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VOYAGE REVENUE | 12 Months Ended
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Dec. 31, 2018
VOYAGE REVENUE |
VOYAGE REVENUE | 14 – 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 years ended December 31, 2018, 2017 and 2016, the Company earned $367,522, $209,698 and $133,246 of voyage revenue, respectively. Included in voyage revenue for the years ended December 31, 2017 and 2016 was $2,325 and $3,415 of net profit sharing revenue, respectively. There was no profit sharing revenue earned during the year ended December 31, 2018. Additionally, included in voyage revenue for the years ended December 31, 2018, 2017 and 2016 was $168,452, $181,206 and $133,246 of time charter revenues, respectively. On January 1, 2018 the Company adopted the revenue recognition guidance under ASC 606 (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 in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered-in. The fuel consumption and any port expenses incurred prior to arrival at the load port during this period is capitalized and recorded in Prepaid expenses and other current assets in the 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. Similarly, for any third party vessels that are chartered-in, the charter hire expenses during this period are capitalized and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheet and are amortized and expensed as part of Charter hire expenses. Refer also to Note 11 — Prepaid Expenses and Other Current and Noncurrent Assets. All of the revenue for spot market voyage charters that was included in Deferred revenue (contract liability) in the Consolidated Balance Sheet as of January 1, 2018 when ASC 606 was adopted has been recognized during the year ended December 31, 2018. The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Balance Sheet:
|  | As of December 31, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 22,306 |  | $ | 26,593 |  | $ | (4,287) |
Prepaid expenses and other current assets |  |  | 10,449 |  |  | 8,159 |  |  | 2,290 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 29,143 |  | $ | 29,171 |  | $ | (28) |
Deferred revenue |  |  | 6,404 |  |  | 5,795 |  |  | 609 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (687,272) |  | $ | (684,694) |  | $ | (2,578) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Operations:
|  | For the Year Ended December 31, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 367,522 |  | $ | 371,284 |  | $ | (3,762) |
Voyage expenses |  |  | 114,855 |  |  | 116,698 |  |  | (1,843) |
Net loss |  |  | (32,940) |  |  | (31,021) |  |  | (1,919) |
Net loss per share-basic |  | $ | (0.86) |  | $ | (0.81) |  | $ | (0.05) |
Net loss per share-diluted |  | $ | (0.86) |  | $ | (0.81) |  | $ | (0.05) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flows:
|  | For the Year Ended December 31, 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 |  | $ | (10,099) |  | $ | (13,738) |  | $ | 3,639
Increase in prepaid expenses and other current assets |  |  | (6,626) |  |  | (4,811) |  |  | (1,815)
Increase in accounts payable and accrued expenses |  |  | 2,571 |  |  | 2,593 |  |  | (22)
Increase in deferred revenue |  |  | 1,190 |  |  | 1,073 |  |  | 117
The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening 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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- 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