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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 16 – SUBSEQUENT EVENTS On November 3, 2021, the Company announced a regular quarterly dividend of $0.15 per share to be paid on or about November 22, 2021 to shareholders of record as of November 15, 2021. The aggregate amount of the dividend is expected to be approximately $6.3 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ On November 2, 2021, the Company completed the sale of 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 vessel assets for the Genco Provence have been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2021 at its net book value. This vessel served as collateral under the $450 Million Credit Facility, therefore $5,643 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 days 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://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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