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VESSEL ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
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Jun. 30, 2018
VESSEL ACQUISITIONS AND DISPOSITIONS |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 - VESSEL ACQUISITIONS AND DISPOSITIONS On June 27, 2018, the Company reached agreements to sell the Genco Explorer and the Genco Progress, both 1999-built Handysize vessels, to a third party for $5,600 each less a 3.0% broker commission payable to a third party. The sales are expected to be completed during the fourth quarter of 2018. These vessels do not serve as collateral under any of the Company’s credit facilities, therefore the Company is not required to pay down any indebtedness with the proceeds from the sales. The sales are subject to completion of definitive documentation and customary conditions. These vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2018. On June 6, 2018, the Company entered into an agreement for the en bloc purchase of four drybulk vessels including two Capesize drybulk vessels and two Ultramax drybulk vessels for approximately $141,000. Each vessel was built with a fuel-saving “eco” engine. The Genco Weatherly, a 2014-built Ultramax vessel, was delivered on July 26, 2018. The remaining three vessels, which are to be renamed the Genco Columbia, the Genco Endeavour and the Genco Resolute, are expected to be delivered to the Company during the third quarter of 2018. As of June 30, 2018, there is $885 deposits on vessels related to these vessels. The Company intends to use a combination of cash on hand and proceeds from the Company’s anticipated new credit facility to finance or reimburse to the Company a portion of the purchase price as described in Note 16 — Subsequent Events. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Prosperity, a 1997-built Handymax vessel, and on December 21, 2016, the Company reached an agreement to sell the Genco Prosperity to a third party for $3,050 less a 3.5% broker commission payable to a third party. The sale was completed on May 16, 2017. On December 5, 2016, the Board of Directors unanimously approved selling the Genco Success, a 1997-built Handymax vessel, and on December 15, 2016, the Company reached an agreement to sell the Genco Success to a third party for $2,800 less a 3.0% broker commission payable to a third party. The sale was completed on March 19, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Carrier, a 1998-built Handymax vessel, and on January 25, 2017, the Company reached an agreement to sell the Genco Carrier to a third party for $3,560 less a $92 broker commission payable to a third party. The sale was completed on February 16, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Reliance, a 1999-built Handysize vessel, and on January 12, 2017, the Company reached an agreement to sell the Genco Reliance to a third party for $3,500 less a 3.5% broker commission payable to a third party. The sale was completed on February 9, 2017. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Wisdom, a 1997-built Handymax vessel. On December 21, 2016, the Company reached an agreement to sell the Genco Wisdom to a third party for $3,250 less a 3.5% broker commission payable to a third party. The sale was completed on January 9, 2017. Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet and the estimated delivery dates for vessels for which the Company has entered into agreements to purchase.

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- Definition Disclosure of all information related to significant acquisitions and dispositions of vessels, which includes disclosure of any capitalized interest associated with acquired vessels as well as amortization of the fair market value of time charters acquired as part of vessel acquisitions. + References No definition available. + Details
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