10-Q

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 June 30, 2016

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
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares outstanding of each of the issuer’s classes of common stock, as of August 9, 2016: Common stock, $0.01 per share— 7,354,449 shares.

Genco Shipping & Trading Limited

			Page
	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	a)	Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015	4
	b)	Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2016 and 2015	5
	c)	Condensed Consolidated Statements of Comprehensive Loss for the Three  and Six Months ended June 30, 2016 and 2015	6
	d)	Condensed Consolidated Statements of Equity for the Six Months ended June 30, 2016 and 2015	7
	e)	Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2016 and 2015	8
	f)	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		75
Item 4.	Controls and Procedures		76
	PART II —OTHER INFORMATION
Item 1A.	Risk Factors		77
Item 5.	Other Information		78
Item 6.	Exhibits		78

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

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Genco Shipping & Trading Limited

Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015

(U.S. Dollars in thousands, except for share and per share data)

(Unaudited)

	June 30,		December 31,
	2016		2015
Assets
Current assets:
Cash and cash equivalents	$	56,662	$	121,074
Restricted cash		19,500		19,500
Due from charterers, net of a reserve of $167 and $429, respectively		8,249		10,586
Prepaid expenses and other current assets		19,145		21,369
Total current assets		103,556		172,529
Noncurrent assets:
Vessels, net of accumulated depreciation of $128,899 and $107,998, respectively		1,401,162		1,508,221
Deferred drydock, net of accumulated amortization of $4,385 and $3,207 respectively		13,515		16,177
Deferred financing costs, net of accumulated amortization of $1,136 and $734, respectively		2,892		3,294
Fixed assets, net of accumulated depreciation and amortization of $563 and $404, respectively		1,154		1,286
Other noncurrent assets		514		514
Restricted cash		315		315
Investments		7,280		12,327
Total noncurrent assets		1,426,832		1,542,134
Total assets	$	1,530,388	$	1,714,663
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	22,832	$	27,467
Current portion of long-term debt, net of deferred financing costs of $8,355 and $9,411, respectively		553,301		579,023
Deferred revenue		995		1,058
Total current liabilities:		577,128		607,548
Noncurrent liabilities:
Long-term lease obligations		1,509		1,149
Total noncurrent liabilities		1,509		1,149
Total liabilities		578,637		608,697
Commitments and contingencies
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; issued and outstanding 7,354,449 and 7,289,823 shares at June 30, 2016 and December 31, 2015, respectively		74		73
Additional paid-in capital		1,494,032		1,483,105
Accumulated other comprehensive loss		(26)		(21)
Retained deficit		(542,329)		(377,191)
Total equity		951,751		1,105,966
Total liabilities and equity	$	1,530,388	$	1,714,663

See accompanying notes to condensed consolidated financial statements.

4

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015

(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)

(Unaudited)

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Revenues:
Voyage revenues	$	31,460	$	33,772	$	51,590	$	67,381
Service revenues		414		819		1,225		1,629
Total revenues		31,874		34,591		52,815		69,010
Operating expenses:
Voyage expenses		3,074		3,757		6,970		8,137
Vessel operating expenses		28,538		29,928		57,665		58,599
General, administrative and management fees		13,853		26,491		26,708		46,815
Depreciation and amortization		19,686		19,399		40,025		38,809
Other operating income		(182)		—		(182)		—
Impairment of vessel assets		67,594		—		69,278		35,396
Loss on sale of vessels		77		1,210		77		1,210
Total operating expenses		132,640		80,785		200,541		188,966
Operating loss		(100,766)		(46,194)		(147,726)		(119,956)
Other (expense) income:
Impairment of investment		(2,696)		—		(2,696)		—
Other expense		(50)		(65)		(174)		(54)
Interest income		33		25		95		49
Interest expense		(7,013)		(4,687)		(14,127)		(9,012)
Other expense		(9,726)		(4,727)		(16,902)		(9,017)
Loss before reorganization items, net		(110,492)		(50,921)		(164,628)		(128,973)
Reorganization items, net		(65)		(313)		(160)		(833)
Loss before income taxes		(110,557)		(51,234)		(164,788)		(129,806)
Income tax expense		(96)		(718)		(350)		(1,260)
Net loss		(110,653)		(51,952)		(165,138)		(131,066)
Less: Net loss attributable to noncontrolling interest		—		(11,620)		—		(52,293)
Net loss attributable to Genco Shipping & Trading Limited	$	(110,653)	$	(40,332)	$	(165,138)	$	(78,773)
Net loss per share-basic	$	(15.32)	$	(6.67)	$	(22.87)	$	(13.03)
Net loss per share-diluted	$	(15.32)	$	(6.67)	$	(22.87)	$	(13.03)
Weighted average common shares outstanding-basic		7,221,735		6,048,719		7,220,265		6,045,915
Weighted average common shares outstanding-diluted		7,221,735		6,048,719		7,220,265		6,045,915

