UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2018
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-33393
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)
|
Republic of the Marshall Islands |
|
98-043-9758 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
299 Park Avenue, 12th Floor, New York, New York 10171
(Address of principal executive offices) (Zip Code)
(646) 443-8550
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ☐ |
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Accelerated filer ☒ |
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Non-accelerated filer ☐ |
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Smaller reporting company ☐ |
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(Do not check if a smaller reporting company) |
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Emerging growth company ☐ |
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If emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
The number of shares outstanding of each of the issuer’s classes of common stock, as of May 9, 2018: Common stock, $0.01 per share — 34,532,004 shares.
Genco Shipping & Trading Limited
2
Website Information
We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor section. Accordingly, investors should monitor the Investor portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at the Investor Relations Home page of the Investor section of our website. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.
3
Genco Shipping & Trading Limited
Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017
(U.S. Dollars in thousands, except for share and per share data)
(Unaudited)
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March 31, |
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December 31, |
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||
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2018 |
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2017 |
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||
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Assets |
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Current assets: |
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|
|
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|
|
|
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Cash and cash equivalents |
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$ |
172,775 |
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$ |
174,479 |
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Restricted cash |
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5,447 |
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7,234 |
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Due from charterers, net of a reserve of $272 and $246, respectively |
|
|
13,286 |
|
|
12,855 |
|
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Prepaid expenses and other current assets |
|
|
9,878 |
|
|
7,338 |
|
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Inventories |
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19,894 |
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15,333 |
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Total current assets |
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221,280 |
|
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217,239 |
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|
|
|
|
|
|
|
|
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Noncurrent assets: |
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Vessels, net of accumulated depreciation of $199,511 and $213,431, respectively |
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1,195,115 |
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1,265,577 |
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Deferred drydock, net of accumulated amortization of $10,065 and $9,540 respectively |
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12,242 |
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13,382 |
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Fixed assets, net of accumulated depreciation and amortization of $1,019 and $1,003, respectively |
|
|
953 |
|
|
1,014 |
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Other noncurrent assets |
|
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— |
|
|
514 |
|
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Restricted cash |
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22,977 |
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23,233 |
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Total noncurrent assets |
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1,231,287 |
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1,303,720 |
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Total assets |
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$ |
1,452,567 |
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$ |
1,520,959 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
24,339 |
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$ |
23,230 |
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Current portion of long-term debt |
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24,308 |
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24,497 |
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Deferred revenue |
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5,104 |
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4,722 |
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Total current liabilities: |
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53,751 |
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52,449 |
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|
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|
|
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Noncurrent liabilities: |
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|
|
|
|
|
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Long-term lease obligations |
|
|
2,768 |
|
|
2,588 |
|
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Long-term debt, net of deferred financing costs of $8,459 and $9,032, respectively |
|
|
477,000 |
|
|
490,895 |
|
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Total noncurrent liabilities |
|
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479,768 |
|
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493,483 |
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|
|
|
|
|
|
|
|
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Total liabilities |
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533,519 |
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|
545,932 |
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|
|
|
|
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Commitments and contingencies |
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Equity: |
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|
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Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 34,532,004 shares at March 31, 2018 and December 31, 2017 |
|
|
345 |
|
|
345 |
|
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Additional paid-in capital |
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1,628,848 |
|
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1,628,355 |
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Retained deficit |
|
|
(710,145) |
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(653,673) |
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Total equity |
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919,048 |
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|
975,027 |
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Total liabilities and equity |
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$ |
1,452,567 |
|
$ |
1,520,959 |
|
See accompanying notes to condensed consolidated financial statements.
