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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2013
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION
3 - SEGMENT INFORMATION

The Company determines its operating segments based on the information utilized by the chief operating decision maker to assess performance.  Based on this information, the Company has two operating segments, GS&T and Baltic Trading.  Both GS&T and Baltic Trading are engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.  GS&T seeks to deploy its vessels on time charters, spot market-related time charters or in vessel pools trading in the spot market and Baltic Trading seeks to deploy its vessel charters in the spot market, which represents immediate chartering of a vessel, usually for single voyages, or employing vessels on spot market-related time charters.  Segment results are evaluated based on net (loss) income.  The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s condensed consolidated financial statements.

The following table presents a reconciliation of total voyage revenue from external (third party) customers for the Company’s two operating segments to total consolidated voyage revenue from external customers for the Company for the three and nine months ended September 30, 2013 and 2012.
 
 
For the Three Months Ended
September 30,
  
For the Nine Months Ended
September 30,
 
 
 
2013
  
2012
  
2013
  
2012
 
Voyage revenue from external customers
 
  
  
  
 
GS&T
 
$
49,503
  
$
47,312
  
$
121,755
  
$
154,552
 
Baltic Trading
  
9,102
   
6,291
   
21,467
   
20,188
 
Total operating segments
  
58,605
   
53,603
   
143,222
   
174,740
 
Eliminating revenue
  
—
   
—
   
—
   
—
 
Total consolidated voyage revenue from external customers
 
$
58,605
  
$
53,603
  
$
143,222
  
$
174,740
 

The following table presents a reconciliation of total intersegment revenue, which eliminates upon consolidation, for the Company’s two operating segments for the three and nine months ended September 30, 2013 and 2012. The intersegment revenue noted in the following table represents revenue earned by GS&T pursuant to the management agreement entered into with Baltic Trading, which includes commercial service fees, technical service fees and sale and purchase fees, if any.

 
 
For the Three Months Ended
September 30,
  
For the Nine Months Ended
September 30,
 
 
 
2013
  
2012
  
2013
  
2012
 
Intersegment revenue
 
  
  
  
 
GS&T
 
$
1,187
  
$
703
  
$
2,563
  
$
2,109
 
Baltic Trading
  
—
   
—
   
—
   
—
 
Total operating segments
  
1,187
   
703
   
2,563
   
2,109
 
Eliminating revenue
  
(1,187
)
  
(703
)
  
(2,563
)
  
(2,109
)
Total consolidated intersegment revenue
 
$
—
  
$
—
  
$
—
  
$
—
 

The following table presents a reconciliation of total net loss for the Company’s two operating segments to total consolidated net loss for the three and nine months ended September 30, 2013 and 2012. The eliminating net income noted in the following table consists of the elimination of intercompany transactions between GS&T and Baltic Trading, as well as dividends received by GS&T from Baltic Trading for its Class B shares of Baltic Trading.

 
 
For the Three Months Ended
September 30,
  
For the Nine Months Ended
September 30,
 
 
 
2013
  
2012
  
2013
  
2012
 
Net loss
 
  
  
  
 
GS&T
 
$
(34,277
)
 
$
(36,969
)
 
$
(125,422
)
 
$
(94,779
)
Baltic Trading
  
(2,270
)
  
(4,822
)
  
(11,979
)
  
(12,942
)
Total operating segments
  
(36,547
)
  
(41,791
)
  
(137,401
)
  
(107,721
)
Eliminating net income
  
429
   
246
   
465
   
1,194
 
Total consolidated net loss
 
$
(36,976
)
 
$
(42,037
)
 
$
(137,866
)
 
$
(108,915
)

The following table presents a reconciliation of total assets for the Company’s two operating segments to total consolidated assets as of September 30, 2013 and December 31, 2012. The eliminating assets noted in the following table consist of the elimination of intercompany transactions resulting from the capitalization of fees paid to GS&T by Baltic Trading as vessel assets, including related accumulated depreciation, as well as the outstanding receivable balance due to GS&T from Baltic Trading as of September 30, 2013 and December 31, 2012.

 
 
September 30,
2013
  
December 31,
2012
 
Total assets
 
  
 
GS&T
 
$
2,384,172
  
$
2,482,486
 
Baltic Trading
  
457,397
   
364,370
 
Total operating segments
  
2,841,569
   
2,846,856
 
Eliminating assets
  
(3,845
)
  
(3,485
)
Total consolidated assets
 
$
2,837,724
  
$
2,843,371