Genco Shipping & Trading Limited (GNK) Financial Statements (2023 and earlier)
Company Profile
| Business Address |
299 PARK AVENUE NEW YORK, NY 10171 |
| State of Incorp. | |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4412 - Deep Sea Foreign Transportation of Freight (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 3/31/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 58,142 | 114,573 | 143,872 | 155,889 | 197,499 | 174,479 | |||
| Cash and cash equivalents | 58,142 | 114,573 | 143,872 | 155,889 | 197,499 | 174,479 | |||
| Restricted cash and investments | 5,643 | 5,643 | 35,492 | 6,045 | 4,947 | 7,234 | |||
| Receivables | 26,513 | 22,465 | 14,908 | 15,740 | 23,157 | 16,353 | |||
| Inventory, net of allowances, customer advances and progress billings | 21,601 | 24,563 | 21,583 | 27,208 | 29,548 | ||||
| Inventory | 21,601 | 24,563 | 21,583 | 27,208 | 29,548 | ||||
| Prepaid expense | 3,098 | 3,109 | 2,998 | 2,870 | 3,426 | 1,452 | |||
| Capitalized contract cost | 2,474 | 1,983 | 1,669 | 1,952 | ✕ | ||||
| Derivative instruments and hedges, assets | 6,312 | ||||||||
| Asset, held-for-sale, not part of disposal group | 22,408 | 10,303 | 5,702 | ||||||
| Other current assets | 1,042 | 1,370 | 2,305 | 1,388 | 2,177 | 1,746 | |||
| Other undisclosed current assets | 605 | 1,124 | 1,967 | 1,800 | 3,995 | 15,975 | |||
| Total current assets: | 125,430 | 174,830 | 247,202 | 223,195 | 270,451 | 217,239 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 4,078 | 5,495 | 6,882 | ✕ | ✕ | ||||
| Property, plant and equipment | 8,556 | 7,237 | 6,393 | 5,976 | 2,290 | 1,014 | |||
| Derivative instruments and hedges | 423 | 1,166 | |||||||
| Deposits noncurrent assets | 18,543 | 514 | |||||||
| Restricted cash and investments | 315 | 315 | 315 | 315 | 315 | 23,233 | |||
| Other undisclosed noncurrent assets | 1,035,064 | 995,416 | 972,017 | 1,299,406 | 1,354,414 | 1,278,959 | |||
| Total noncurrent assets: | 1,048,436 | 1,028,172 | 985,607 | 1,305,697 | 1,357,019 | 1,303,720 | |||
| TOTAL ASSETS: | 1,173,866 | 1,203,002 | 1,232,809 | 1,528,892 | 1,627,470 | 1,520,959 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities, including: | 29,475 | 29,956 | 22,793 | 49,604 | 29,143 | 23,230 | |||
| Accounts payable | 16,162 | 9,399 | 11,864 | 26,040 | 15,110 | 9,863 | |||
| Other undisclosed accounts payable and accrued liabilities | 13,313 | 20,557 | 10,929 | 23,564 | 14,033 | 13,367 | |||
| Deferred revenue | 4,958 | 10,081 | 8,421 | ✕ | ✕ | ||||
| Debt | 82,407 | 69,747 | 66,320 | 24,497 | |||||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 4,722 | ||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | 6,627 | ✕ | |||
| Other undisclosed current liabilities | 2,107 | 1,858 | 1,677 | 6,404 | |||||
| Total current liabilities: | 36,540 | 41,895 | 113,621 | 127,655 | 101,867 | 52,449 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 164,921 | 244,432 | 366,994 | 412,983 | 468,828 | 490,895 | |||
| Long-term debt, excluding current maturities | 164,921 | 238,229 | 358,933 | 412,983 | 468,828 | 490,895 | |||
| Liabilities, other than long-term debt | 4,096 | 7,200 | 3,468 | 2,588 | |||||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | 3,468 | 2,588 | ||
| Deferred revenue | 7,200 | ✕ | ✕ | ||||||
| Operating lease, liability | 4,096 | 6,203 | 8,061 | ✕ | ✕ | ||||
| Other undisclosed noncurrent liabilities | (6,203) | 9,826 | |||||||
