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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2020
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 15 – SUBSEQUENT EVENTS On November 4, 2020, the Company announced a regular quarterly dividend of $0.02 per share to be paid on or about November 25, 2020 to shareholders of record as of November 17, 2020. The aggregate amount of the dividend is expected to be approximately $0.8 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ On November 3, 2020, the Company entered into an agreement to sell the Baltic Panther, a 2009-built Supramax vessel, to a third party for $7,510 less a 3.0% commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2020. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the third quarter of 2020. ​ On October 16, 2020, the Company entered into an agreement to sell the Genco Loire, a 2009-built Supramax vessel, to a third party for $7,650 less a 2.0% commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2020. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the third quarter of 2020. ​ On October 16, 2020, the Company completed the sale of the Baltic Jaguar, a 2009-built Supramax vessel, to a third party for $7,300 less a 3.0% broker commission payable to a third party. Additionally, on October 1, 2020, the Company completed the sale of the Genco Bay, a 2010-built Handysize vessel, to a third party for $7,900 less a 2.0% broker commission payable to a third party. The vessel assets for the Baltic Jaguar and Genco Bay have been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2020. Refer also to Note 4 — Vessel Acquisitions and Dispositions. The Company expects to record a net loss on the sale of the Baltic Jaguar during the fourth quarter of 2020 of between approximately $200 and $400. The Company expects to record a net loss on the sale of the Genco Bay during the fourth quarter of 2020 between $300 and $500. ​ These vessels served as collateral under the $495 Million Credit Facility; therefore, $4,054 and $4,798 of the net proceeds received from the sale of the Baltic Jaguar and Genco Bay, respectively, will remain classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360 day period, the Company will be required to use the proceeds as a loan prepayment.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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