |
Impairment of operating lease right of use asset | $ 0 | $ 0 | |
Level 3 | |||
Fair value of financial instruments | |||
Financial assets | 0 | $ 0 | |
Financial liabilities | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES. | ||
Accounts payable | $ 12,835 | $ 9,399 |
Accrued general and administrative expenses | 1,608 | 4,719 |
Accrued vessel operating expenses | 11,357 | 15,838 |
Total accounts payable and accrued expenses | $ 25,800 | $ 29,956 |
VOYAGE REVENUES (Details)
VOYAGE REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income statement | ||
Lease, Practical Expedient, Lessor Single Lease Component | true | |
Lease revenue | $ 55,804 | $ 18,900 |
Voyage Revenue | 80,423 | 68,691 |
Total revenues | 136,227 | 87,591 |
Voyage | ||
Income statement | ||
Total revenues | $ 136,227 | $ 87,591 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
LEASES | ||
Sublease income | $ 306 | $ 306 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2018USD ($)item | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Purchase commitment | |||
Vessel assets | $ 1,031,948 | $ 981,141 | |
Purchase Agreements for BWTS | |||
Purchase commitment | |||
Number of vessels to receive ballast water treatments systems | item | 36 | ||
Vessel assets | 21,351 | $ 18,992 | |
Remainder of 2022 purchase obligation | $ 1,739 | ||
Purchase Agreement of BWTS for Capesize Vessels | |||
Purchase commitment | |||
BWTS purchase price | $ 1,000 | ||
Purchase Agreement of BWTS for Supramax Vessels | |||
Purchase commitment | |||
BWTS purchase price | $ 600 |
STOCK-BASED COMPENSATION - 2015
STOCK-BASED COMPENSATION - 2015 EIP Stock Options and Other (Details) - 2015 EIP Plan - Stock Options - USD ($) $ / shares in Units, $ in Thousands | Feb. 23, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Unrecognized compensation cost | |||
Unamortized compensation cost | $ 255 | ||
Future amortization of stock based compensation | |||
Remainder of 2022 | 166 | ||
2023 | 81 | ||
2024 | $ 8 | ||
Number of Options | |||
Outstanding at beginning of period (in shares) | 916,287 | ||
Granted (in shares) | 118,552 | ||
Exercised (in shares) | (112,476) | ||
Outstanding at end of period (in shares) | 803,811 | ||
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 9.02 | ||
Granted (in dollars per share) | $ 9.91 | ||
Exercised (in dollars per share) | 11.69 | ||
Outstanding at end of period (in dollars per share) | 8.65 | ||
Weighted Average Fair Value | |||
Outstanding at beginning of period (in dollars per share) | 4.08 | ||
Exercised (in dollars per share) | 6.11 | ||
Outstanding at end of period (in dollars per share) | $ 3.80 | ||
Options outstanding and unvested | 193,891 | ||
Weighted Average Exercise Price Of Outstanding and Unvested Options | $ 8.22 | ||
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life | 4 years 3 months 21 days | ||
Options Exercisable, Number of options | 609,920 | ||
Options Exercisable, Weighted Average Exercise Price | $ 8.78 | ||
Options Exercisable, Weighted Average Fair Value (in dollars per share) | $ 4.06 | ||
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 10 months 6 days | ||
Stock options outstanding | 803,811 | ||
General and Administrative Expense | |||
Stock options | |||
Amortization expense | $ 113 | $ 180 |
STOCK-BASED COMPENSATION - 20_2
STOCK-BASED COMPENSATION - 2015 EIP Restricted Stock Units (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | Feb. 23, 2022 | Feb. 23, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Stock Awards | |||||
Number of common shares outstanding in respect of RSUs | 606,158 | 478,848 | |||
Number of Shares | |||||
Balance at the beginning of the period (in shares) | 306,887 | ||||
Granted (in shares) | 201,934 | 103,599 | 208,457 | ||
Vested (in shares) | (132,696) | ||||
Balance at the end of the period (in shares) | 382,648 | ||||
Number of shares vested | 790,033 | ||||
Weighted Average Grant Date Price, Vested | $ 10.04 | ||||
Weighted Average Fair Value | |||||
Balance at the beginning of the period (in dollars per share) | 9.65 | ||||
Granted (in dollars per share) | 19.58 | ||||
Vested (in dollars per share) | 8.68 | ||||
Balance at the end of the period (in dollars per share) | $ 15.40 | ||||
Weighted-average remaining contractual life | 2 years 9 months 25 days | ||||
Additional disclosures | |||||
Total fair value of shares vested | $ 2,655 | $ 1,130 | |||
Unrecognized compensation cost related to nonvested stock awards | |||||
Unrecognized compensation cost | $ 4,432 | ||||
Weighted-average period for recognition of unrecognized compensation cost | 2 years 9 months 25 days | ||||
General and Administrative Expense | |||||
Additional disclosures | |||||
Recognized nonvested stock amortization expense | $ 577 | $ 342 | |||
Other Individuals | Minimum | |||||
Stock Awards | |||||
Vesting period of awards | 3 years | ||||
Other Individuals | Maximum | |||||
Stock Awards | |||||
Vesting period of awards | 5 years |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | May 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||
Dividends declared per share of common stock | $ 0.67 | $ 0.02 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared per share of common stock | $ 0.79 | ||
Aggregate amount of dividend | $ 33.5 |