Genco Shipping & Trading Limited (GNK) 10-Q3 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,507,748
Entity Central Index Key	0001326200
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 44,439	$ 58,142
Restricted cash	5,643	5,643
Due from charterers, net of a reserve of $2,157 and $2,141, respectively	16,692	25,333
Prepaid expenses and other current assets	10,393	8,399
Inventories	25,029	21,601
Fair value of derivative instruments	5,048	6,312
Total current assets	107,244	125,430
Noncurrent assets:
Vessels, net of accumulated depreciation of $315,639 and $303,098, respectively	990,643	1,002,810
Deferred drydock, net of accumulated amortization of $17,377 and $15,456 respectively	33,608	32,254
Fixed assets, net of accumulated depreciation and amortization of $6,887 and $6,254, respectively	8,372	8,556
Operating lease right-of-use assets	3,718	4,078
Restricted cash	315	315
Fair value of derivative instruments		423
Total noncurrent assets	1,036,656	1,048,436
Total assets	1,143,900	1,173,866
Current liabilities:
Accounts payable and accrued expenses	26,975	29,475
Deferred revenue	5,029	4,958
Current operating lease liabilities	2,190	2,107
Total current liabilities:	34,194	36,540
Noncurrent liabilities:
Long-term operating lease liabilities	3,533	4,096
Long-term debt, net of deferred financing costs of $5,661 and $6,079, respectively	156,589	164,921
Total noncurrent liabilities	160,122	169,017
Total liabilities	194,316	205,557
Commitments and contingencies
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 42,507,748 and 42,327,181 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	425	423
Additional paid-in capital	1,568,818	1,588,777
Accumulated other comprehensive income	4,852	6,480
Accumulated deficit	(625,613)	(628,247)
Total Genco Shipping & Trading Limited shareholders' equity	948,482	967,433
Noncontrolling interest	1,102	876
Total equity	949,584	968,309
Total liabilities and equity	$ 1,143,900	$ 1,173,866

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Due from charterers, reserve	$ 2,157	$ 2,141
Noncurrent assets:
Vessels, accumulated depreciation	315,639	303,098
Deferred drydock, accumulated amortization	17,377	15,456
Fixed assets, accumulated depreciation and amortization	6,887	6,254
Deferred financing costs, noncurrent	$ 5,661	$ 6,079
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)	42,507,748	42,327,181
Common stock, shares outstanding (in shares)	42,507,748	42,327,181

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 94,391	$ 136,227
Operating expenses:
Voyage expenses	37,435	38,464
Vessel operating expenses	24,393	27,013
Charter hire expenses	3,664	7,638
General and administrative expenses (inclusive of nonvested stock amortization expense of $1,559 and $690, respectively)	7,750	6,043
Technical management fees	762	917
Depreciation and amortization	15,944	14,059
Total operating expenses	89,948	94,134
Operating income	4,443	42,093
Other income (expense):
Other (expense) income	(324)	1,997
Interest income	770	17
Interest expense	(2,029)	(2,242)
Other expense, net	(1,583)	(228)
Net income	2,860	41,865
Less: Net income attributable to noncontrolling interest	226	176
Net income attributable to Genco Shipping & Trading Limited	$ 2,634	$ 41,689
Earnings per share-basic	$ 0.06	$ 0.99
Earnings per share-diluted	$ 0.06	$ 0.97
Weighted average common shares outstanding-basic	42,632,059	42,166,106
Weighted average common shares outstanding-diluted	43,097,362	42,867,349
Voyage
Revenues:
Total revenues	$ 94,391	$ 136,227

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Operations
Nonvested stock amortization expense	$ 1,559	$ 690

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Comprehensive Income
Net income	$ 2,860	$ 41,865
Other comprehensive (loss) income	(1,628)	3,293
Comprehensive income	1,232	45,158
Less: Comprehensive income attributable to noncontrolling interest	226	176
Comprehensive income attributable to Genco Shipping & Trading Limited	$ 1,006	$ 44,982

Consolidated Statements of Equi

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, 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 (loss) 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
Balance at Dec. 31, 2022	967,433	423	1,588,777	6,480	(628,247)	876	968,309
Increase (Decrease) in Shareholders' Equity
Net income	2,634				2,634	226	2,860
Other comprehensive (loss) income	(1,628)			(1,628)			(1,628)
Issuance of shares due to vesting of RSUs and exercise of options		2	(2)
Cash dividends declared	(21,516)		(21,516)				(21,516)
Nonvested stock amortization	1,559		1,559				1,559
Balance at Mar. 31, 2023	$ 948,482	$ 425	$ 1,568,818	$ 4,852	$ (625,613)	$ 1,102	$ 949,584

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Equity
Dividends declared per share	$ 0.50	$ 0.67

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 2,860	$ 41,865
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	15,944	14,059
Amortization of deferred financing costs	418	418
Right-of-use asset amortization	360	351
Amortization of nonvested stock compensation expense	1,559	690
Amortization of premium on derivative	59	43
Insurance proceeds for protection and indemnity claims	34	99
Change in assets and liabilities:
Decrease in due from charterers	8,641	77
Increase in prepaid expenses and other current assets	(2,263)	(1,350)
(Increase) decrease in inventories	(3,428)	1,226
Decrease in accounts payable and accrued expenses	(97)	(2,834)
Increase in deferred revenue	71	52
Decrease in operating lease liabilities	(480)	(456)
Deferred drydock costs incurred	(4,112)	(1,685)
Net cash provided by operating activities	19,566	52,555
Cash flows from investing activities:
Purchase of vessels and ballast water treatment systems, including deposits	(2,003)	(45,482)
Purchase of other fixed assets	(1,085)	(1,483)
Insurance proceeds for hull and machinery claims	235
Net cash used in investing activities	(2,853)	(46,965)
Cash flows from financing activities:
Repayment of secured debt	(8,750)	(48,750)
Cash dividends paid	(21,666)	(28,289)
Payment of deferred financing costs		(11)
Net cash used in financing activities	(30,416)	(77,050)
Net decrease in cash, cash equivalents and restricted cash	(13,703)	(71,460)
Cash, cash equivalents and restricted cash at beginning of period	64,100	120,531
Cash, cash equivalents and restricted cash at end of period	$ 50,397	$ 49,071

GENERAL INFORMATION

GENERAL INFORMATION	3 Months Ended
GENERAL INFORMATION	Mar. 31, 2023
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. As of March 31, 2023, 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 4,635,000 dwt and an average age of approximately 11.1 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, 2023 and December 31, 2022, and was formed to provide ship management services to the Company’s vessels. As of March 31, 2023 and December 31, 2022, the cumulative 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation 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 2022 Annual Report on Form 10-K, filed with the SEC on February 22, 2023 (the “2022 10-K”). 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. 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. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2023. Use of estimates 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, 2023 2022 Cash and cash equivalents $ 44,439 $ 58,142 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 50,397 $ 64,100 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, 2023 and 2022, the Company recorded $108 and $629 of realized gains in other (expense) income, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded ($42) and $1,439 of unrealized (losses) gains in other (expense) income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of March 31, 2023 and December 31, 2022 is $54 and $168 , respectively, 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, 2023 and December 31, 2022 is 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. 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 (loss) gain of during the three months ended March 31, 2023 and 2022, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2023
CASH FLOW INFORMATION
CASH FLOW INFORMATION	3 - CASH FLOW INFORMATION For the three months ended March 31, 2023, 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 $766 for the Purchase of vessels and ballast water treatment systems, including deposits, and $553 for the Purchase of other fixed assets. For the three months ended March 31, 2023, 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, 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 Cash dividends payable. During the three months ended March 31, 2023 and 2022, cash paid for interest, net of amounts capitalized, was $3,331 and $1,793, respectively, which was offset by $1,827 and $0 received as result of the interest rate cap agreements, respectively. During the three months ended March 31, 2023 and 2022, any cash paid for income taxes was insignificant. 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 Mary and the Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions. On February 21, 2023, the Company issued 68,758 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was 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 Refer to Note 13 — Stock-Based Compensation for further information regarding the aforementioned restricted stock issuances. Supplemental Condensed Consolidated Cash Flow information related to leases is as follows: For the Three Months Ended March 31, 2023 2022 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
VESSEL ACQUISITIONS AND DISPOSITIONS	Mar. 31, 2023
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 remaining purchase price of Capitalized interest expense associated with these newbuilding contracts for the three months ended March 31, 2023 and 2022 was $0 and $5, respectively. Vessel Dispositions As of March 31, 2023 and December 31, 2022, 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 remained classified as restricted cash for following the sale date. That amount can be used towards the financing of replacement 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

