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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2023
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 15 – SUBSEQUENT EVENTS On October 10, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel to be renamed the Genco Ranger for a purchase price of $43,100. The vessel is expected to be delivered during mid-November 2023, and the Company intends to use a combination of cash on hand and the draw down on the revolving credit facility as noted below to finance the purchase. On October 23, 2023, the Company paid a deposit of $4,320, which is being held in an escrow account until the Company takes delivery of the vessel. ​ On October 16, 2023, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to further extend the period that the net proceeds received from the sale of the Genco Provence may be held as restricted cash to finance a qualifying replacement vessel until January 26, 2024. The restricted cash is expected to be released upon the delivery of the Genco Ranger during the fourth quarter of 2023. ​ On November 6, 2023, the Company drew down $35,000 under the revolver of the $450 Million Credit Facility to partially fund the anticipated acquisition of the Genco Ranger. ​ On November 8, 2023, the Company announced a regular quarterly dividend of $0.15 per share to be paid on or about November 30, 2023 to shareholders of record as of November 22, 2023. The aggregate amount of the dividend is expected to be approximately $6.5 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ In the fourth quarter of 2023, the Company entered into a commitment letter to amend, extend and upsize its existing $450 Million Credit Facility. The amended structure consists of a $500,000 revolving credit facility, which can be utilized to support growth of the Company’s asset base, as well as for general corporate purposes (the “$500 Million Revolver”). The $500 Million Revolver is subject to definitive documentation, potential changes in terms, the possibility that it may not be entered into, and fulfillment of customary conditions precedent. The $500 Million Revolver is expected to close during the fourth quarter of 2023. ​

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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