| Total noncurrent liabilities: | 169,017 | 244,432 | 374,194 | 422,809 | 472,296 | 493,483 | |||
| Total liabilities: | 205,557 | 286,327 | 487,815 | 550,464 | 574,163 | 545,932 | |||
| Equity | |||||||||
| Equity, attributable to parent | 967,433 | 916,587 | 744,994 | 978,428 | 1,053,307 | 975,027 | |||
| Common stock | 423 | 419 | 418 | 417 | 416 | 345 | |||
| Additional paid in capital | 1,588,777 | 1,702,166 | 1,713,406 | 1,721,268 | 1,740,163 | 1,628,355 | |||
| Accumulated other comprehensive income | 6,480 | 825 | |||||||
| Accumulated deficit | (628,247) | (786,823) | (968,830) | (743,257) | (687,272) | (653,673) | |||
| Equity, attributable to noncontrolling interest | 876 | 88 | |||||||
| Total equity: | 968,309 | 916,675 | 744,994 | 978,428 | 1,053,307 | 975,027 | |||
| TOTAL LIABILITIES AND EQUITY: | 1,173,866 | 1,203,002 | 1,232,809 | 1,528,892 | 1,627,470 | 1,520,959 | |||
Income Statement (P&L) ($ in thousands)
| 3/31/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 536,934 | 547,129 | 355,560 | 389,496 | 367,522 | 209,698 | ||
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 209,698 | |
| Cost of revenue | (343,988) | (326,484) | (535,776) | (365,822) | (290,792) | (202,842) | ||
| Cost of goods and services sold | (99,469) | (82,089) | (87,420) | (96,209) | (97,427) | (98,086) | ||
| Gross profit: | 192,946 | 220,645 | (180,216) | 23,674 | 76,730 | 6,856 | ||
| Operating expenses | (25,708) | (19,530) | (23,121) | (52,077) | (76,214) | (36,471) | ||
| Operating income (loss): | 167,238 | 201,115 | (203,337) | (28,403) | 516 | (29,615) | ||
| Nonoperating expense | (7,874) | (19,070) | (22,236) | (27,582) | (33,456) | (29,110) | ||
| Investment income, nonoperating | 1,042 | 154 | 1,028 | 4,095 | 3,801 | 1,551 | ||
| Other nonoperating income (expense) | 178 | 541 | (851) | 501 | 367 | (164) | ||
| Interest and debt expense | (9,094) | (19,765) | (22,413) | (31,955) | (4,533) | (30,497) | ||
| Income (loss) from continuing operations before equity method investments, income taxes: | 150,270 | 162,280 | (247,986) | (87,940) | (37,473) | (89,222) | ||
| Other undisclosed income from continuing operations before income taxes | 4,533 | 30,497 | ||||||
| Income (loss) from continuing operations: | 150,270 | 162,280 | (247,986) | (87,940) | (32,940) | (58,725) | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | 162,280 | (247,986) | (87,940) | (32,940) | (58,725) | ||
| Other undisclosed net income | 9,094 | 19,765 | 22,413 | 31,955 | ||||
| Net income (loss): | 159,364 | 182,045 | (225,573) | (55,985) | (32,940) | (58,725) | ||
| Net loss attributable to noncontrolling interest | (788) | (38) | ||||||
| Net income (loss) available to common stockholders, diluted: | 158,576 | 182,007 | (225,573) | (55,985) | (32,940) | (58,725) | ||
Comprehensive Income ($ in thousands)
| 3/31/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 159,364 | 182,045 | (225,573) | (55,985) | (32,940) | (58,725) | ||
| Other comprehensive income | 5,655 | 825 | ||||||
| Comprehensive income (loss): | 165,019 | 182,870 | (225,573) | (55,985) | (32,940) | (58,725) | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (788) | (38) | ||||||
| Comprehensive income (loss), net of tax, attributable to parent: | 164,231 | 182,832 | (225,573) | (55,985) | (32,940) | (58,725) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.