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GENERAL INFORMATION

12 Months Ended

Dec. 31, 2020

GENERAL INFORMATION

GENERAL INFORMATION

1 - GENERAL INFORMATION

The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2020, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.”

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus strain, or COVID-19, to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. Governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical changes, and closure of non-essential businesses. This has led to a significant slowdown in overall economic activity levels globally and a decline in demand for certain of the raw materials that our vessels transport.

At present, it is not possible to ascertain any future impact of COVID-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the results for 2020. However, an increase in the severity or duration or a resurgence of the COVID-19 pandemic and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends.

On June 19, 2018, the Company closed an equity offering of 7,015,000 shares of common stock at an offering price of $16.50 per share. The Company received net proceeds of $109,648 after deducting underwriters’ discounts and commissions and other expenses.

Other General Information

As of December 31, 2020, 2019 and 2018, the Company’s fleet consisted of 47, 55 and 59 vessels, respectively.

Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2020:


Wholly Owned Subsidiaries		Vessel Acquired		Dwt		Delivery Date		Year Built

Genco Augustus Limited		Genco Augustus		180,151		8/17/07		2007
Genco Tiberius Limited		Genco Tiberius		175,874		8/28/07		2007
Genco London Limited		Genco London		177,833		9/28/07		2007
Genco Titus Limited		Genco Titus		177,729		11/15/07		2007
Genco Warrior Limited		Genco Warrior		55,435		12/17/07		2005
Genco Predator Limited		Genco Predator		55,407		12/20/07		2005
Genco Hunter Limited		Genco Hunter		58,729		12/20/07		2007
Genco Constantine Limited		Genco Constantine		180,183		2/21/08		2008
Genco Hadrian Limited		Genco Hadrian		169,025		12/29/08		2008
Genco Commodus Limited		Genco Commodus		169,098		7/22/09		2009
Genco Maximus Limited		Genco Maximus		169,025		9/18/09		2009
Genco Claudius Limited		Genco Claudius		169,001		12/30/09		2010
Genco Avra Limited		Genco Avra		34,391		5/12/11		2011
Genco Mare Limited		Genco Mare		34,428		7/20/11		2011
Genco Spirit Limited		Genco Spirit		34,432		11/10/11		2011
Genco Aquitaine Limited		Genco Aquitaine		57,981		8/18/10		2009
Genco Ardennes Limited		Genco Ardennes		58,018		8/31/10		2009
Genco Auvergne Limited		Genco Auvergne		58,020		8/16/10		2009
Genco Bourgogne Limited		Genco Bourgogne		58,018		8/24/10		2010
Genco Brittany Limited		Genco Brittany		58,018		9/23/10		2010
Genco Languedoc Limited		Genco Languedoc		58,018		9/29/10		2010
Genco Lorraine Limited		Genco Lorraine		53,417		7/29/10		2009
Genco Picardy Limited		Genco Picardy		55,257		8/16/10		2005
Genco Provence Limited		Genco Provence		55,317		8/23/10		2004
Genco Pyrenees Limited		Genco Pyrenees		58,018		8/10/10		2010
Genco Rhone Limited		Genco Rhone		58,018		3/29/11		2011
Genco Weatherly Limited		Genco Weatherly		61,556		7/26/18		2014
Genco Columbia Limited		Genco Columbia		60,294		9/10/18		2016
Genco Endeavour Limited		Genco Endeavour		181,060		8/15/18		2015
Genco Resolute Limited		Genco Resolute		181,060		8/14/18		2015
Genco Defender Limited		Genco Defender		180,021		9/6/18		2016
Genco Liberty Limited		Genco Liberty		180,032		9/11/18		2016
Genco Magic Limited		Genco Magic		63,446		12/23/20		2014
Baltic Lion Limited		Baltic Lion		179,185		4/8/15	(1)	2012
Baltic Tiger Limited		Genco Tiger		179,185		4/8/15	(1)	2011
Baltic Leopard Limited		Baltic Leopard		53,446		4/8/10		2009
Baltic Panther Limited		Baltic Panther		53,350		4/29/10		2009
Baltic Cougar Limited		Baltic Cougar		53,432		5/28/10		2009
Baltic Bear Limited		Baltic Bear		177,717		5/14/10		2010
Baltic Wolf Limited		Baltic Wolf		177,752		10/14/10		2010
Baltic Cove Limited		Baltic Cove		34,403		8/23/10		2010
Baltic Fox Limited		Baltic Fox		31,883		9/6/13		2010
Baltic Hare Limited		Baltic Hare		31,887		9/5/13		2009
Baltic Hornet Limited		Baltic Hornet		63,574		10/29/14		2014
Baltic Wasp Limited		Baltic Wasp		63,389		1/2/15		2015
Baltic Scorpion Limited		Baltic Scorpion		63,462		8/6/15		2015
Baltic Mantis Limited		Baltic Mantis		63,470		10/9/15		2015

(1)	The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.