See accompanying notes to condensed consolidated financial statements.

5

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Comprehensive Loss

For the Three and Six Months Ended June 30, 2016 and 2015

(U.S. Dollars in Thousands)

(Unaudited)

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Net loss	$	(110,653)	$	(51,952)	$	(165,138)	$	(131,066)
Other comprehensive loss		(864)		(3,402)		(5)		(1,043)
Comprehensive loss		(111,517)		(55,354)		(165,143)		(132,109)
Less: Comprehensive loss attributable to noncontrolling interest		—		(11,620)		—		(52,293)
Comprehensive loss attributable to Genco Shipping & Trading Limited	$	(111,517)	$	(43,734)	$	(165,143)	$	(79,816)

See accompanying notes to condensed consolidated financial statements.

6

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Equity

For the Six Months Ended June 30, 2016 and 2015

(U.S. Dollars in Thousands)

(Unaudited)

									Genco
									Shipping &
					Accumulated				Trading
			Additional		Other				Limited
	Common		Paid-in		Comprehensive		Retained		Shareholders’		Noncontrolling
	Stock		Capital		Loss		Deficit		Equity		Interest		TotalEquity
Balance — January 1,2016	$	73	$	1,483,105	$	(21)	$	(377,191)	$	1,105,966	$	—	$	1,105,966
Net loss								(165,138)		(165,138)		—		(165,138)
Other comprehensive loss						(5)				(5)		—		(5)
Issuance of 61,244 shares of nonvested stock		1		(1)						—		—		—
Issuance of 3,138 shares of vested RSUs		—		—						—		—		—
Nonvested stock amortization				10,928						10,928		—		10,928
Balance — June 30, 2016	$	74	$	1,494,032	$	(26)	$	(542,329)	$	951,751	$	—	$	951,751

									Genco
									Shipping &
					Accumulated				Trading
			Additional		Other				Limited
	Common		Paid-in		Comprehensive		Retained		Shareholders’		Noncontrolling
	Stock		Capital		Loss		Deficit		Equity		Interest		Total Equity
Balance — January 1, 2015	$	62	$	1,251,750	$	(25,317)	$	(182,294)	$	1,044,201	$	248,573	$	1,292,774
Net loss								(78,773)		(78,773)		(52,293)		(131,066)
Other comprehensive loss						(1,043)				(1,043)		—		(1,043)
Settlement of non-accredited Note holders				(414)						(414)		—		(414)
Equity effect of purchase of entities under common control				590						590		—		590
Nonvested stock amortization				23,215						23,215		1,608		24,823
Balance - June 30, 2015	$	62	$	1,275,141	$	(26,360)	$	(261,067)	$	987,776	$	197,888	$	1,185,664

See accompanying notes to condensed consolidated financial statements.

7

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015

(U.S. Dollars in Thousands)

(Unaudited)

	For the Six Months Ended
	June 30,
	2016		2015
Cash flows from operating activities:
Net loss	$	(165,138)	$	(131,066)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		40,025		38,809
Amortization of deferred financing costs		1,458		1,051
Amortization of nonvested stock compensation expense		10,928		24,823
Impairment of vessel assets		69,278		35,396
Loss on sale of vessel assets		77		900
Impairment of investment		2,696		—
Realized loss on sale of investment		92		—
Change in assets and liabilities:
Decrease in due from charterers		2,337		283
Decrease (increase) in prepaid expenses and other current assets		2,131		(200)
(Decrease) increase in accounts payable and accrued expenses		(4,338)		7,075
(Decrease) increase in deferred revenue		(63)		1
Increase in lease obligations		360		399
Deferred drydock costs incurred		(1,073)		(7,301)
Net cash used in operating activities		(41,230)		(29,830)
Cash flows from investing activities:
Purchase of vessels, including deposits		(380)		(24,719)
Purchase of other fixed assets		(207)		(353)
Net proceeds from sale of vessel assets		1,923		—
Sale of AFS securities		2,361		—
Changes in deposits of restricted cash		—		19,645
Net cash provided by (used in) investing activities		3,697		(5,427)
Cash flows from financing activities:
Repayments on the $100 Million Term Loan Facility		(3,846)		(3,846)
Repayments on the $253 Million Term Loan Facility		(10,150)		(10,150)
Proceeds from the 2015 Revolving Credit Facility		—		25,000
Repayments on the 2015 Revolving Credit Facility		(3,282)		—
Repayments on the $44 Million Term Loan Facility		(1,375)		(1,375)
Proceeds from the $148 Million Credit Facility		—		115,000
Repayments on the $148 Million Credit Facility		(5,994)		(2,447)
Repayments on the 2010 Credit Facility		—		(102,250)
Repayments on the $22 Million Term Loan Facility		(750)		(750)
Repayments on the 2014 Term Loan Facilities		(1,381)		(700)
Cash settlement of non-accredited Note holders		(101)		(720)
Payment of deferred financing costs		—		(4,271)
Net cash (used in) provided by financing activities		(26,879)		13,491
Net decrease in cash and cash equivalents		(64,412)		(21,766)
Cash and cash equivalents at beginning of period		121,074		83,414
Cash and cash equivalents at end of period	$	56,662	$	61,648

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 including Baltic Trading Limited (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 June 30, 2016, is the sole 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; and the ship-owning subsidiaries as set forth below under “Other General Information.”  As of June 30, 2016, Genco Ship Management LLC is the sole owner of all of the outstanding limited liability company interests of Genco Management (USA) LLC.

On April 15, 2016, the shareholders of the Company approved, at a Special Meeting of Shareholders (the “Special Meeting”), proposals to amend the Second Amended and Restated Articles of Incorporation of the Company to (i) increase the number of authorized shares of common stock of the Company from 250,000,000 to 500,000,000 and (ii) authorize the issuance of up to 100,000,000 shares of preferred stock, in one or more classes or series as determined by the Board of Directors of the Company. The authorized shares did not change as a result of the reverse stock split.Following the Special Meeting on such date, the Company filed Articles of Amendment of its Second Amended and Restated Articlesof Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands to implement to the foregoing amendments. Additionally, at the Special Meeting, the shareholders of the Company approved a proposal to amend the Second Amended and Restated Articles of Incorporation of the Company to effect a reverse stock split of the issued and outstanding shares of Common Stock at a ratio between 1-for-2 and 1-for-25 with such reverse stock split to be effective at such time and date, if at all, as determined by the Board of Directors of the Company, but no later than one year after shareholder approval thereof.  

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presented in these Condensed Consolidated Financial Statements, with the exception of any share information for Baltic Trading, reflect the reverse stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compensation. 

