XML 69 R56.htm IDEA: XBRL DOCUMENT
v3.19.2

DEBT - $495 Million Credit Facility (Details) - Secured Debt $ in Thousands |  |  |  |  |  |  |  | 3 Months Ended | 6 Months Ended |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Jun. 30, 2019 USD ($) | May 10, 2019 USD ($) | Apr. 15, 2019 USD ($) | Feb. 28, 2019 USD ($) item | Oct. 16, 2018 USD ($) | Jun. 05, 2018 USD ($) | May 31, 2018 USD ($) item | Jun. 30, 2019 USD ($) | Jun. 30, 2018 USD ($) | Jun. 30, 2019 USD ($) item | Jun. 30, 2018 USD ($) | Dec. 31, 2018 USD ($)
$495 Million Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowing capacity | $ 495,000 |  |  | $ 495,000 |  |  |  | $ 495,000 |  | $ 495,000 |  | $ 495,000
Number of oldest vessels identified for sale for which debt will be paid down | item |  |  |  |  |  |  |  |  |  | 7 |  |
Remaining borrowing capacity | 34,628 |  |  |  |  |  |  | 34,628 |  | $ 34,628 |  |
Repayment of secured debt |  |  |  |  |  |  |  | 19,575 | $ 0 | 34,575 | $ 0 |
Long-term debt | 397,064 |  |  |  |  |  |  | 397,064 |  | $ 397,064 |  | $ 430,577
Vessel sale proceeds utilized as a loan repayment |  |  | $ 4,947 |  |  |  |  |  |  |  |  |
Prepayment of amortization payment before due date |  | $ 15,000 |  |  |  |  |  |  |  |  |  |
Amount of periodic payment | 14,864 |  |  |  |  |  |  |  |  |  |  |
Excess of amortization payment to be applied to next payment | 136 |  |  |  |  |  |  |  |  |  |  |
Percentage limit of consolidated net income for which dividends can be paid |  |  |  |  |  |  |  |  |  | 50.00% |  |
Collateral vessel replacement period |  |  |  |  |  |  |  |  |  | 180 days |  |
Key covenant - Unrestricted cash and cash equivalents minimum | 30,000 |  |  |  |  |  |  | 30,000 |  | $ 30,000 |  |
Key covenant – Percentage of unrestricted cash to total indebtedness |  |  |  |  |  |  |  |  |  | 7.50% |  |
Minimum restricted cash required | 0 |  |  |  |  |  |  | 0 |  | $ 0 |  |
Minimum working capital required | 0 |  |  |  |  |  |  | 0 |  | $ 0 |  |
Maximum total indebtedness to total capitalization (as a ratio) |  |  |  |  |  |  |  |  |  | 0.70 |  |
Key covenant – Minimum time charters period |  |  |  |  |  |  |  |  |  | 24 months |  |
$495 Million Credit Facility | Genco Cavalier |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  |  |  | $ 495,000 |  |  |  |  |  |  |
Vessel sale proceeds utilized as a loan repayment |  |  | 4,947 |  |  |  |  |  |  |  |  |
Collateral vessel replacement period |  |  |  |  | 180 days |  |  |  |  |  |  |
$460 Million Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Term of facilities |  |  |  |  |  |  | 5 years |  |  |  |  |
Maximum borrowing capacity |  |  |  |  |  |  | $ 460,000 |  | $ 460,000 |  | 460,000 |
Proceeds from credit facility |  |  |  |  |  | $ 460,000 |  |  |  |  | $ 460,000 |
Number of oldest vessels identified for sale for which debt will be paid down | item |  |  |  |  |  |  | 7 |  |  |  |  |
Amount of periodic payment | 14,864 |  |  |  |  |  |  |  |  |  |  |
Final payment amount | 187,601 |  |  |  |  |  |  | 187,601 |  | $ 187,601 |  |
Repaid value of loan when certain debt terms are met |  |  |  |  |  |  | $ 0 |  |  |  |  |
Average age of collateral vessels for repayment of loan |  |  |  |  |  |  | 17 years |  |  |  |  |
$460 Million Credit Facility | Period after December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Amount of periodic payment |  |  |  |  |  |  | $ 15,000 |  |  |  |  |
$460 Million Credit Facility | Period upon final maturity on May 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Final payment amount |  |  |  |  |  |  | $ 190,000 |  |  |  |  |
$460 Million Credit Facility | LIBOR | Through December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  |  |  |  | 3.25% |  |  |  |  |
$35,000 Scrubber Tranche |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowing capacity | $ 35,000 |  | 34,628 | $ 35,000 |  |  |  | $ 35,000 |  | $ 35,000 |  |
Number of Capesize vessels for which the scrubber installation will be financed | item |  |  |  | 17 |  |  |  |  |  |  |  |
Percentage of scrubber costs to be financed |  |  |  | 90.00% |  |  |  |  |  |  |  |
$35,000 Scrubber Tranche | Period To March 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Minimum amount required per borrowing |  |  |  | $ 5,000 |  |  |  |  |  |  |  |
$35,000 Scrubber Tranche | Through September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  | 2.50% |  |  |  |  |  |  |  |
$35,000 Scrubber Tranche | Period After March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Term of facilities |  |  |  | 4 years |  |  |  |  |  |  |  |
Amount of periodic payment |  |  | $ 2,473 | $ 2,500 |  |  |  |  |  |  |  |
Minimum | $495 Million Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Collateral security maintenance test (as a percent) | 135.00% |  |  |  |  |  |  | 135.00% |  | 135.00% |  |
Minimum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  |  |  |  | 3.00% |  |  |  |  |
Minimum | $35,000 Scrubber Tranche | Period After September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  | 2.25% |  |  |  |  |  |  |  |
Maximum | $495 Million Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Collateral security maintenance test (as a percent) | 200.00% |  |  |  |  |  |  | 200.00% |  | 200.00% |  |
Maximum | $460 Million Credit Facility | LIBOR | Period after December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  |  |  |  | 3.50% |  |  |  |  |
Maximum | $35,000 Scrubber Tranche | Period After September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) |  |  |  | 2.75% |  |  |  |  |  |  |  |

X
- Definition Debt covenant minimum period for the collateral time charters. + References No definition available. + Details
Name: | gnk_DebtCovenantCollateralMinimumTimeChartersPeriod
Namespace Prefix: | gnk_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition The debt covenant period for replacement of new vessel having an equal or greater appraised value if in compliance with collateral maintenance test. + References No definition available. + Details
Name: | gnk_DebtCovenantCollateralVesselsReplacementPeriod
Namespace Prefix: | gnk_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of minimum restricted cash required per terms of the credit facility. + References No definition available. + Details
Name: | gnk_DebtCovenantMinimumRestrictedCash
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Debt covenant unrestricted cash and cash equivalents minimum. + References No definition available. + Details
Name: | gnk_DebtCovenantUnrestrictedCashMinimum
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Debt covenant pertaining to unrestricted cash and cash equivalents to total indebtedness. + References No definition available. + Details
Name: | gnk_DebtCovenantUnrestrictedCashPercentOfIndebtedness
Namespace Prefix: | gnk_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the average age of collateral vessels for repayment of loan. + References No definition available. + Details
Name: | gnk_DebtInstrumentAverageAgeOfCollateralVesselsForRepaymentOfLoan
Namespace Prefix: | gnk_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of excess of the prepaid amortization payment to be applied to next scheduled amortization payment. + References No definition available. + Details
Name: | gnk_DebtInstrumentPrepaymentAmortizationExcessApplicationToNextPayment
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Represents the aggregate fair value of the mortgaged vessels to be maintained as a percentage of aggregate outstanding principal amount as per the terms of the credit facilities' covenants. + References No definition available. + Details
Name: | gnk_LineOfCreditFacilityCovenantFairMarketValueOfMortgagedVesselsAsPercentageOfAggregateOutstandingPrincipalAmount
Namespace Prefix: | gnk_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Represents the required payment amount under the line of credit facility due on final maturity date. + References No definition available. + Details
Name: | gnk_LineOfCreditFacilityPaymentAmountDueAtMaturity
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of vessel sale proceeds utilized as a loan repayment due to replacement vessel was not added as collateral with period stipulated under credit facility. + References No definition available. + Details
Name: | gnk_LineOfCreditPrepaymentDueToReplacementVesselNotAddedAsCollateral
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Represents the maximum ratio of total debt outstanding to total capitalization. + References No definition available. + Details
Name: | gnk_MaximumTotalDebtToTotalCapitalizationRatio
Namespace Prefix: | gnk_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the minimum amount required per borrowing. + References No definition available. + Details
Name: | gnk_MinimumAmountRequiredPerBorrowing
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Minimum working capital required per terms of the credit facility. + References No definition available. + Details
Name: | gnk_MinimumWorkingCapital
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Number of Capesize vessels for which the scrubber installation will be financed. + References No definition available. + Details
Name: | gnk_NumberOfCapesizeVesselsForWhichScrubberInstallationWillBeFinanced
Namespace Prefix: | gnk_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | duration

X
- Definition Number of oldest vessels identified for sale, for which debt will be paid down. + References No definition available. + Details
Name: | gnk_NumberOfVesselsForDebtToPaidDown
Namespace Prefix: | gnk_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | duration

X
- Definition The percentage limit of consolidated net income for dividends to be paid if collateral maintenance test is met. + References No definition available. + Details
Name: | gnk_PercentageLimitOfConsolidatedNetIncomeForPaymentOfDistributions
Namespace Prefix: | gnk_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the percentage of scrubber costs to be financed. + References No definition available. + Details
Name: | gnk_PercentageOfScrubberCostsToBeFinanced
Namespace Prefix: | gnk_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount of cash outflow for prepayment of amortization payment before due date. + References No definition available. + Details
Name: | gnk_PrepaymentOfAmortizationPayment
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition The value of loan when the average age of the vessels serving as collateral from time to time reaches a specified period, following an initial non-amortization period and all additional debt covenants are met. + References No definition available. + Details
Name: | gnk_ValueOfLoanWhenAverageAgeOfCollateralVesselsReachSpecifiedPeriod
Namespace Prefix: | gnk_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Period remaining on line of credit facility before it terminates, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityExpirationPeriod
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of the required periodic payments of both interest and principal. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityPeriodicPayment
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(3) -URI http://asc.fasb.org/extlink&oid=109500613&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3255-108585 + Details
Name: | us-gaap_ProceedsFromIssuanceOfSecuredDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3291-108585 + Details
Name: | us-gaap_RepaymentsOfSecuredDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Details
Name: | us-gaap_CreditFacilityAxis=us-gaap_SecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=gnk_AmendedNordeaBankSeniorSecuredCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis=gnk_GencoCavalierMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=gnk_NordeaBankSeniorSecuredCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodAfterDecember312018Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodUponFinalMaturityOnMay312023Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodThroughDecember312018Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=gnk_NordeaBankSeniorSecuredCreditFacilityTrancheMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodToMarch302020Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodThroughSeptember302019Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodAfterMarch312020Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementScenarioAxis=gnk_PeriodAfterSeptember302019Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |