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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2025
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 16 – SUBSEQUENT EVENTS On August 6, 2025, the Company announced a regular quarterly dividend of $0.15 per share to be paid on or about August 25, 2025 to shareholders of record as of August 18, 2025. The aggregate amount of the dividend is expected to be approximately $6.6 million based on the number of shares currently outstanding, and the Company anticipates funding the dividend from cash on hand at the time the payment is to be made. ​ On July 10, 2025, the Company entered into a fifth amendment to amend, extend and upsize its existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of its asset base, as well as general corporate purposes. The Company expects to record approximately $0.7 million of debt extinguishment costs during the third quarter of 2025 in relation to this refinancing. Key terms of the $600 Million Revolver are as follows: ​
| ● | Maximum loan capacity has been increased to $600 million.
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| ● | The entire facility consists of a revolving credit facility.
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| ● | Borrowings bear interest of 1.75% to 2.15% plus the Secured Overnight Financing Rate (SOFR), based on the Company’s ratio of total net indebtedness to EBITDA.
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| ● | The interest rate of the Company’s borrowings may be further increased or decreased by a margin of 0.05% based on the Company’s performance regarding emissions targets.
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| ● | The maturity date has been extended from November 2028 to July 2030.
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| ● | The facility has a repayment profile of 20 years with no commitment reductions until March 31, 2027 based on covenant compliance.
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| ● | Collateral maintenance covenant was reduced from 140% to 135%, other key covenants remain substantially the same as those in the Company’s previous $500 Million Revolver.
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| ● | The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend.
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| ● | The collateral package currently includes all 42 vessels currently in the Company’s fleet and may also include future vessels the Company may own.
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| ● | Commitment fees are 35% of the applicable interest rate margin for unutilized commitments.
​ On July 10, 2025, the Company entered into an agreement to acquire a vessel to be renamed the Genco Courageous, a 2020 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63,550. The Company drew down $10,000 on its $500 Million Revolver on June 26, 2025 to fund the $6,355 deposit made on July 23, 2025, which will be held in an escrow account until the Company takes delivery of the vessel. The vessel is expected to be delivered between September and October 2025, and the Company anticipates drawing down on the $600 Million Revolver to finance the purchase. ​ ​

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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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