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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

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