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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 3 Months Ended
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Mar. 31, 2017 USD ($) segment $ / item | Dec. 31, 2016 USD ($) item | Mar. 31, 2016 USD ($)
Segment reporting |  |  |
Number of reportable segments | segment | 1 |  |
Vessels, net |  |  |
Estimated useful life | 25 years |  |
Depreciation and amortization | $ 18,173 |  | $ 20,339
Estimated scrap value (in dollars per lightweight ton) | $ / item | 310 |  |
Deferred revenue |  |  |
Reserve against the due from charterers | $ 304 | $ 283 |
Accrual related to estimated customer claims | 524 | $ 220 |
Number of categories of General administrative and management fees | item |  | 2 |
Voyage expense recognition |  |  |
Net loss on purchase and sale of bunker fuel and LCM adjustments | 504 |  | 2,297
Impairment of vessel assets |  |  |
Impairment of vessel assets | 0 |  | 1,685
Gain on disposal of vessels |  |  |
Gain on sale of vessels | 6,369 |  | 0
Vessels |  |  |
Vessels, net |  |  |
Depreciation and amortization | 16,706 |  | 19,134
Genco Marine |  |  |
Impairment of vessel assets |  |  |
Impairment of vessel assets |  |  | $ 1,685
Genco Wisdom, Genco Reliance, Genco Carrier, and Genco Success |  |  |
Gain on disposal of vessels |  |  |
Gain on sale of vessels | $ 6,369 |  |

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- Definition Represents the net gains (losses) resulting from the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer and the lower of cost or market adjustment to re-value bunker fuel on a quarterly basis. + References No definition available. + Details
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