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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2013
SEGMENT INFORMATION [Abstract] |
Reconciliation of Segment total voyage revenue to total consolidated voyage revenue from external customers | 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 years ended December 31, 2013, 2012 and 2011.
|  | For the years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Voyage Revenue from External Customers |  |  |  |  |  |  |  |  |
GS&T |  | $ | 188,206 |  |  | $ | 195,855 |  |  | $ | 345,437 |
Baltic Trading |  |  | 35,973 |  |  |  | 27,304 |  |  |  | 43,492 |
Total operating segments |  |  | 224,179 |  |  |  | 223,159 |  |  |  | 388,929 |
Eliminating revenue |  |  | — |  |  |  | — |  |  |  | — |
Total consolidated voyage revenue from external customers |  | $ | 224,179 |  |  | $ | 223,159 |  |  | $ | 388,929 |
Reconciliation of total intersegment revenue | The following table presents a reconciliation of total intersegment revenue, which eliminates upon consolidation, for the Company’s two operating segments for the years ended December 31, 2013, 2012 and 2011. 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 years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Intersegment revenue |  |  |  |  |  |  |  |  |
GS&T |  | $ | 4,571 |  |  | $ | 2,816 |  |  | $ | 3,024 |
Baltic Trading |  |  | — |  |  |  | — |  |  |  | — |
Total operating segments |  |  | 4,571 |  |  |  | 2,816 |  |  |  | 3,024 |
Eliminating revenue |  |  | (4,571 | ) |  |  | (2,816 | ) |  |  | (3,024 | )
Total consolidated intersegment revenue |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of segment total depreciation and amortization expense to total consolidated depreciation and amortization expense | The following table presents a reconciliation of total depreciation and amortization expense for the Company’s two operating segments to total consolidated depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011. The eliminating depreciation and amortization expense noted in the following table consists of the elimination of intercompany transactions resulting from the depreciation expense associated with the 1% purchase fee due to GS&T from Baltic Trading pursuant to the Management Agreement. The 1% purchase fee is capitalized as part of vessel assets by Baltic Trading and is depreciated over the remaining life of the vessel and therefore, the associated depreciation expense is eliminated upon consolidation.
|  | For the years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
GS&T |  | $ | 125,344 |  |  | $ | 124,405 |  |  | $ | 121,590 |
Baltic Trading |  |  | 15,564 |  |  |  | 14,814 |  |  |  | 14,769 |
Total operating segments |  |  | 140,908 |  |  |  | 139,219 |  |  |  | 136,359 |
Eliminating depreciation and amortization |  |  | (165 | ) |  |  | (156 | ) |  |  | (156 | )
Total consolidated depreciation and amortization |  | $ | 140,743 |  |  | $ | 139,063 |  |  | $ | 136,203 |
Reconciliation of total interest expense for the Company's two operating segments to total consolidated interest expense | The following table presents a reconciliation of total interest expense for the Company’s two operating segments to total consolidated interest expense for the years ended December 31, 2013, 2012 and 2011. There is no eliminating interest expense as the interest incurred by each operating segment is related to each operating segment’s own debt facilities.
|  | For the years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Interest expense |  |  |  |  |  |  |  |  |
GS&T |  | $ | 83,761 |  |  | $ | 83,306 |  |  | $ | 82,300 |
Baltic Trading |  |  | 4,455 |  |  |  | 4,252 |  |  |  | 4,422 |
Total operating segments |  |  | 88,216 |  |  |  | 87,558 |  |  |  | 86,722 |
Eliminating interest expense |  |  | — |  |  |  | — |  |  |  | — |
Total consolidated interest expense |  | $ | 88,216 |  |  | $ | 87,558 |  |  | $ | 86,722 |
Reconciliation of Segment total net (loss) income to total consolidated net (loss) income | The following table presents a reconciliation of total net (loss) income for the Company’s two operating segments to total consolidated net (loss) income for the years ended December 31, 2013, 2012 and 2011. The eliminating net (loss) 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 years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Net (loss) income |  |  |  |  |  |  |  |  |
GS&T |  | $ | (144,054 | ) |  | $ | (139,295 | ) |  | $ | 27,908 |
Baltic Trading |  |  | (11,392 | ) |  |  | (17,270 | ) |  |  | (430 | )
Total operating segments |  |  | (155,446 | ) |  |  | (156,565 | ) |  |  | 27,478 |
Eliminating net income |  |  | 1,575 |  |  |  | 1,211 |  |  |  | 2,410 |
Total consolidated net (loss) income |  | $ | (157,021 | ) |  | $ | (157,776 | ) |  | $ | 25,068 |
Reconciliation of Segment total assets to total consolidated assets | The following table presents a reconciliation of total assets for the Company’s two operating segments to total consolidated net assets as of December 31, 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 December 31, 2013 and 2012.
|  | December 31, 2013 |  |  | December 31, 2012 |
Total assets |  |  |  |  |  |
GS&T |  | $ | 2,404,811 |  |  | $ | 2,482,486 |
Baltic Trading |  |  | 557,367 |  |  |  | 364,370 |
Total operating segments |  |  | 2,962,178 |  |  |  | 2,846,856 |
Eliminating assets |  |  | (4,924 | ) |  |  | (3,485 | )
Total consolidated assets |  | $ | 2,957,254 |  |  | $ | 2,843,371 |
Reconciliation of segment total expenditures for vessel purchases to total consolidated expenditures | The following table presents a reconciliation of total expenditures for vessel purchases, including vessel deposits, for the Company’s two operating segments to total consolidated expenditures for vessel purchases, including vessel deposits, for the years ended December 31, 2013, 2012 and 2011. The eliminating expenditures for vessels noted in the following table consists primarily of the elimination of the 1% purchase fees due to GS&T from Baltic Trading pursuant to the Management Agreement which were paid by Baltic Trading to GS&T during the years ended December 31, 2013 and 2011.
|  | For the years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Expenditures for vessels |  |  |  |  |  |  |  |  |
GS&T |  | $ | 192 |  |  | $ | 1,155 |  |  | $ | 128,836 |
Baltic Trading |  |  | 146,598 |  |  |  | — |  |  |  | 2,570 |
Total operating segments |  |  | 146,790 |  |  |  | 1,155 |  |  |  | 131,406 |
Eliminating expenditures for vessels |  |  | (1,440 | ) |  |  | — |  |  |  | (1,078 | )
Total consolidated expenditures for vessels |  | $ | 145,350 |  |  | $ | 1,155 |  |  | $ | 130,328 |

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