Liquidity, Going Concern, and Reclassification of Debt to Current

For purposes of preparing financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the Company is required to disclose if it is in compliance with covenants under all of its nine credit facilities on a quarterly basis.  Pursuant to the Amended Commitment Letter, the $98 Million Credit Facility Commitment Letter and the waiver entered into for the 2014 Term Loan Facilities (refer to Note 8 — Debt for defined terms), the collateral maintenance and maximum leverage requirements under all nine of the Company’s credit facilities have been waived through September 30, 2016, with the exception of the $98 Million Credit Facility Commitment Letter, which reduced the collateral maintenance requirement from 140% to 120% and the 2014 Term Loan Facilities, for which the waivers were extended through October 15, 2016, except that such extended waivers under the 2014 Term Loan Facilities will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Each of the Company’s credit facilities contain cross default provisions that could be triggered by the Company’s failure to satisfy or waive its collateral maintenance and maximum leverage covenants once the waivers expire.  Given the existence of the cross default provisions and the absence of any current solution which would cure the noncompliance for at least the next twelve months, the Company has determined that it should classify its outstanding indebtedness as a current liability as of June 30, 2016 and December 31, 2015.

9

Persistent weak drybulk industry conditions and historically low charter rates have negatively impacted the Company’s results of operations, cash flows, and liquidity and may continue to do so in the future. The negative impact on the Company’s liquidity, together with a continued decline in vessel values, presents difficulties for remaining in compliance with its credit facility covenants relating to minimum cash, leverage ratios, and collateral maintenance (refer to Note 8 — Debt), which could potentially result in defaults and acceleration of the repayment of its outstanding indebtedness.  These factors, as well as recurring losses from operations and negative working capital, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern, which contemplates the realization of assets and extinguishment of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to: (i) develop and successfully implement a plan to address these factors, which may include refinancing the Company’s existing credit agreements, or obtaining further waivers or modifications to its credit agreements from its lenders, or raising additional capital through selling assets (including vessels), reducing or delaying capital expenditures, or pursuing other options that may be available to the Company which may include pursuing strategic opportunities and equity or debt offerings or potentially seeking protection in a Chapter 11 proceeding; (ii) return to profitability, (iii) generate sufficient cash flow from operations, (iv) remain in compliance with its credit facility covenants, as the same may be modified, and (v) obtain financing sources to meet the Company’s future obligations. The realization of the Company’s assets and the satisfaction of its liabilities are subject to uncertainty.  The accompanying condensed consolidated financial statements do not include any direct adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern, except in regards to the classification of outstanding indebtedness as described above.

Merger Agreement with Baltic Trading

On April 7, 2015, the Company entered into a definitive merger agreement with Baltic Trading Limited (“Baltic Trading”) under which the Company acquired Baltic Trading in a stock-for-stock transaction (the “Merger”).  Under the terms of the agreement, Baltic Trading became an indirect wholly-owned subsidiary of the Company, and Baltic Trading shareholders (other than the Company and its subsidiaries) received 0.216 shares of the Company’s common stock for each share of Baltic Trading’s common stock they owned at closing, with fractional shares to be settled in cash.  Upon consummation of the transaction on July 17, 2015, the Company’s shareholders owned approximately 84.5% of the combined company, and Baltic Trading’s shareholders (other than the Company and its subsidiaries) owned approximately 15.5% of the combined company.  Shares of Baltic Trading’s Class B stock (all of which are owned by the Company) were canceled in the Merger.  The Company’s common stock began trading on the New York Stock Exchange after consummation of the transaction on July 20, 2015. The Boards of Directors of both the Company and Baltic Trading established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies.  Both independent special committees unanimously approved the transaction.  The Boards of Directors of both companies approved the Merger by a unanimous vote of directors present and voting, with Peter C. Georgiopoulos, Chairman of the Board of each company, recused for the vote.  The Merger was approved on July 17, 2015 at the 2015 Annual Meeting of Shareholders (the “Annual Meeting”).