4
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2018 and 2017
(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)
(Unaudited)
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For the Three Months Ended |
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March 31, |
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||||
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2018 |
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2017 |
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Revenues: |
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Voyage revenues |
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$ |
76,916 |
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$ |
38,249 |
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|
|
|
|
|
|
|
|
|
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Total revenues |
|
|
76,916 |
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|
38,249 |
|
|
|
|
|
|
|
|
|
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Operating expenses: |
|
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Voyage expenses |
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21,093 |
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|
3,241 |
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Vessel operating expenses |
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23,767 |
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24,884 |
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General and administrative expenses (inclusive of nonvested stock amortization expense of $493 and $711, respectively) |
|
|
5,218 |
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|
4,909 |
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Technical management fees |
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1,948 |
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|
1,981 |
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Depreciation and amortization |
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|
16,886 |
|
|
18,173 |
|
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Impairment of vessel assets |
|
|
56,402 |
|
|
— |
|
|
Gain on sale of vessels |
|
|
— |
|
|
(6,369) |
|
|
|
|
|
|
|
|
|
|
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Total operating expenses |
|
|
125,314 |
|
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46,819 |
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Operating loss |
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(48,398) |
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(8,570) |
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|
|
|
|
|
|
|
|
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Other (expense) income: |
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|
|
|
|
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Other expense |
|
|
(85) |
|
|
(65) |
|
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Interest income |
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|
794 |
|
|
173 |
|
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Interest expense |
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|
(8,124) |
|
|
(7,138) |
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|
|
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|
|
|
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Other expense |
|
|
(7,415) |
|
|
(7,030) |
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|
|
|
|
|
|
|
|
|
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Loss before income taxes |
|
|
(55,813) |
|
|
(15,600) |
|
|
Income tax expense |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(55,813) |
|
$ |
(15,600) |
|
|
|
|
|
|
|
|
|
|
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Net loss per share-basic |
|
$ |
(1.61) |
|
$ |
(0.47) |
|
|
Net loss per share-diluted |
|
$ |
(1.61) |
|
$ |
(0.47) |
|
|
Weighted average common shares outstanding-basic |
|
|
34,577,990 |
|
|
33,495,738 |
|
|
Weighted average common shares outstanding-diluted |
|
|
34,577,990 |
|
|
33,495,738 |
|
See accompanying notes to condensed consolidated financial statements.
5
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Comprehensive Loss
For the Three Months Ended March 31, 2018 and 2017
(U.S. Dollars in Thousands)
(Unaudited)
|
|
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For the Three Months Ended |
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||||
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March 31, |
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||||
|
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2018 |
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2017 |
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||
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(55,813) |
|
$ |
(15,600) |
|
|
|
|
|
|
|
|
|
|
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Other comprehensive income |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
|
$ |
(55,813) |
|
$ |
(15,600) |
|
See accompanying notes to condensed consolidated financial statements.
6
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2018 and 2017
(U.S. Dollars in Thousands)
(Unaudited)
|
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|
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|
|
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|
|
|
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|
|
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|
|
|
|
|
|
|
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|
|
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||
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Series A |
|
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|
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Additional |
|
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|||
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|
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Preferred |
|
Common |
|
Paid-in |
|
Retained |
|
|
|
|||||
|
|
|
Stock |
|
Stock |
|
Capital |
|
Deficit |
|
Total Equity |
|
|||||
|
Balance — January 1, 2018 |
|
$ |
— |
|
$ |
345 |
|
$ |
1,628,355 |
|
$ |
(654,332) |
|
$ |
974,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
(55,813) |
|
|
(55,813) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested stock amortization |
|
|
|
|
|
|
|
|
493 |
|
|
|
|
|
493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance — March 31, 2018 |
|
$ |
— |
|
$ |
345 |
|
$ |
1,628,848 |
|
$ |
(710,145) |
|
$ |
919,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
Series A |
|
|
|
|
Additional |
|
|
|
|
|
|
|||
|
|
|
Preferred |
|
Common |
|
Paid-in |
|
Retained |
|
|
|
|
||||
|
|
|
Stock |
|
Stock |
|
Capital |
|
Deficit |
|
Total Equity |
|
|||||
|
Balance — January 1, 2017 |
|
$ |
120,789 |
|
$ |
74 |
|
$ |
1,503,784 |
|
$ |
(594,948) |
|
$ |
1,029,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
(15,600) |
|
|
(15,600) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of 27,061,856 shares of Series A Preferred Stock |
|
|
(120,789) |
|
|
270 |
|
|
120,519 |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested stock amortization |
|
|
|
|
|
|
|
|
711 |
|
|
|
|
|
711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance — March 31, 2017 |
|
$ |
— |
|
$ |
344 |
|
$ |
1,625,014 |
|
$ |
(610,548) |
|
$ |
1,014,810 |
|
See accompanying notes to condensed consolidated financial statements.
7
Genco Shipping & Trading Limited
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017
(U.S. Dollars in Thousands)
(Unaudited)
|
|
|
For the Three Months Ended |
|
||||
|
|
|
March 31, |
|
||||
|
|
|
2018 |
|
2017 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(55,813) |
|
$ |
(15,600) |
|
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
16,886 |
|
|
18,173 |
|
|
Amortization of deferred financing costs |
|
|
573 |
|
|
573 |
|
|
PIK interest, net |
|
|
— |
|
|
1,503 |
|
|
Amortization of nonvested stock compensation expense |
|
|
493 |
|
|
711 |
|
|
Impairment of vessel assets |
|
|
56,402 |
|
|
— |
|
|
Gain on sale of vessels |
|
|
— |
|
|
(6,369) |
|
|
Insurance proceeds for protection and indemnity claims |
|
|
68 |
|
|
180 |
|
|
Insurance proceeds for loss of hire claims |
|
|
— |
|
|
21 |
|
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) decrease in due from charterers |
|
|
(1,079) |
|
|
1,313 |
|
|
Increase in prepaid expenses and other current assets |
|
|
(3,740) |
|
|
(2,650) |
|
|
(Increase) decrease in inventories |
|
|
(4,561) |
|
|
1,382 |
|
|
Decrease in other noncurrent assets |
|
|
514 |
|
|
— |
|
|
Increase (decrease) in accounts payable and accrued expenses |
|
|
1,094 |
|
|
(3,184) |
|
|
(Decrease) increase in deferred revenue |
|
|
(110) |
|
|
28 |
|
|
Increase in lease obligations |
|
|
180 |
|
|
180 |
|
|
Deferred drydock costs incurred |
|
|
(1,446) |
|
|
(2,828) |
|
|
Net cash provided by (used in) operating activities |
|
|
9,461 |
|
|
(6,567) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of vessels, including deposits |
|
|
— |
|
|
(35) |
|
|
Purchase of other fixed assets |
|
|
(158) |
|
|
(21) |
|
|
Net proceeds from sale of vessels |
|
|
— |
|
|
12,597 |
|
|
Insurance proceeds for hull and machinery claims |
|
|
1,607 |
|
|
584 |
|
|
Net cash provided by investing activities |
|
|
1,449 |
|
|
13,125 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayments on the $400 Million Credit Facility |
|
|
(11,434) |
|
|
(100) |
|
|
Repayments on the $98 Million Credit Facility |
|
|
(2,542) |
|
|
— |
|
|
Repayments on the 2014 Term Loan Facilities |
|
|
(681) |
|
|
(681) |
|
|
Payment of Series A Preferred Stock issuance costs |
|
|
— |
|
|
(950) |
|
|
Net cash used in financing activities |
|
|
(14,657) |
|
|
(1,731) |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(3,747) |
|
|
4,827 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
204,946 |
|
|
169,068 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
201,199 |
|
$ |
173,895 |
|
See accompanying notes to condensed consolidated financial statements.
8
Genco Shipping & Trading Limited
(U.S. Dollars in Thousands, Except Per Share and Share Data)
Notes to Condensed Consolidated Financial Statements (unaudited)
1 - GENERAL INFORMATION
The accompanying condensed consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands, and as of March 31, 2018, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited; and the ship-owning subsidiaries as set forth below under “Other General Information.” As of March 31, 2018, Genco Ship Management LLC is the sole owner of all of the outstanding limited liability company interests of Genco Management (USA) LLC (“Genco (USA)”).
On November 15, 2016, the Company entered into stock purchase agreements (the “Purchase Agreements”) effective as of October 4, 2016 with funds or related entities managed Centerbridge Partners, L.P. or its affiliates (“Centerbridge”), Strategic Value Partners, LLC (“SVP”) and Apollo Global Management, LLC (“Apollo”). Pursuant to the Purchase Agreements, the Company completed the private placement of 27,061,856 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rata basis. The Company received net proceeds of $120,789 after deducting placement agents’ fees and expenses. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share, which were purchased by certain investors in a private placement (the “Conversion Proposal”). As a result of shareholder approval of the Conversion Proposal, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017.
