XML 34 R13.htm IDEA: XBRL DOCUMENT
v3.23.2

VESSEL ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
--- | ---
Jun. 30, 2023
VESSEL ACQUISITIONS AND DISPOSITIONS |
VESSEL ACQUISITIONS AND DISPOSITIONS | 4 - VESSEL ACQUISITIONS AND DISPOSITIONS ​ Vessel Acquisitions ​ On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29,170 each, that were renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The remaining purchase price of $40,838 was paid during the three months ended March 31, 2022 upon delivery of the vessels. ​ There was no capitalized interest expense associated with these newbuilding contracts during the three months ended June 30, 2023 and 2022. During the six months ended June 30, 2023 and 2022, capitalized interest expense was $0 and $5, respectively. ​ Vessel Dispositions ​ As of June 30, 2023 and December 31, 2022, the Company recorded $5,643 of current restricted cash in the Condensed Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. Pursuant to the $450 Million Credit Facility, the net proceeds received from the sale remained classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement 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. On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend this period with regard to net proceeds from the sale of the Genco Provence until October 28, 2023.

X
- Definition n/a + References No definition available. + Details
Name: | gnk_VesselAcquisitionsAndDispositionsAbstract
Namespace Prefix: | gnk_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of all information related to significant acquisitions and dispositions of vessels, which includes disclosure of any capitalized interest associated with acquired vessels as well as amortization of the fair market value of time charters acquired as part of vessel acquisitions. + References No definition available. + Details
Name: | gnk_VesselAcquisitionsAndDispositionsDisclosureTextBlock
Namespace Prefix: | gnk_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration