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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2017
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 19 – SUBSEQUENT EVENTS On August 4, 2017, the Board of Directors determined to dispose of the Company’s vessels built in 1999, namely the Genco Beauty, the Genco Explorer, the Genco Knight, the Genco Progress and the Genco Vigour, at times and on terms to be determined in the future. Given this decision, and that the estimated future undiscounted cash flows for each of these older vessels did not exceed the net book value for each vessel, we have adjusted the values of these older vessels to their respective fair market values during the third quarter of 2017. This is expected to result in an impairment loss of approximately $19,000 in the third quarter of 2017. The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued and determined that there are no additional subsequent events to record or disclose.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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