GENERAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of effects of the Plan and fresh-start reporting

	Fresh-Start Adjustments
	Predecessor July 9, 2014			Debt Discharge and Equity Issuance (a)			Reinstatement of Liabilities (b)			Revaluation of Assets and Liabilities (c)			Successor July 9, 2014
Assets
Current assets:
Cash and cash equivalents	$	48,551		$	87,526		$	—		$	—		$	136,077
Restricted cash	9,975			—			—			—			9,975
Due from charterers, net	13,194			—			—			—			13,194
Prepaid expenses and other current assets	30,800			—			—			(41		)	30,759
Time charters acquired	—			—			—			450			450
Total current assets	102,520			87,526			—			409			190,455

Noncurrent assets:
Vessels, net	2,604,731			—			—			(1,065,882		)	1,538,849
Deposits on vessels	28,658			—			—			2,317			30,975
Deferred drydock, net	16,584			—			—			(16,396		)	188
Deferred financing costs, net	18,953			(11,893		)	—			—			7,060
Fixed assets, net	4,053			—			—			(3,443		)	610
Other noncurrent assets	514			—			—			—			514
Restricted cash	300			—			—			—			300
Investments	51,804			—			—			—			51,804
Goodwill	—			—			—			166,067			166,067
Total noncurrent assets	2,725,597			(11,893		)	—			(917,337		)	1,796,367

Total assets	$	2,828,117		$	75,633		$	—		$	(916,928	)	$	1,986,822

Liabilities and Equity
Current liabilities not subject to compromise:
Accounts payable and accrued expenses	$	60,333		$	(1,086	)	$	6,478		$	—		$	65,725
Current portion of long-term debt	4,250			—			27,992			—			32,242
Deferred revenue	997			—			—			—			997
Time charters acquired	16			—			—			(16		)	—
Total current liabilities not subject to compromise	65,596			(1,086		)	34,470			(16		)	98,964

Noncurrent liabilities not subject to compromise:
Long-term lease obligations	2,670			—			—			(2,670		)	—
Long-term debt	161,500			—			214,289			—			375,789
Total noncurrent liabilities not subject to compromises	164,170			—			214,289			(2,670		)	375,789

Total liabilities subject to compromise	1,443,446			(1,194,687		)	(248,759		)	—			—

Total liabilities	1,673,212			(1,195,773		)	—			(2,686		)	474,753

Equity:
Genco Shipping & Trading Limited shareholders’ equity:
Predecessor Common stock	445			(445		)	—			—			—
Predecessor Additional paid-in capital	849,130			(849,130		)	—			—			—
Successor Common stock	—			603			—			—			603
Successor Additional paid-in capital	—			1,232,397			—			—			1,232,397
Accumulated other comprehensive income	30,357			4,574			—			(34,931		)	—
Retained (deficit) earnings	(57,463		)	936,774			—			(879,311		)	—
Total Genco Shipping & Trading Limited shareholders’ equity	822,469			1,324,773			—			(914,242		)	1,233,000
Noncontrolling interest	332,436			(53,367		)	—			—			279,069
Total equity	1,154,905			1,271,406			—			(914,242		)	1,512,069

Total liabilities and equity	$	2,828,117		$	75,633		$	—		$	(916,928	)	$	1,986,822

(a)Debt Discharge and Equity Issuance — This column reflects the following adjustments pursuant to the Plan:

The discharge of the outstanding debt under the 2007 Credit Facility of $1,055,912.

The discharge of the long-term interest payable due pursuant to the 2007 Credit Facility of $13,199.

The discharge of the 2010 Notes liability of $117,473 and the bond coupon interest of $1,105.

Receipt of the $100,000 rights offering pursuant to the Plan.

The payment of interest expense accrued up until the Effective Date of $1,772, $59 and $156 for the 2007 Credit Facility, the $100 Million Term Loan Facility and the $253 Million Term Loan Facility, respectively.

The paydown on the Effective Date of $1,923 and $5,075 for the $100 Million Term Loan Facility and $253 Million Term Loan Facility, respectively, which were due on the Effective Date as they were not paid during the pendency of the Chapter 11 Cases.

