XML 76 R63.htm IDEA: XBRL DOCUMENT
v3.3.1.900

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) $ in Thousands |  | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | --- | ---
Jul. 09, 2014 USD ($) $ / item | Sep. 30, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2014 USD ($) | Jul. 09, 2014 USD ($) | Dec. 31, 2015 USD ($) $ / item | Dec. 31, 2013 USD ($)
Due from charterers, net |  |  |  |  |  |  |
Reserve against the due from charterers |  |  | $ 1,588 | $ 1,588 |  | $ 429 |
Accrual related to estimated customer claims |  |  | 662 | 662 |  | $ 498 |
Vessels, net |  |  |  |  |  |  |
Estimated useful life |  |  |  |  |  | 25 years |
Depreciation expense |  |  |  | 36,265 |  | $ 76,395 |
Estimated scrap value (in dollars per lightweight ton) | $ / item |  |  |  |  |  | 310 |
Estimated life of average scrap value of steel |  |  |  |  |  | 15 years |
Decrease in depreciation expense |  |  |  | 1,540 |  | $ 3,193 |
Fixed assets, net |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | 36,714 |  | 79,556 |
Asset Impairment Charges |  | $ 32,536 |  | 0 |  | 39,893 |
Deferred drydocking costs |  |  |  |  |  |  |
Amortization expense for drydocking |  |  |  | 330 |  | 2,877 |
Goodwill |  |  |  |  |  |  |
Goodwill impairment |  |  | $ 166,067 | 166,067 |  |  |
Loss on disposal of vessels |  |  |  |  |  |  |
Loss on sale of vessels |  |  |  |  |  | 1,210 |
Genco Marine Limited | Genco Marine |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Asset Impairment Charges |  |  |  |  |  | 4,497 |
Baltic Trading | Baltic Tiger and Baltic Lion |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Asset Impairment Charges |  |  |  |  |  | $ 35,396 |
Minimum |  |  |  |  |  |  |
Deferred drydocking costs |  |  |  |  |  |  |
Period for which vessels are required to be drydocked for major repairs and maintenance |  |  |  |  |  | 30 months |
Maximum |  |  |  |  |  |  |
Deferred drydocking costs |  |  |  |  |  |  |
Period for which vessels are required to be drydocked for major repairs and maintenance |  |  |  |  |  | 60 months |
Detail of Fixed Assets, Excluding Vessels |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | $ 119 |  | $ 284 |
Furniture and Fixtures |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Useful lives |  |  |  |  |  | 5 years |
Vessel Equipment | Minimum |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Useful lives |  |  |  |  |  | 2 years |
Vessel Equipment | Maximum |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Useful lives |  |  |  |  |  | 15 years |
Computer equipment |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Useful lives |  |  |  |  |  | 3 years |
Predecessor |  |  |  |  |  |  |
Vessels, net |  |  |  |  |  |  |
Depreciation expense |  |  |  |  | $ 71,756 |  | $ 133,562
Estimated scrap value (in dollars per lightweight ton) | $ / item | 245 |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | 75,952 |  | 140,743
Asset Impairment Charges |  |  |  |  | 0 |  | 0
Deferred drydocking costs |  |  |  |  |  |  |
Amortization expense for drydocking |  |  |  |  | 3,738 |  | 5,700
Goodwill |  |  |  |  |  |  |
Goodwill | $ 166,067 |  |  |  | 166,067 |  |
Predecessor | Detail of Fixed Assets, Excluding Vessels |  |  |  |  |  |  |
Fixed assets, net |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ 458 |  | $ 1,481

X
- Definition Represents the accrual related to estimated customer claims. + References No definition available. + Details
Name: | gnk_AccrualRelatedToEstimatedCustomerClaims
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Represents the amount of amortization expense for drydocking. + References No definition available. + Details
Name: | gnk_AmortizationExpenseOfDrydocking
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Represents the decrease in depreciation expense as a result of increase in estimated scrap value. + References No definition available. + Details
Name: | gnk_DecreaseInDepreciationExpenseAsResultOfIncreaseInEstimatedScrapValue
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- References No definition available. + Details
Name: | gnk_DeferredDrydockingCostsAbstract
Namespace Prefix: | gnk_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the depreciation of vessels. + References No definition available. + Details
Name: | gnk_DepreciationOfVessels
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Represents the period when the vessels are expected to be drydocked for overhaul repairs and maintenance. + References No definition available. + Details
Name: | gnk_PeriodWhenVesselsAreRequiredToBeDrydocked
Namespace Prefix: | gnk_
Data Type: | us-types:durationStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Period of useful life of average scrap value of steel. + References No definition available. + Details
Name: | gnk_UsefulLifeOfAverageScrapValueOfSteel
Namespace Prefix: | gnk_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | gnk_VesselsAbstract
Namespace Prefix: | gnk_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the estimated scrap value of vessels. + References No definition available. + Details
Name: | gnk_VesselsEstimatedScrapValue
Namespace Prefix: | gnk_
Data Type: | us-types:perUnitItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the estimated useful life of vessels. + References No definition available. + Details
Name: | gnk_VesselsEstimatedUsefulLife
Namespace Prefix: | gnk_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountsReceivableNetCurrentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5074-111524 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 + Details
Name: | us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2420-110228 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 + Details
Name: | us-gaap_AssetImpairmentCharges
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 + Details
Name: | us-gaap_DepreciationDepletionAndAmortization
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 + Details
Name: | us-gaap_GainLossOnDispositionOfAssets
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_GainLossOnSaleOfPropertyPlantEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266 + Details
Name: | us-gaap_Goodwill
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13777-109266 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 + Details
Name: | us-gaap_GoodwillImpairmentLoss
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IntangibleAssetsNetIncludingGoodwillAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentNetByTypeAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. + References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentUsefulLife
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=gnk_GencoMarineLimitedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | gnk_VesselsByNameAxis=gnk_GencoMarineMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=gnk_BalticTradingLimitedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | gnk_VesselsByNameAxis=gnk_BalticTigerAndBalticLionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RangeAxis=us-gaap_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RangeAxis=us-gaap_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=gnk_PropertyPlantAndEquipmentExcludingVesselsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=us-gaap_PredecessorMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |