XML 56 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 92,408 $ 122,722
Restricted cash 9,975 9,850
Due from charterers, net of a reserve of $686 and $632, respectively 11,438 14,241
Prepaid expenses and other current assets 26,275 19,065
Total current assets 140,096 165,878
Noncurrent assets:    
Vessels, net of accumulated depreciation of $764,491 and $730,662, respectively 2,641,592 2,673,795
Deposits on vessels 17,175 1,013
Deferred drydock, net of accumulated amortization of $9,512 and $11,107, respectively 14,916 11,069
Deferred financing costs, net of accumulated amortization of $24,498 and $22,279, respectively 20,054 22,011
Fixed assets, net of accumulated depreciation and amortization of $3,653 and $3,438, respectively 4,182 5,104
Other noncurrent assets 514 514
Restricted cash 300 300
Investments 63,355 77,570
Total noncurrent assets 2,762,088 2,791,376
Total assets 2,902,184 2,957,254
Current liabilities:    
Accounts payable and accrued expenses 35,605 27,359
Current portion of long-term debt 1,309,441 1,316,439
Current interest payable 13,199 13,199
Convertible senior note payable 117,180 115,881
Deferred revenue 1,588 1,597
Current portion of lease obligations 168 176
Fair value of derivative instruments 5,747 6,975
Total current liabilities 1,482,928 1,481,626
Noncurrent liabilities:    
Long-term lease obligations 3,222 3,114
Time charters acquired 35 84
Long-term debt 162,563 163,625
Total noncurrent liabilities 165,820 166,823
Total liabilities 1,648,748 1,648,449
Commitments and contingencies      
Genco Shipping & Trading Limited shareholders' equity:    
Common stock, par value $0.01; 100,000,000 shares authorized; issued and outstanding 44,449,407 shares at March 31, 2014 and December 31, 2013 445 445
Additional paid-in capital 847,181 846,658
Accumulated other comprehensive income 40,735 53,722
Retained earnings 27,535 66,644
Total Genco Shipping & Trading Limited shareholders' equity 915,896 967,469
Noncontrolling interest 337,540 341,336
Total equity 1,253,436 1,308,805
Total liabilities and equity $ 2,902,184 $ 2,957,254