The adjustment of net unamortized deferred financing fees of $15,383 for the 2007 Credit Facility, the 2010 Notes as well as the $100 Million and $253 Million Term Loan Facilities prior to the amendments and restatements as per the Plan.

The payment of deferred financing fees of $3,490 for the Amended and Restated $100 Million and $253 Million Term Loan Facilities.

Adjustment of equity of $1,271,406 to adjust for the cancellation of the old equity of the Predecessor Company and the issuance of the new equity for the Successor Company.

(b)Reinstatement of Liabilities — This column reflects the reinstatement of the remaining Liabilities subject to compromise for the Predecessor Company which were not already adjusted in the Debt Discharge and Equity Issuance column. It includes the following adjustments:

The reclassification of the debt outstanding under the Amended and Restated $100 Million Term Loan Facility. This includes $7,692 of current long-term debt and $63,946 of long-term debt.

The reclassification of the debt outstanding under the Amended and Restated $253 Million Term Loan Facility. This includes $20,300 of current long-term debt and $150,343 of long-term debt.

The reinstatement of $5,622 related to the termination of the interest rate swap agreement with DnB Nor.

The reinstatement of the $815 lease obligation.

The reinstatement of $41 of pre-petition accounts payable due to vendors in the United States.

(c)Revaluation of Assets and Liabilities — Fresh-start accounting adjustments are made to reflect asset values at their estimated fair value, including:

Adjustment of $179 to prepaid amounts for the Predecessor Company.

Adjustment to reflect the fair value of time charters acquired of $434.

Adjustment of $1,083,404 to reflect the fair value of vessel assets, vessel deposits, drydocking assets and other fixed assets as of the Effective Date.

Adjustment of $2,670 to reflect the fair value of the Company’s current lease agreement which was previously recorded as long-term lease obligations. As of the Effective Date, the lease agreement has been valued at below market, therefore we have recorded in Prepaid expenses and other current assets an asset of $138 which will be amortized over the remaining life of the lease agreement.

An adjustment of $166,067 to reflect the reorganization value of the Successor Company in excess of the fair value of assets, net of liabilities.

GS&T and wholly-owned subsidiaries excluding Baltic Trading Limited

General information

Schedule of wholly owned ship-owning subsidiaries

Below is the list of GS&T’s wholly owned ship-owning subsidiaries as of September 30, 2014:

Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date	Year Built

Genco Reliance Limited	Genco Reliance	29,952	12/6/04	1999
Genco Vigour Limited	Genco Vigour	73,941	12/15/04	1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04	1999
Genco Carrier Limited	Genco Carrier	47,180	12/28/04	1998
Genco Sugar Limited	Genco Sugar	29,952	12/30/04	1998
Genco Pioneer Limited	Genco Pioneer	29,952	1/4/05	1999
Genco Progress Limited	Genco Progress	29,952	1/12/05	1999
Genco Wisdom Limited	Genco Wisdom	47,180	1/13/05	1997
Genco Success Limited	Genco Success	47,186	1/31/05	1997
Genco Beauty Limited	Genco Beauty	73,941	2/7/05	1999
Genco Knight Limited	Genco Knight	73,941	2/16/05	1999
Genco Leader Limited	Genco Leader	73,941	2/16/05	1999
Genco Marine Limited	Genco Marine	45,222	3/29/05	1996
Genco Prosperity Limited	Genco Prosperity	47,180	4/4/05	1997
Genco Muse Limited	Genco Muse	48,913	10/14/05	2001
Genco Acheron Limited	Genco Acheron	72,495	11/7/06	1999
Genco Surprise Limited	Genco Surprise	72,495	11/17/06	1998
Genco Augustus Limited	Genco Augustus	180,151	8/17/07	2007
Genco Tiberius Limited	Genco Tiberius	175,874	8/28/07	2007
Genco London Limited	Genco London	177,833	9/28/07	2007
Genco Titus Limited	Genco Titus	177,729	11/15/07	2007
Genco Challenger Limited	Genco Challenger	28,428	12/14/07	2003
Genco Charger Limited	Genco Charger	28,398	12/14/07	2005
Genco Warrior Limited	Genco Warrior	55,435	12/17/07	2005
Genco Predator Limited	Genco Predator	55,407	12/20/07	2005
Genco Hunter Limited	Genco Hunter	58,729	12/20/07	2007
Genco Champion Limited	Genco Champion	28,445	1/2/08	2006
Genco Constantine Limited	Genco Constantine	180,183	2/21/08	2008
Genco Raptor LLC	Genco Raptor	76,499	6/23/08	2007
Genco Cavalier LLC	Genco Cavalier	53,617	7/17/08	2007
Genco Thunder LLC	Genco Thunder	76,588	9/25/08	2007
Genco Hadrian Limited	Genco Hadrian	169,694	12/29/08	2008
Genco Commodus Limited	Genco Commodus	169,025	7/22/09	2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09	2009
Genco Claudius Limited	Genco Claudius	169,025	12/30/09	2010
Genco Bay Limited	Genco Bay	34,296	8/24/10	2010
Genco Ocean Limited	Genco Ocean	34,409	7/26/10	2010
Genco Avra Limited	Genco Avra	34,391	5/12/11	2011
Genco Mare Limited	Genco Mare	34,428	7/20/11	2011
Genco Spirit Limited	Genco Spirit	34,432	11/10/11	2011
Genco Aquitaine Limited	Genco Aquitaine	57,981	8/18/10	2009
Genco Ardennes Limited	Genco Ardennes	57,981	8/31/10	2009
Genco Auvergne Limited	Genco Auvergne	57,981	8/16/10	2009
Genco Bourgogne Limited	Genco Bourgogne	57,981	8/24/10	2010
Genco Brittany Limited	Genco Brittany	57,981	9/23/10	2010
Genco Languedoc Limited	Genco Languedoc	57,981	9/29/10	2010
Genco Loire Limited	Genco Loire	53,416	8/4/10	2009
Genco Lorraine Limited	Genco Lorraine	53,416	7/29/10	2009
Genco Normandy Limited	Genco Normandy	53,596	8/10/10	2007
Genco Picardy Limited	Genco Picardy	55,257	8/16/10	2005
Genco Provence Limited	Genco Provence	55,317	8/23/10	2004
Genco Pyrenees Limited	Genco Pyrenees	57,981	8/10/10	2010
Genco Rhone Limited	Genco Rhone	58,018	3/29/11	2011

Baltic Trading Limited

General information

Schedule of wholly owned ship-owning subsidiaries

Below is the list of Baltic Trading’s wholly owned ship-owning subsidiaries as of September 30, 2014:


Baltic Trading’s Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date	Year Built

Baltic Leopard Limited	Baltic Leopard	53,447	4/8/10	2009
Baltic Panther Limited	Baltic Panther	53,351	4/29/10	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	2009
Baltic Jaguar Limited	Baltic Jaguar	53,474	5/14/10	2009
Baltic Bear Limited	Baltic Bear	177,717	5/14/10	2010
Baltic Wolf Limited	Baltic Wolf	177,752	10/14/10	2010
Baltic Wind Limited	Baltic Wind	34,409	8/4/10	2009
Baltic Cove Limited	Baltic Cove	34,403	8/23/10	2010
Baltic Breeze Limited	Baltic Breeze	34,386	10/12/10	2010
Baltic Fox Limited	Baltic Fox	31,883	9/6/13	2010
Baltic Hare Limited	Baltic Hare	31,887	9/5/13	2009
Baltic Lion Limited	Baltic Lion	179,185	12/27/13	2012
Baltic Tiger Limited	Baltic Tiger	179,185	11/26/13	2011
Baltic Hornet Limited	Baltic Hornet	63,574	10/29/14	2014
Baltic Wasp Limited	Baltic Wasp	64,000	Q4 2014 (1)	2014 (1)
Baltic Scorpion Limited	Baltic Scorpion	64,000	Q2 2015 (1)	2015 (1)
Baltic Mantis Limited	Baltic Mantis	64,000	Q3 2015 (1)	2015 (1)

(1)

Built dates and delivery dates for vessels being delivered in the future are estimates based on the guidance received from the sellers and the respective shipyards.