Other General Information
Below is the list of the Company’s wholly owned ship-owning subsidiaries as of March 31, 2018:
|
Wholly Owned Subsidiaries |
|
Vessel Acquired |
|
Dwt |
|
Delivery Date |
|
Year Built |
|
|
|
|
|
|
|
|
|
|
|
|
|
Genco Vigour Limited |
|
Genco Vigour |
|
73,941 |
|
12/15/04 |
|
1999 |
|
|
Genco Explorer Limited |
|
Genco Explorer |
|
29,952 |
|
12/17/04 |
|
1999 |
|
|
Genco Progress Limited |
|
Genco Progress |
|
29,952 |
|
1/12/05 |
|
1999 |
|
|
Genco Beauty Limited |
|
Genco Beauty |
|
73,941 |
|
2/7/05 |
|
1999 |
|
|
Genco Knight Limited |
|
Genco Knight |
|
73,941 |
|
2/16/05 |
|
1999 |
|
|
Genco Muse Limited |
|
Genco Muse |
|
48,913 |
|
10/14/05 |
|
2001 |
|
|
Genco Surprise Limited |
|
Genco Surprise |
|
72,495 |
|
11/17/06 |
|
1998 |
|
|
Genco Augustus Limited |
|
Genco Augustus |
|
180,151 |
|
8/17/07 |
|
2007 |
|
|
Genco Tiberius Limited |
|
Genco Tiberius |
|
175,874 |
|
8/28/07 |
|
2007 |
|
|
Genco London Limited |
|
Genco London |
|
177,833 |
|
9/28/07 |
|
2007 |
|
|
Genco Titus Limited |
|
Genco Titus |
|
177,729 |
|
11/15/07 |
|
2007 |
|
|
Genco Challenger Limited |
|
Genco Challenger |
|
28,428 |
|
12/14/07 |
|
2003 |
|
|
Genco Charger Limited |
|
Genco Charger |
|
28,398 |
|
12/14/07 |
|
2005 |
|
|
Genco Warrior Limited |
|
Genco Warrior |
|
55,435 |
|
12/17/07 |
|
2005 |
|
|
Genco Predator Limited |
|
Genco Predator |
|
55,407 |
|
12/20/07 |
|
2005 |
|
|
Genco Hunter Limited |
|
Genco Hunter |
|
58,729 |
|
12/20/07 |
|
2007 |
|
|
Genco Champion Limited |
|
Genco Champion |
|
28,445 |
|
1/2/08 |
|
2006 |
|
|
Genco Constantine Limited |
|
Genco Constantine |
|
180,183 |
|
2/21/08 |
|
2008 |
|
|
Genco Raptor LLC |
|
Genco Raptor |
|
76,499 |
|
6/23/08 |
|
2007 |
|
|
Genco Cavalier LLC |
|
Genco Cavalier |
|
53,617 |
|
7/17/08 |
|
2007 |
|
|
Genco Thunder LLC |
|
Genco Thunder |
|
76,588 |
|
9/25/08 |
|
2007 |
|
|
Genco Hadrian Limited |
|
Genco Hadrian |
|
169,025 |
|
12/29/08 |
|
2008 |
|
|
Genco Commodus Limited |
|
Genco Commodus |
|
169,098 |
|
7/22/09 |
|
2009 |
|
|
Genco Maximus Limited |
|
Genco Maximus |
|
169,025 |
|
9/18/09 |
|
2009 |
|
|
Genco Claudius Limited |
|
Genco Claudius |
|
169,001 |
|
12/30/09 |
|
2010 |
|
|
Genco Bay Limited |
|
Genco Bay |
|
34,296 |
|
8/24/10 |
|
2010 |
|
|
Genco Ocean Limited |
|
Genco Ocean |
|
34,409 |
|
7/26/10 |
|
2010 |
|
9
|
Wholly Owned Subsidiaries |
|
Vessel Acquired |
|
Dwt |
|
Delivery Date |
|
Year Built |
|
|
|
|
|
|
|
|
|
|
|
|
|
Genco Avra Limited |
|
Genco Avra |
|
34,391 |
|
5/12/11 |
|
2011 |
|
|
Genco Mare Limited |
|
Genco Mare |
|
34,428 |
|
7/20/11 |
|
2011 |
|
|
Genco Spirit Limited |
|
Genco Spirit |
|
34,432 |
|
11/10/11 |
|
2011 |
|
|
Genco Aquitaine Limited |
|
Genco Aquitaine |
|
57,981 |
|
8/18/10 |