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	5 – EARNINGS PER SHARE The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 13 — 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. The components of the denominator for the calculation of basic and diluted earnings per share are as follows: For the Three Months Ended March 31, 2023 2022 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,632,059 42,166,106 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,632,059 42,166,106 Dilutive effect of stock options 214,611 440,550 Dilutive effect of restricted stock units 250,692 260,693 Weighted-average common shares outstanding, diluted 43,097,362 42,867,349

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	6 – RELATED PARTY TRANSACTIONS During the three months ended March 31, 2023 and 2022, the Company did not have any related party transactions.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2023
DEBT
DEBT	7 – DEBT Long-term debt, net consists of the following: March 31, December 31, 2023 2022 Principal amount $ 162,250 $ 171,000 Less: Unamortized deferred financing costs (5,661) (6,079) Less: Current portion — — Long-term debt, net $ 156,589 $ 164,921 $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 two prior credit facilities. As of March 31, 2023, there was $209,960 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 and $48,750 were made during the three months ended March 31, 2023 and 2022, respectively, under the $450 Million Credit Facility. As of March 31, 2023, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility. 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, 2023 2022 Effective Interest Rate 7.76 % 2.99 % Range of Interest Rates (excluding unused commitment fees) 6.43 % to 7.00 % 2.26 % to 2.61 %

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
DERIVATIVE INSTRUMENTS	Mar. 31, 2023
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	8 – DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk on its floating rate debt. As of March 31, 2023, 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 were initially designated and qualified 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. During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated as a hedge. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of dedesignation will be recognized over the remaining original hedge period. During the three months ended March 31, 2023, the Company recorded a loss of The following table summarizes the interest rate cap agreements in place as of March 31, 2023. Interest Rate Cap Detail Notional Amount Outstanding March 31, Trade date Cap Rate Start Date End Date 2023 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 $ 150,000 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 $1,628 unrealized loss for the three months ended March 31, 2023 in AOCI. The estimated income that is currently recorded in AOCI as of March 31, 2023 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, 2023 2022 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 $ 2,029 $ 2,242 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 $ (1,724) $ — Premium excluded and recognized on an amortized basis 39 43 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, 2023 and December 31, 2022: March 31, December 31, Balance Sheet Location 2023 2022 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 4,855 $ 6,112 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ 381 Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 193 $ 200 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ 42 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, 2023. AOCI — January 1, 2023 $ 6,480 Amount recognized in OCI on derivative, intrinsic (1,822) Amount recognized in OCI on derivative, excluded 194 Amount reclassified from OCI into income — AOCI — March 31, 2023 $ 4,852

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Mar. 31, 2023
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, 2023 and December 31, 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. March 31, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 44,439 $ 44,439 $ 58,142 $ 58,142 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 162,250 162,250 171,000 171,000 The carrying value of the borrowings under the $450 Million Credit Facility as of March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022 (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, 2023 and 2022. 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, 2023 and December 31, 2022.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Mar. 31, 2023
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, 2023 2022 Accounts payable $ 14,595 $ 16,162 Accrued general and administrative expenses 2,642 6,171 Accrued vessel operating expenses 9,738 7,142 Total accounts payable and accrued expenses $ 26,975 $ 29,475

VOYAGE REVENUES

VOYAGE REVENUES	3 Months Ended
VOYAGE REVENUES	Mar. 31, 2023
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, 2023 and 2022, the Company earned For the Three Months Ended March 31, 2023 2022 Lease revenue $ 36,967 $ 55,804 Spot market voyage revenue 57,424 80,423 Total voyage revenues $ 94,391 $ 136,227

