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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2024
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 15 – SUBSEQUENT EVENTS ​ On April 2, 2024, the Company completed the sale of the Genco Maximus, a 2009-built Capesize vessel, to a third party for $22,800 less 2.0% commission payable to a third party. The vessel asset for the Genco Maximus has been classified as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2024 at its estimated net realizable value pursuant to the original sales agreement that was cancelled on February 24, 2024. This vessel served as collateral under the $500 Million Revolver. ​ On April 22, 2024, the Company completed the sale of the Genco Claudius, a 2010-built Capesize vessel, to a third party for $24,200 less 2.0% commission payable to a third party. The vessel asset for the Genco Claudius has been classified as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2024 at its estimated net realizable value pursuant to the original sales agreement that was cancelled on February 24, 2024. This vessel served as collateral under the $500 Million Revolver. ​ The Company expects to record a gain on the sale of the Genco Maximus and Genco Claudius of approximately $9 to $10 million during the second quarter of 2024. ​ On April 9, 2024 and April 30, 2024, the Company made voluntary debt prepayments of $25,000 and $30,000, respectively, under the $500 Million Revolver. ​ On May 8, 2024, the Company announced a regular quarterly dividend of $0.42 per share to be paid on or about May 30, 2024 to shareholders of record as of May 22, 2024. The aggregate amount of the dividend is expected to be approximately $18.3 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. ​ ​

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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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