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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2024
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 15 – SUBSEQUENT EVENTS ​ On July 5, 2024, the Company completed the sale of the Genco Warrior, a 2005-built Supramax vessel, to a third party for $11,950 less 3.0% commission payable to a third party. The vessel asset for the Genco Warrior has been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024 at its net book value. This vessel served as collateral under the $500 Million Revolver. ​ The Company expects to record a gain on the sale of the Genco Warrior of approximately $4 to $5 million during the third quarter of 2024. ​ On July 12, 2024, the Company made a voluntary debt prepayment of $5,000 under the $500 Million Revolver. ​ On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 less a 2.0% commission payable to a third party. The sale of the vessel is expected to be completed in October 2024. The vessel asset for the Genco Hadrian has been classified as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2024 at its net sales price. Refer to Note 2 – Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the second quarter of 2024. ​ On August 7, 2024, the Company announced a regular quarterly dividend of $0.34 per share to be paid on or about August 26, 2024 to shareholders of record as of August 19, 2024. The aggregate amount of the dividend is expected to be approximately $14.8 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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