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2023
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, 2023 and 2022. 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, 2023 and 2022, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	13 – STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2023: Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2023 415,227 $ 7.91 $ 2.78 Granted — — — Exercised (14,091) 7.89 2.69 Forfeited — — — Outstanding as of March 31, 2023 401,136 $ 7.91 $ 2.79 Exercisable as of March 31, 2023 364,826 $ 7.71 $ 2.63 The following table summarizes certain information about the options outstanding as of March 31, 2023: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2023 March 31, 2023 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 $ 7.91 36,310 $ 9.91 3.90 364,826 $ 7.71 3.00 As of March 31, 2023 and December 31, 2022, a total of 401,136 and 415,227 stock options were outstanding, respectively. The unamortized stock-based compensation balance of $47 as of March 31, 2023 is expected to be expensed $39 and $8 during the remainder of 2023 and during the year ending December 31, 2024, respectively. F or the three months ended March 31, 2023 and 2022, 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, 2023 2022 General and administrative expenses $ 42 $ 113 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, 2023 and December 31, 2022, shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares 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, 2023: Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2023 641,972 $ 15.74 Granted 76,425 18.04 Vested (178,922) 13.04 Forfeited — — Outstanding as of March 31, 2023 539,475 $ 16.96 The total fair value of the RSUs that vested during the three months ended March 31, 2023 and 2022 was $3,369 and $2,655 , 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, 2023: Unvested RSUs Vested RSUs March 31, 2023 March 31, 2023 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 539,475 $ 16.96 3.54 250,675 $ 11.19 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2023, unrecognized compensation cost of For the three months ended March 31, 2023 and 2022, 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, 2023 2022 General and administrative expenses $ 1,517 $ 577

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
LEGAL PROCEEDINGS	Mar. 31, 2023
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	14 – LEGAL PROCEEDINGS On December 14, 2022, a sub-charterer of the Genco Constellation asserted a claim for monetary losses in connection with alleged delays of the loading of their cargo, short loading, or both at the port of Longkou, China. Hizone Group Co. Ltd (“Hizone”) had sub-chartered the vessel from SCM Cooperation Limited, which had subchartered the vessel from BG Shipping Co. Limited, which in turn had chartered the vessel from us. A dispute arose due to the need to restow the cargo to ensure the safety of the crew and the vessel. Following the vessel’s arrival at Tema Harbour in Ghana, Hizone petitioned the Superior Court of Judicature to have the vessel arrested in connection with a claim alleging damages. The petition was granted on December 14, 2022 and although Genco offered security to release the vessel shortly thereafter, the vessel was only released at the end of February 2023. Moreover, Hizone petitioned the Superior Court of Judicature to have the vessel arrested again on February 2, 2023 on an allegedly different claim. The vessel was not generating revenue while it was subject to arrest. The Company believes that these claims are without merit and has valid defenses against them and is vigorously defending them while continuing to seek reimbursement of damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees. The Company obtained security from BG Shipping Co. Limited and is in the process of arbitration proceedings. From time to time, the Company may be subject to other 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 such 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
SUBSEQUENT EVENTS	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15 – SUBSEQUENT EVENTS On April 3, 2023, the Company made a voluntary debt repayment of $8,750 under the $450 Million Credit Facility. On April 3, 2023, the Company’s Board of Directors awarded a grant of 1,630 RSUs to an individual under the 2015 Plan. On April 14, 2023, the Company’s Board of Directors awarded grants of 75,920 RSUs to certain individuals under the 2015 Plan. The awards generally vest ratably on each of the anniversaries of February 23, 2023. Additionally, on April 14, 2023, the Company’s Board of Directors awarded grants of performance period ending December 31, 2025. The PRSUs, if earned, will vest during the first quarter of 2026. On May 3, 2023, the Company announced a regular quarterly dividend of $0.15 per share to be paid on or about May 23, 2023 to shareholders of record as of May 16, 2023. The aggregate amount of the dividend is expected to be approximately

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation 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 2022 Annual Report on Form 10-K, filed with the SEC on February 22, 2023 (the “2022 10-K”). 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. 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. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2023.
Accounting estimates	Use of estimates 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, 2023 2022 Cash and cash equivalents $ 44,439 $ 58,142 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 50,397 $ 64,100
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, 2023 and 2022, the Company recorded $108 and $629 of realized gains in other (expense) income, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded ($42) and $1,439 of unrealized (losses) gains in other (expense) income, respectively. The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of March 31, 2023 and December 31, 2022 is $54 and $168 , respectively, 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, 2023 and December 31, 2022 is
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. 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 (loss) gain of during the three months ended March 31, 2023 and 2022, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of restricted cash and cash equivalents	March 31, December 31, 2023 2022 Cash and cash equivalents $ 44,439 $ 58,142 Restricted cash - current 5,643 5,643 Restricted cash - noncurrent 315 315 Cash, cash equivalents and restricted cash $ 50,397 $ 64,100

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	3 Months Ended
CASH FLOW INFORMATION (Tables)	Mar. 31, 2023
CASH FLOW INFORMATION
Schedule of cash flow information related to operating leases	For the Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 557 $ 557

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2023
EARNINGS PER SHARE
Components of denominator for the calculation of basic and diluted earnings (loss) per share	For the Three Months Ended March 31, 2023 2022 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 42,632,059 42,166,106 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 42,632,059 42,166,106 Dilutive effect of stock options 214,611 440,550 Dilutive effect of restricted stock units 250,692 260,693 Weighted-average common shares outstanding, diluted 43,097,362 42,867,349

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2023
DEBT
Schedule of components of Long-term debt	March 31, December 31, 2023 2022 Principal amount $ 162,250 $ 171,000 Less: Unamortized deferred financing costs (5,661) (6,079) Less: Current portion — — Long-term debt, net $ 156,589 $ 164,921
Schedule of effective interest rate and the range of interest rates on the debt	For the Three Months Ended March 31, 2023 2022 Effective Interest Rate 7.76 % 2.99 % Range of Interest Rates (excluding unused commitment fees) 6.43 % to 7.00 % 2.26 % to 2.61 %

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Mar. 31, 2023
DERIVATIVE INSTRUMENTS
Schedule of interest cap agreements	Interest Rate Cap Detail Notional Amount Outstanding March 31, Trade date Cap Rate Start Date End Date 2023 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 $ 150,000
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, 2023 2022 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 $ 2,029 $ 2,242 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 $ (1,724) $ — Premium excluded and recognized on an amortized basis 39 43 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, Balance Sheet Location 2023 2022 Derivatives designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 4,855 $ 6,112 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ 381 Derivatives not designated as hedging instruments Interest rate caps Fair value of derivative instruments - current $ 193 $ 200 Interest rate caps Fair value of derivative instruments - noncurrent $ — $ 42
Components of AOCI included in the accompanying condensed consolidated balance sheet	AOCI — January 1, 2023 $ 6,480 Amount recognized in OCI on derivative, intrinsic (1,822) Amount recognized in OCI on derivative, excluded 194 Amount reclassified from OCI into income — AOCI — March 31, 2023 $ 4,852

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying values of the Company's financial instruments	March 31, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 44,439 $ 44,439 $ 58,142 $ 58,142 Restricted cash 5,958 5,958 5,958 5,958 Principal amount of floating rate debt 162,250 162,250 171,000 171,000

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Mar. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Schedule of accounts payable and accrued expenses	March 31, December 31, 2023 2022 Accounts payable $ 14,595 $ 16,162 Accrued general and administrative expenses 2,642 6,171 Accrued vessel operating expenses 9,738 7,142 Total accounts payable and accrued expenses $ 26,975 $ 29,475

VOYAGE REVENUES (Tables)

VOYAGE REVENUES (Tables)	3 Months Ended
VOYAGE REVENUES (Tables)	Mar. 31, 2023
VOYAGE REVENUES
Schedule of voyage revenue	For the Three Months Ended March 31, 2023 2022 Lease revenue $ 36,967 $ 55,804 Spot market voyage revenue 57,424 80,423 Total voyage revenues $ 94,391 $ 136,227