Prior to the completion of the Merger, the Company prepared its condensed consolidated financial statements in accordance with U.S. GAAP and consolidated the operations of Baltic Trading. The Baltic Trading common shares that the Company acquired in the Merger were previously recognized as a noncontrolling interest in the consolidated financial statements of the Company. Under U.S. GAAP, changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are considered equity transactions (i.e. transactions with owners in their capacity as owners) with any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid attributed to the equity of the parent. Accordingly, any difference between the fair value of the Company’s common shares issued in exchange for Baltic Trading common shares pursuant to the Merger was reflected as an adjustment to the equity in the Company. No gain or loss has been recognized in the Company’s Condensed Consolidated Statement of Comprehensive Loss upon completion of the transaction.

10

Acquisition of Baltic Lion and Baltic Tiger

Additionally, on April 7, 2015, the Company entered into an agreement under which the Company acquired all of the shares of two single-purpose vessel owning entities that were wholly owned by Baltic Trading, each of which owned one Capesize drybulk vessel, specifically the Baltic Lion and Baltic Tiger, for an aggregate purchase price of $68,500, subject to reduction for $40,563 of outstanding first-mortgage debt of such single-purpose entities that was guaranteed by the Company.  For further details, refer to the “Impairment of vessel assets” Section in Note 2 — Summary of Significant Accounting Policies.  These transactions, which closed on April 8, 2015, were accounted for pursuant to accounting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), for transactions among entities under common control.  Accordingly, the difference between the cash paid to Baltic Trading and the Company’s carrying value of the Baltic Lion and Baltic Tiger as of the closing date of $590 was reflected as an adjustment to Additional paid-in capital in the Condensed Consolidated Statement of Equity when the sale was completed on April 7, 2015.  The independent special committees of both companies’ Boards of Directors reviewed and approved these transactions.

11

Other General Information

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of June 30, 2016:

Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date		Year Built
Genco Reliance Limited	Genco Reliance	29,952	12/6/04		1999
Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Carrier Limited	Genco Carrier	47,180	12/28/04		1998
Genco Sugar Limited	Genco Sugar	29,952	12/30/04		1998
Genco Pioneer Limited	Genco Pioneer	29,952	1/4/05		1999
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Wisdom Limited	Genco Wisdom	47,180	1/13/05		1997
Genco Success Limited	Genco Success	47,186	1/31/05		1997
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Leader Limited	Genco Leader	73,941	2/16/05		1999
Genco Marine Limited	Genco Marine	45,222	3/29/05	(3)	1996
Genco Prosperity Limited	Genco Prosperity	47,180	4/4/05		1997
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
Genco Acheron Limited	Genco Acheron	72,495	11/7/06		1999
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	169,694	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,025	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,025	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
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	57,981	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	57,981	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	57,981	8/24/10		2010
Genco Brittany Limited	Genco Brittany	57,981	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	57,981	9/29/10		2010
Genco Loire Limited	Genco Loire	53,416	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,416	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	57,981	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	53,447	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,351	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,474	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	34,409	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.

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(2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading.

(3) The Genco Marine was scrapped on May 17, 2016.  Refer to Note 2 – Summary of Significant Accounting Policies.

The Company provides technical services for drybulk vessels purchased by Maritime Equity Partners (“MEP”).  Peter C. Georgiopoulos, Chairman of the Board of Directors of GS&T, is a director of and has a minority interest in MEP.  These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services.  The services were initially provided for a fee of $750 per ship per day plus reimbursement of out-of-pocket costs and were provided for an initial term of one year.  MEP has the right to cancel provision of services on 60 days’ notice with payment of a one-year termination fee upon a change in control of the Company.  The Company may terminate provision of the services at any time on 60 days’ notice. On September 30, 2015,under the oversight of an independent committee of our Board of Directors, Genco Management (USA) LLC and MEP entered into certain agreements under which MEP paid $2,178 of the amount of service fees in arrears (of which $261 was paid in 2016 by the new owners of five of the MEP vessels sold in January 2016 as described below) and the daily service fee was reduced from $750 to $650 per day effective on October 1, 2015.During January 2016, five of MEP’s vessels were sold to third-parties and the agency agreement was deemed terminated upon the sale of these vessels.  Based upon the September 30, 2015 agreement, termination fees were due in the amount of $296 which was assumed by the new owners of the five MEP vessels that were sold and has been paid in full during February 2016. Refer to Note 7 – Related Party Transactions for amounts due to or from MEP as of June 30, 2016 and December 31, 2015.  During July and August 2016, five additional MEP vessels were sold to third-parties, and the agency agreement was deemed terminated upon the sale of these vessels.

