SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15 – SUBSEQUENT EVENTS On October 3, 2024, the Company entered into an agreement to acquire the Genco Intrepid, a 2016-built 180,000 dwt Capesize vessel, for a purchase price of $47,500. The vessel was delivered on October 23, 2024. We drew down $20,000 on the $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase. On October 4, 2024, the Company completed the sale of 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 vessel asset for the Genco Hadrian has been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2024 at its net sales price. This vessel served as collateral under the $500 Million Revolver. On October 14, 2024, the Company entered into a lease agreement to extend its current lease agreement for its main office space in New York, New York which will commence on October 1, 2025 until July 31, 2036. The lease agreement is for only the space currently occupied by the Company and the portion of the current lease that is currently being sublet will still expire on September 30, 2025. Annual rent expense under the new lease agreement will be approximately $0.7 million. On November 6, 2024, the Company announced a regular quarterly dividend of $0.40 per share to be paid on or about November 25, 2024 to shareholders of record as of November 18, 2024. The aggregate amount of the dividend is expected to be approximately $17.4 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

15 – SUBSEQUENT EVENTS

On October 3, 2024, the Company entered into an agreement to acquire the Genco Intrepid, a 2016-built 180,000 dwt Capesize vessel, for a purchase price of $47,500. The vessel was delivered on October 23, 2024. We drew down $20,000 on the $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.

On October 4, 2024, the Company completed the sale of 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 vessel asset for the Genco Hadrian has been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2024 at its net sales price. This vessel served as collateral under the $500 Million Revolver.

On October 14, 2024, the Company entered into a lease agreement to extend its current lease agreement for its main office space in New York, New York which will commence on October 1, 2025 until July 31, 2036. The lease agreement is for only the space currently occupied by the Company and the portion of the current lease that is currently being sublet will still expire on September 30, 2025. Annual rent expense under the new lease agreement will be approximately $0.7 million.

On November 6, 2024, the Company announced a regular quarterly dividend of $0.40 per share to be paid on or about November 25, 2024 to shareholders of record as of November 18, 2024. The aggregate amount of the dividend is expected to be approximately $17.4 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.