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan	3 Months Ended
STOCK-BASED COMPENSATION (Tables) - 2015 EIP Plan	Mar. 31, 2023
Stock Options
Stock Awards
Schedule of nonvested stock amortization expense	For the Three Months Ended March 31, 2023 2022 General and administrative expenses $ 42 $ 113
Schedule of stock option activity	Weighted Weighted Number Average Average of Exercise Fair Options Price Value Outstanding as of January 1, 2023 415,227 $ 7.91 $ 2.78 Granted — — — Exercised (14,091) 7.89 2.69 Forfeited — — — Outstanding as of March 31, 2023 401,136 $ 7.91 $ 2.79 Exercisable as of March 31, 2023 364,826 $ 7.71 $ 2.63 The following table summarizes certain information about the options outstanding as of March 31, 2023: Options Outstanding and Unvested, Options Outstanding and Exercisable, March 31, 2023 March 31, 2023 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 $ 7.91 36,310 $ 9.91 3.90 364,826 $ 7.71 3.00
Restricted Stock Units
Stock Awards
Schedule of nonvested stock amortization expense	For the Three Months Ended March 31, 2023 2022 General and administrative expenses $ 1,517 $ 577
Summary of nonvested restricted stock units	Weighted Number of Average Grant RSUs Date Price Outstanding as of January 1, 2023 641,972 $ 15.74 Granted 76,425 18.04 Vested (178,922) 13.04 Forfeited — — Outstanding as of March 31, 2023 539,475 $ 16.96 The total fair value of the RSUs that vested during the three months ended March 31, 2023 and 2022 was $3,369 and $2,655 , 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, 2023: Unvested RSUs Vested RSUs March 31, 2023 March 31, 2023 Weighted Weighted Average Weighted Average Remaining Average Number of Grant Date Contractual Number of Grant Date RSUs Price Life RSUs Price 539,475 $ 16.96 3.54 250,675 $ 11.19

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) $ in Thousands	3 Months Ended	12 Months Ended
GENERAL INFORMATION (Details) $ in Thousands	Mar. 31, 2023 USD ($) item t segment	Dec. 31, 2022 USD ($)
Segment reporting
Number of Reportable Segments \| segment	1
Drybulk Vessels
Segment reporting
Number of vessels in fleet	44
Capacity of vessels \| t	4,635,000
Average age of vessels	11 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%	50%
Investments used directly for operations \| $	$ 50	$ 50
GSSM \| Synergy
Segment reporting
Ownership by synergy	50%	50%
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, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash
Cash and cash equivalents	$ 44,439	$ 58,142
Restricted cash - current	5,643	5,643
Restricted cash - noncurrent	315	315
Cash, cash equivalents and restricted cash	$ 50,397	$ 64,100	$ 49,071	$ 120,531

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, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of Significant Accounting Policies
Fair value of derivative instruments	$ 5,048		$ 6,312
Prepaid expenses and other current assets \| Bunker Swap and Forward Fuel Purchase Agreements
Summary of Significant Accounting Policies
Fair value of derivative instruments	54		168
Accounts payable and accrued expenses \| Bunker Swap and Forward Fuel Purchase Agreements
Summary of Significant Accounting Policies
Fair value of liability position	0		$ 71
Other income (expense) \| Bunker Swap and Forward Fuel Purchase Agreements
Summary of Significant Accounting Policies
Realized gains	108	$ 629
Unrealized (losses) gains	$ (42)	$ 1,439

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voyage expense recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Voyage expense recognition
Net (loss) gain on purchase and sale of bunker fuel and net realizable value adjustments	$ (371)	$ 2,004

CASH FLOW INFORMATION - Non-cas

CASH FLOW INFORMATION - Non-cash (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Non-cash investing and financing activities
Reclassification from deposits on vessels to vessels, net of accumulated depreciation		$ 18,543
Cash paid for interest	$ 3,331	1,793
Cash received from settlement of interest cap agreements	1,827	0
Accounts payable and accrued expenses
Non-cash investing and financing activities
Purchases of vessels and ballast water treatment systems	766	615
Purchase of other fixed assets	553	716
Non-cash financing activities cash dividends payable	$ 906	$ 322

CASH FLOW INFORMATION - Stock-B

CASH FLOW INFORMATION - Stock-Based Compensation (Details) - 2015 EIP Plan - Restricted Stock Units - USD ($) $ in Thousands			3 Months Ended
	Feb. 21, 2023	Feb. 23, 2022	Mar. 31, 2023
Non-cash investing and financing activities
Granted (in shares)	68,758	201,934	76,425
Aggregate fair value	$ 1,250	$ 3,950

CASH FLOW INFORMATION - Lease p

CASH FLOW INFORMATION - Lease payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 18, 2021 USD ($) item
VESSEL ACQUISITIONS
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
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
Remaining purchase price of vessels paid		$ 40,838
Capitalized interest associated with new building contracts	$ 0	$ 5

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	3 Months Ended
EARNINGS PER SHARE (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Common shares outstanding, basic:
Weighted average common shares outstanding, basic	42,632,059	42,166,106
Common shares outstanding, diluted:
Weighted average common shares outstanding, basic	42,632,059	42,166,106
Weighted-average common shares outstanding, diluted	43,097,362	42,867,349
Stock Options
Common shares outstanding, diluted:
Dilutive effect of share based arrangements	214,611	440,550
Restricted Stock Units
Common shares outstanding, diluted:
Dilutive effect of share based arrangements	250,692	260,693

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Dec. 31, 2022
DEBT
Principal amount	$ 162,250	$ 171,000
Less: Unamortized deferred financing costs	(5,661)	(6,079)
Long-term debt, net	$ 156,589	$ 164,921

DEBT - 450 Million Credit Facil

DEBT - 450 Million Credit Facility (Details) $ in Thousands		3 Months Ended
DEBT - 450 Million Credit Facility (Details) $ in Thousands	Aug. 03, 2021 USD ($) facility	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Debt
Repayment of secured debt		$ 8,750	$ 48,750
$450 Million Credit Facility \| Secured Debt
Debt
Maximum borrowing capacity	$ 450,000	450,000
Term of facilities	5 years
Number of prior credit facilities refinanced into one facility \| facility	2
Remaining borrowing capacity		209,960
Repayment of secured debt		$ 8,750	$ 48,750
Revolving credit facility \| Secured Debt
Debt
Maximum borrowing capacity	$ 300,000
Term loan facility \| Secured Debt
Debt
Maximum borrowing capacity	$ 150,000

DEBT - Interest Rates (Details)

DEBT - Interest Rates (Details)	3 Months Ended
DEBT - Interest Rates (Details)	Mar. 31, 2023	Mar. 31, 2022
Interest rates on debt
Effective Interest Rate (as a percent)	7.76%	2.99%
Minimum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	6.43%	2.26%
Maximum
Interest rates on debt
Range of interest rates (excluding unused commitment fees)	7%	2.61%

DERIVATIVE INSTRUMENTS - Agreem

DERIVATIVE INSTRUMENTS - Agreements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Mar. 10, 2023 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss recorded	$ 1,628	$ (3,293)
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	2
Notional Amount	$ 150,000
Loss recorded	1,628
Amount of AOCI expected to be reclassified into earnings over the next 12 months	4,852
Interest Rate Cap \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss recorded in interest expense	$ 20
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%
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%
Notional Amount	$ 100,000
Interest Rate Cap - Expired March 10, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate caps \| derivative			1
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, 2023	Mar. 31, 2022
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	$ 2,029	$ 2,242
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Interest contracts: Amount of gain or (loss) reclassified from AOCI to income	(1,724)
Interest contracts: Premium excluded and recognized on an amortized basis	$ 39	$ 43

DERIVATIVE INSTRUMENTS - Intere

DERIVATIVE INSTRUMENTS - Interest Rate Cap Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative instruments - current	$ 5,048	$ 6,312
Fair value of derivative instruments - noncurrent		423
Interest Rate Cap \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative instruments - current	4,855	6,112
Fair value of derivative instruments - noncurrent		381
Interest Rate Cap \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative instruments - current	$ 193	200
Fair value of derivative instruments - noncurrent		$ 42

DERIVATIVE INSTRUMENTS - AOCI (

DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands	3 Months Ended
DERIVATIVE INSTRUMENTS - AOCI (Details) $ in Thousands	Mar. 31, 2023 USD ($)
DERIVATIVE INSTRUMENTS
Balance at the beginning of the period	$ 6,480
Amount recognized in OCI on derivative, intrinsic	(1,822)
Amount recognized in OCI on derivative, excluded	194
Balance at the end of the period	$ 4,852

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - RECURRING (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value of financial instruments
Principal amount of floating rate debt	$ 162,250	$ 171,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	44,439	58,142
Restricted cash	5,958	5,958
Principal amount of floating rate debt	162,250	171,000
Fair value
Fair value of financial instruments
Cash and cash equivalents	44,439	58,142
Restricted cash	5,958	5,958
Principal amount of floating rate debt	$ 162,250	$ 171,000

