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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2021
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 16 – SUBSEQUENT EVENTS On August 4, 2021, the Company announced a regular quarterly dividend of $0.10 per share to be paid on or about August 25, 2021 to shareholders of record as of August 17, 2021. The aggregate amount of the dividend is expected to be approximately $4.2 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ On August 3, 2021, the Company entered into an agreement for a $450,000 five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility (the “$450 Million Credit Facility”). The Company intends to use the $450 Million Credit Facility to refinance the Company’s $495 Million Credit Facility and its $133 Million Credit Facility. The Company expects to record approximately $4.0 million to $5.0 million of debt extinguishment costs during the third quarter of 2021 in relation to this refinancing. ​ On July 16, 2021, the Company entered into an agreement to sell the Genco Provence, a 2004-built Supramax vessel, to a third party for $13,250 less a 2.5% commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2021. The Company did not record any impairment expense as the net sales price exceeds the net book value of the vessel assets. ​ On July 6, 2021, the Company completed the sale of the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $7,950 less a 2.5% commission payable to a third party. The vessel asset for the Genco Lorraine has been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2021 at its estimated net realizable value. This vessel served as collateral under the $495 Million Credit Facility; therefore $4,144 of the net proceeds received from the sale will remain classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels 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. Additionally, on July 2, 2021 and July 26, 2021, the Company made a $4,575 and a $4,797 loan prepayment for the Baltic Wind and the Baltic Breeze, respectively, in accordance with these terms under the $495 Million Credit Facility. The Baltic Wind and the Baltic Breeze were sold during July 2020. ​ On July 2, 2021, the Company entered into an agreement to purchase two 2017-built, 63,000 dwt Ultramax vessels for a purchase price of $24,563 each, to be renamed the Genco Mayflower and Genco Constellation, and one 2014-built, 63,000 dwt Ultramax vessel for a purchase price of $21,875, to be renamed the Genco Madeleine. The vessels are expected to deliver during the third quarter of 2021 and the Company intends to use a combination of cash on hand and debt to finance the purchase. On July 13, 2021, the Company paid deposits of $14,200, which are being held in an escrow account until the Company takes delivery of the vessels. ​

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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