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 investments58,142114,573143,872155,889197,499174,479
Cash and cash equivalents58,142114,573143,872155,889197,499174,479
Restricted cash and investments5,6435,64335,4926,0454,9477,234
Receivables26,51322,46514,90815,74023,15716,353
Inventory, net of allowances, customer advances and progress billings21,60124,56321,58327,20829,548 
Inventory21,60124,56321,58327,20829,548 
Prepaid expense 3,0983,1092,9982,8703,4261,452
Capitalized contract cost 2,4741,9831,6691,952 
Derivative instruments and hedges, assets6,312     
Asset, held-for-sale, not part of disposal group   22,40810,3035,702 
Other current assets 1,0421,3702,3051,3882,1771,746
Other undisclosed current assets6051,1241,9671,8003,99515,975
Total current assets:125,430174,830247,202223,195270,451217,239
Noncurrent Assets
Operating lease, right-of-use asset4,0785,4956,882 
Property, plant and equipment8,5567,2376,3935,9762,2901,014
Derivative instruments and hedges 4231,166    
Deposits noncurrent assets  18,543   514
Restricted cash and investments31531531531531523,233
Other undisclosed noncurrent assets1,035,064995,416972,0171,299,4061,354,4141,278,959
Total noncurrent assets:1,048,4361,028,172985,6071,305,6971,357,0191,303,720
TOTAL ASSETS:1,173,8661,203,0021,232,8091,528,8921,627,4701,520,959
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:29,47529,95622,79349,60429,14323,230
Accounts payable16,1629,39911,86426,04015,1109,863
Other undisclosed accounts payable and accrued liabilities13,31320,55710,92923,56414,03313,367
Deferred revenue4,95810,0818,421 
Debt   82,40769,74766,32024,497
Deferred revenue and credits4,722
Contract with customer, liability6,627 
Other undisclosed current liabilities2,1071,858 1,6776,404 
Total current liabilities:36,54041,895113,621127,655101,86752,449
Noncurrent Liabilities
Long-term debt and lease obligation164,921244,432366,994412,983468,828490,895
Long-term debt, excluding current maturities164,921238,229358,933412,983468,828490,895
Liabilities, other than long-term debt4,096 7,200 3,4682,588
Deferred revenue and credits3,4682,588
Deferred revenue   7,200 
Operating lease, liability4,0966,2038,061 
Other undisclosed noncurrent liabilities  (6,203) 9,826  
Total noncurrent liabilities:169,017244,432374,194422,809472,296493,483
Total liabilities:205,557286,327487,815550,464574,163545,932
Equity
Equity, attributable to parent967,433916,587744,994978,4281,053,307975,027
Common stock423419418417416345
Additional paid in capital1,588,7771,702,1661,713,4061,721,2681,740,1631,628,355
Accumulated other comprehensive income6,480825    
Accumulated deficit(628,247)(786,823)(968,830)(743,257)(687,272)(653,673)
Equity, attributable to noncontrolling interest87688    
Total equity:968,309916,675744,994978,4281,053,307975,027
TOTAL LIABILITIES AND EQUITY:1,173,8661,203,0021,232,8091,528,8921,627,4701,520,959

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
Revenues536,934547,129355,560389,496367,522209,698
Revenue, net209,698
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:192,946220,645(180,216)23,67476,7306,856
Operating expenses(25,708)(19,530)(23,121)(52,077)(76,214)(36,471)
Operating income (loss):167,238201,115(203,337)(28,403)516(29,615)
Nonoperating expense(7,874)(19,070)(22,236)(27,582)(33,456)(29,110)
Investment income, nonoperating1,0421541,0284,0953,8011,551
Other nonoperating income (expense)178541(851)501367(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:150,270162,280(247,986)(87,940)(37,473)(89,222)
Other undisclosed income from continuing operations before income taxes     4,53330,497
Income (loss) from continuing operations:150,270162,280(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 income9,09419,76522,41331,955  
Net income (loss):159,364182,045(225,573)(55,985)(32,940)(58,725)
Net loss attributable to noncontrolling interest(788)(38)    
Net income (loss) available to common stockholders, diluted:158,576182,007(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):159,364182,045(225,573)(55,985)(32,940)(58,725)
Other comprehensive income5,655825    
Comprehensive income (loss):165,019182,870(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:164,231182,832(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.

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