|
2009 |
|
|
Genco Ardennes Limited |
|
Genco Ardennes |
|
58,018 |
|
8/31/10 |
|
2009 |
|
|
Genco Auvergne Limited |
|
Genco Auvergne |
|
58,020 |
|
8/16/10 |
|
2009 |
|
|
Genco Bourgogne Limited |
|
Genco Bourgogne |
|
58,018 |
|
8/24/10 |
|
2010 |
|
|
Genco Brittany Limited |
|
Genco Brittany |
|
58,018 |
|
9/23/10 |
|
2010 |
|
|
Genco Languedoc Limited |
|
Genco Languedoc |
|
58,018 |
|
9/29/10 |
|
2010 |
|
|
Genco Loire Limited |
|
Genco Loire |
|
53,430 |
|
8/4/10 |
|
2009 |
|
|
Genco Lorraine Limited |
|
Genco Lorraine |
|
53,417 |
|
7/29/10 |
|
2009 |
|
|
Genco Normandy Limited |
|
Genco Normandy |
|
53,596 |
|
8/10/10 |
|
2007 |
|
|
Genco Picardy Limited |
|
Genco Picardy |
|
55,257 |
|
8/16/10 |
|
2005 |
|
|
Genco Provence Limited |
|
Genco Provence |
|
55,317 |
|
8/23/10 |
|
2004 |
|
|
Genco Pyrenees Limited |
|
Genco Pyrenees |
|
58,018 |
|
8/10/10 |
|
2010 |
|
|
Genco Rhone Limited |
|
Genco Rhone |
|
58,018 |
|
3/29/11 |
|
2011 |
|
|
Baltic Lion Limited |
|
Baltic Lion |
|
179,185 |
|
4/8/15 |
(1) |
2012 |
|
|
Baltic Tiger Limited |
|
Genco Tiger |
|
179,185 |
|
4/8/15 |
(1) |
2011 |
|
|
Baltic Leopard Limited |
|
Baltic Leopard |
|
53,446 |
|
4/8/10 |
(2) |
2009 |
|
|
Baltic Panther Limited |
|
Baltic Panther |
|
53,350 |
|
4/29/10 |
(2) |
2009 |
|
|
Baltic Cougar Limited |
|
Baltic Cougar |
|
53,432 |
|
5/28/10 |
(2) |
2009 |
|
|
Baltic Jaguar Limited |
|
Baltic Jaguar |
|
53,473 |
|
5/14/10 |
(2) |
2009 |
|
|
Baltic Bear Limited |
|
Baltic Bear |
|
177,717 |
|
5/14/10 |
(2) |
2010 |
|
|
Baltic Wolf Limited |
|
Baltic Wolf |
|
177,752 |
|
10/14/10 |
(2) |
2010 |
|
|
Baltic Wind Limited |
|
Baltic Wind |
|
34,408 |
|
8/4/10 |
(2) |
2009 |
|
|
Baltic Cove Limited |
|
Baltic Cove |
|
34,403 |
|
8/23/10 |
(2) |
2010 |
|
|
Baltic Breeze Limited |
|
Baltic Breeze |
|
34,386 |
|
10/12/10 |
(2) |
2010 |
|
|
Baltic Fox Limited |
|
Baltic Fox |
|
31,883 |
|
9/6/13 |
(2) |
2010 |
|
|
Baltic Hare Limited |
|
Baltic Hare |
|
31,887 |
|
9/5/13 |
(2) |
2009 |
|
|
Baltic Hornet Limited |
|
Baltic Hornet |
|
63,574 |
|
10/29/14 |
(2) |
2014 |
|
|
Baltic Wasp Limited |
|
Baltic Wasp |
|
63,389 |
|
1/2/15 |
(2) |
2015 |
|
|
Baltic Scorpion Limited |
|
Baltic Scorpion |
|
63,462 |
|
8/6/15 |
|
2015 |
|
|
Baltic Mantis Limited |
|
Baltic Mantis |
|
63,470 |
|
10/9/15 |
|
2015 |
|
|
(1) |
The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading Limited (“Baltic Trading”). |
|
(2) |
The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading. |
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries, including Baltic Trading. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017 (the “2017 10-K”). The results of operations for the three months ended March 31, 2018 are not necessarily indicative o