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - NONRECURRING (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair value of financial instruments
Impairment of vessel assets	$ 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, 2023	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 14,595	$ 16,162
Accrued general and administrative expenses	2,642	6,171
Accrued vessel operating expenses	9,738	7,142
Total accounts payable and accrued expenses	$ 26,975	$ 29,475

VOYAGE REVENUES (Details)

VOYAGE REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
VOYAGE REVENUES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income statement
Total revenues	$ 94,391	$ 136,227
Voyage
Income statement
Lease revenue	36,967	55,804
Spot market voyage revenue	57,424	80,423
Total revenues	$ 94,391	$ 136,227

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
LEASES
Sublease income	$ 306	$ 306

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unrecognized compensation cost
Unamortized compensation cost	$ 47
Future amortization of stock based compensation
Remainder of 2023	39
2024	$ 8
Number of Options
Outstanding at beginning of period (in shares)	415,227
Exercised (in shares)	(14,091)
Outstanding at end of period (in shares)	401,136
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 7.91
Exercised (in dollars per share)	7.89
Outstanding at end of period (in dollars per share)	7.91
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	2.78
Exercised (in dollars per share)	2.69
Outstanding at end of period (in dollars per share)	$ 2.79
Options outstanding and unvested	36,310
Weighted Average Exercise Price Of Outstanding and Unvested Options	$ 9.91
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life	3 years 10 months 24 days
Options Exercisable, Number of options	364,826
Options Exercisable, Weighted Average Exercise Price	$ 7.71
Options Exercisable, Weighted Average Fair Value (in dollars per share)	$ 2.63
Options Exercisable, Weighted Average Remaining Contractual Life	3 years
General and Administrative Expense
Stock options
Amortization expense	$ 42	$ 113

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			3 Months Ended
	Feb. 21, 2023	Feb. 23, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stock Awards
Number of common shares outstanding in respect of RSUs			784,467		612,300
Number of Shares
Balance at the beginning of the period (in shares)			641,972
Granted (in shares)	68,758	201,934	76,425
Vested (in shares)			(178,922)
Balance at the end of the period (in shares)			539,475
Number of shares vested			250,675
Weighted Average Grant Date Price, Vested			$ 11.19
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share)			15.74
Granted (in dollars per share)			18.04
Vested (in dollars per share)			13.04
Balance at the end of the period (in dollars per share)			$ 16.96
Weighted-average remaining contractual life			3 years 6 months 14 days
Additional disclosures
Total fair value of shares vested			$ 3,369	$ 2,655
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost			$ 6,578
Weighted-average period for recognition of unrecognized compensation cost			3 years 6 months 14 days
General and Administrative Expense
Additional disclosures
Recognized nonvested stock amortization expense			$ 1,517	$ 577
Other Individuals. \| Minimum
Stock Awards
Vesting/Performance period			3 years
Other Individuals. \| Maximum
Stock Awards
Vesting/Performance period			5 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended
	May 03, 2023	Apr. 14, 2023	Apr. 03, 2023	Feb. 21, 2023	Feb. 23, 2022	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends declared per share of common stock						$ 0.50	$ 0.67
Repayment of secured debt						$ 8,750	$ 48,750
Secured Debt \| $450 Million Credit Facility
Subsequent Event [Line Items]
Repayment of secured debt						$ 8,750	$ 48,750
Restricted Stock Units \| 2015 EIP Plan
Subsequent Event [Line Items]
Granted (in shares)				68,758	201,934	76,425
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock	$ 0.15
Aggregate amount of dividend	$ 6,500
Subsequent Event \| Secured Debt \| $450 Million Credit Facility
Subsequent Event [Line Items]
Repayment of secured debt			$ 8,750
Subsequent Event \| Restricted Stock Units \| 2015 EIP Plan
Subsequent Event [Line Items]
Granted (in shares)		75,920	1,630
Vesting/Performance period		3 years
Subsequent Event \| Performance Based Restricted Stock Units
Subsequent Event [Line Items]
Granted (in shares)		75,920
Vesting/Performance period		3 years