Genco Shipping & Trading Limited (GNK) Financial Statements (2024 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)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments46,54258,142114,573143,872155,889197,499
Cash and cash equivalents46,54258,142114,573143,872155,889197,499
Restricted cash and investments  5,6435,64335,4926,0454,947
Receivables19,21726,51322,46514,90815,74023,157
Inventory, net of allowances, customer advances and progress billings26,74921,60124,56321,58327,20829,548
Inventory26,74921,60124,56321,58327,20829,548
Prepaid expense 4,8083,0983,1092,9982,8703,426
Capitalized contract cost 1,9382,4741,9831,6691,952 
Derivative instruments and hedges, assets 5726,312    
Asset, held-for-sale, not part of disposal group55,440  22,40810,3035,702
Other current assets 6711,0421,3702,3051,3882,177
Other undisclosed current assets1,3356051,1241,9671,8003,995
Total current assets:157,272125,430174,830247,202223,195270,451
Noncurrent Assets
Operating lease, right-of-use asset2,6284,0785,4956,882 
Property, plant and equipment7,0718,5567,2376,3935,9762,290
Derivative instruments and hedges  4231,166   
Deposits noncurrent assets   18,543   
Restricted cash and investments315315315315315315
Other undisclosed noncurrent assets974,6161,035,064995,416972,0171,299,4061,354,414
Total noncurrent assets:984,6301,048,4361,028,172985,6071,305,6971,357,019
TOTAL ASSETS:1,141,9021,173,8661,203,0021,232,8091,528,8921,627,470
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:24,24529,47529,95622,79349,60429,143
Accounts payable10,65016,1629,39911,86426,04015,110
Other undisclosed accounts payable and accrued liabilities13,59513,31320,55710,92923,56414,033
Deferred revenue8,7464,95810,0818,421 
Debt    82,40769,74766,320
Contract with customer, liability6,627 
Other undisclosed current liabilities2,2952,1071,858 1,6776,404
Total current liabilities:35,28636,54041,895113,621127,655101,867
Noncurrent Liabilities
Long-term debt and lease obligation190,169164,921244,432366,994412,983468,828
Long-term debt, excluding current maturities190,169164,921238,229358,933412,983468,828
Liabilities, other than long-term debt1,8014,096 7,200 3,468
Deferred revenue and credits3,468
Deferred revenue    7,200 
Operating lease, liability1,8014,0966,2038,061 
Other undisclosed noncurrent liabilities   (6,203) 9,826 
Total noncurrent liabilities:191,970169,017244,432374,194422,809472,296
Total liabilities:227,256205,557286,327487,815550,464574,163
Equity
Equity, attributable to parent913,256967,433916,587744,994978,4281,053,307
Common stock425423419418417416
Additional paid in capital1,553,4211,588,7771,702,1661,713,4061,721,2681,740,163
Accumulated other comprehensive income 5276,480825   
Accumulated deficit(641,117)(628,247)(786,823)(968,830)(743,257)(687,272)
Equity, attributable to noncontrolling interest1,39087688   
Total equity:914,646968,309916,675744,994978,4281,053,307
TOTAL LIABILITIES AND EQUITY:1,141,9021,173,8661,203,0021,232,8091,528,8921,627,470

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues383,825536,934547,129355,560389,496367,522
Cost of revenue(361,404)(343,988)(326,484)(535,776)(365,822)(290,792)
Cost of goods and services sold(97,093)(99,469)(82,089)(87,420)(96,209)(97,427)
Gross profit:22,421192,946220,645(180,216)23,67476,730
Operating expenses(28,268)(25,708)(19,530)(23,121)(52,077)(76,214)
Operating income (loss):(5,847)167,238201,115(203,337)(28,403)516
Nonoperating expense(6,509)(7,874)(19,070)(22,236)(27,582)(33,456)
Investment income, nonoperating2,6671,0421541,0284,0953,801
Interest and debt expense(8,780)(9,094)(19,765)(22,413)(31,955)(4,533)
Income (loss) from continuing operations before equity method investments, income taxes:(21,136)150,270162,280(247,986)(87,940)(37,473)
Other undisclosed income from continuing operations before income taxes      4,533
Income (loss) from continuing operations:(21,136)150,270162,280(247,986)(87,940)(32,940)
Income (loss) before gain (loss) on sale of properties:162,280(247,986)(87,940)(32,940)
Other undisclosed net income8,7809,09419,76522,41331,955 
Net income (loss):(12,356)159,364182,045(225,573)(55,985)(32,940)
Net loss attributable to noncontrolling interest(514)(788)(38)   
Net income (loss) available to common stockholders, diluted:(12,870)158,576182,007(225,573)(55,985)(32,940)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):(12,356)159,364182,045(225,573)(55,985)(32,940)
Other comprehensive income (loss)(5,953)5,655825   
Comprehensive income (loss):(18,309)165,019182,870(225,573)(55,985)(32,940)
Comprehensive loss, net of tax, attributable to noncontrolling interest(514)(788)(38)   
Comprehensive income (loss), net of tax, attributable to parent:(18,823)164,231182,832(225,573)(55,985)(32,940)

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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