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VOYAGE REVENUE | 6 Months Ended
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Jun. 30, 2018
VOYAGE REVENUE |
VOYAGE REVENUE | 12 – VOYAGE REVENUE Total voyage revenue includes revenue earned on fixed rate time charters, spot market voyage charters, spot market-related time charters and vessel pools, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2018 and 2017, the Company earned $86,157 and $45,370 of voyage revenue, respectively. Included in voyage revenue for the three months ended June 30, 2018 and 2017 was $0 and $942 of net profit sharing revenue, respectively. For the six months ended June 30, 2018 and 2017, the Company earned $163,073 and $83,619 of voyage revenue, respectively. Included in voyage revenue for the six months ended June 30, 2018 and 2017, the Company earned $0 and $2,324 of net profit sharing revenue, respectively. On January 1, 2018 the Company adopted the revenue recognition guidance under ASU 2014-09 (refer to Note 2 — Summary of Significant Accounting Policies) using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. The financial results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior period amounts are not adjusted and will be continued to be reported under previous guidance. As a result of the adoption of the new revenue recognition guidance on January 1, 2018, the Company recorded a net increase to the opening retained deficit of $659 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the latter of when the vessel departed from its last discharge port and when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, as well as any charter hire expenses for third-party vessels that are chartered-in. The fuel consumption during this period is capitalized and recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Refer also to Note 9 — Prepaid Expenses and Other Current Assets. The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Balance Sheet:
|  | As of June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 14,408 |  | $ | 14,969 |  | $ | (561) |
Prepaid expenses and other current assets |  |  | 7,371 |  |  | 6,706 |  |  | 665 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 26,392 |  | $ | 26,405 |  | $ | (13) |
Deferred revenue |  |  | 6,399 |  |  | 5,553 |  |  | 846 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (711,263) |  | $ | (710,534) |  | $ | (729) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Operations:
|  | For the Three Months Ended June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 86,157 |  | $ | 86,196 |  | $ | (39) |
Voyage expenses |  |  | 25,983 |  |  | 26,167 |  |  | (184) |
Net loss |  |  | (1,120) |  |  | (1,265) |  |  | 145 |
Net loss per share-basic |  | $ | (0.03) |  | $ | (0.04) |  | $ | 0.01 |
Net loss per share-diluted |  | $ | (0.03) |  | $ | (0.04) |  | $ | 0.01 |
|  | For the Six Months Ended June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 163,073 |  | $ | 163,328 |  | $ | (255) |
Voyage expenses |  |  | 47,075 |  |  | 47,260 |  |  | (185) |
Net loss |  |  | (56,931) |  |  | (56,861) |  |  | (70) |
Net loss per share-basic |  | $ | (1.62) |  | $ | (1.62) |  | $ | - |
Net loss per share-diluted |  | $ | (1.62) |  | $ | (1.62) |  | $ | - |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Cash Flows:
|  | For the Six Months Ended June 30, 2018
|  |  |  |  | Balance |  |  |
|  |  |  |  | without Adoption |  |  |
|  |  |  |  | of New Revenue |  | Effect of
|  | As Reported |  | Standard |  | Change
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |
Increase in due from charterers |  | $ | (2,201) |  | $ | (2,114) |  | $ | (87)
Increase in prepaid expenses and other current assets |  |  | (2,910) |  |  | (2,720) |  |  | (190)
Increase in accounts payable and accrued expenses |  |  | 2,284 |  |  | 2,291 |  |  | (7)
Increase in deferred revenue |  |  | 1,185 |  |  | 831 |  |  | 354
The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Condensed Consolidated Balance Sheet:
|  |  |  |  | New |  |  |  |
|  | Balance at |  | Revenue |  | Balance at |
|  | December 31, |  | Standard |  | January 1, |
|  | 2017 |  | Adjustment |  | 2018 |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 12,855 |  | $ | (647) |  | $ | 12,208 |
Prepaid expenses and other current assets |  |  | 7,338 |  |  | 475 |  |  | 7,813 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 23,230 |  | $ | (6) |  | $ | 23,224 |
Deferred revenue |  |  | 4,722 |  |  | 493 |  |  | 5,215 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (653,673) |  | $ | (659) |  | $ | (654,332) |

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- Definition Definition n/a. + References No definition available. + Details
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Namespace Prefix: | gnk_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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- Definition Description of the revenue earned on fixed rate time charters, vessel pools, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. + References No definition available. + Details
Name: | gnk_VoyageRevenueTextBlock
Namespace Prefix: | gnk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration