XML 86 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2014
Jul. 09, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:        
Voyage revenues $ 98,817      
Service revenues 1,584      
Total revenues 100,401      
Operating expenses:        
Voyage expenses 7,525      
Vessel operating expenses 56,943      
General, administrative, and management fees 36,915      
Depreciation and amortization 36,714      
Other operating income (530)      
Goodwill impairment 166,067      
Total operating expenses 303,634      
Operating loss (203,233)      
Other (expense) income:        
Other income (expense) 36      
Interest income 46      
Interest expense (7,620)      
Other expense (7,538)      
Loss before reorganization items, net (210,771)      
Reorganization items, net (1,591)      
Loss before income taxes (212,362)      
Income tax expense (996)      
Net loss (213,358)      
Less: Net loss attributable to noncontrolling interest (31,064)      
Net loss attributable to Genco Shipping & Trading Limited $ (182,294)      
Net loss per share-basic $ (3.02)      
Net loss per share-diluted $ (3.02)      
Weighted average common shares outstanding-basic 60,360,515      
Weighted average common shares outstanding-diluted 60,360,515      
Predecessor        
Revenues:        
Voyage revenues   $ 118,759 $ 224,179 $ 223,159
Service revenues   1,701 3,285 3,294
Total revenues   120,460 227,464 226,453
Operating expenses:        
Voyage expenses   4,140 8,046 7,009
Vessel operating expenses   64,670 111,671 114,318
General, administrative, and management fees   31,371 34,031 35,673
Depreciation and amortization   75,952 140,743 139,063
Other operating income   0 (121) (265)
Total operating expenses   176,133 294,370 295,798
Operating loss   (55,673) (66,906) (69,345)
Other (expense) income:        
Other income (expense)   (106) (76) (29)
Interest income   45 75 378
Interest expense   (41,061) (88,216) (87,558)
Other expense   (41,122) (88,217) (87,209)
Loss before reorganization items, net   (96,795) (155,123) (156,554)
Reorganization items, net   (915,640)    
Loss before income taxes   (1,012,435) (155,123) (156,554)
Income tax expense   (815) (1,898) (1,222)
Net loss   (1,013,250) (157,021) (157,776)
Less: Net loss attributable to noncontrolling interest   (62,101) (9,280) (12,848)
Net loss attributable to Genco Shipping & Trading Limited   $ (951,149) $ (147,741) $ (144,928)
Net loss per share-basic   $ (21.83) $ (3.42) $ (3.47)
Net loss per share-diluted   $ (21.83) $ (3.42) $ (3.47)
Weighted average common shares outstanding-basic   43,568,942 43,249,070 41,727,075
Weighted average common shares outstanding-diluted   43,568,942 43,249,070 41,727,075