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with 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, 2015 (the “2015 10-K”).  The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2016.

Segment reporting

The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters.  Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, after the effective date of the Merger on July 17, 2015, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.  Prior to the Merger, the Company had two reportable operating segments, GS&T and Baltic Trading.

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Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended June 30, 2016 and 2015 was $18,541 and $18,730, respectively.  Depreciation expense for vessels for the six months ended June 30, 2016 and 2015 was $37,675 and $37,697, respectively.

Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the ship noted in lwt. 

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of June 30, 2016 and December 31, 2015, the Company had an accrual of $310 and $498, respectively, related to these estimated customer claims.

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost or market adjustments to re-value the bunker fuel on a quarterly basis.  These differences in bunkers, including lower of cost or market adjustment, resulted in a net loss of $1,508 and $1,566 during the three months ended June 30, 2016 and 2015, respectively.  These differences in bunkers, including lower of cost or market adjustments, resulted in a net loss of $3,805 and $3,858 during the six months ended June 30, 2016 and 2015, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Other operating income

During the three and six months ended June 30, 2016, the Company recorded other operating income of $182.  There was no operating income earned during the three and six months ended June 30, 2015.  Other operating income recorded during the three and six months ended June 30, 2016 consists primarily of $157 received from Samsun Logix Corporation (“Samsun”) pursuant to the revised rehabilitation plan that was approved by the South Korean courts on April 8, 2016.  Refer to Note 17 — Commitments and Contingencies for further information regarding the bankruptcy settlement with Samsun.

Impairment of vessel assets

During the three months ended June 30, 2016 and 2015, the Company recorded $67,594 and $0, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”).  Additionally, during the six months ended June 30, 2016 and 2015, the Company recorded $69,278 and $35,396, respectively, related to the impairment of vessel assets in accordance with ASC 360. 

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At June 8, 2016, the Company determined that the scrapping of nine of its vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, was more likely than not pursuant to the Commitment Letter entered into for the New Credit Facility as defined and disclosed in Note 8 — Debt.  Therefore, at June 8, 2016, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the aforementioned nine vessels did not exceed the carrying value of the vessels at June 8, 2016, the Company reduced the carrying value of the nine vessels to their net realizable value, which was based on the expected net proceeds from scrapping the vessels.  This resulted in an impairment loss of $67,594 during the three and six months ended June 30, 2016.

At March 31, 2016, the Company determined that the scrapping of the Genco Marine was more likely than not based on discussions with the Company’s Board of Directors.  Therefore, at March 31, 2016, the time utilized to determine the recoverability of the carrying value of the vessel asset was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the Genco Marine did not exceed the carrying value of the vessel at March 31, 2016, the Company reduced the carrying value of the Genco Marine to its net realizable value, which was based on the expected proceeds from scrapping the vessel.  This resulted in an impairment loss of $0 and $1,684 during the three and six months ended June 30, 2016, respectively.  On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and the sale of the Genco Marine to the scrap yard was completed on May 17, 2016. 

At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger was more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels.  Therefore, at March 31, 2015, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  Similarly, after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels at March 31, 2015, the Company reduced the carrying value of both vessels to their estimated fair value, which was determined primarily based on appraisals and third-party broker quotes. This resulted in an impairment loss of $0 and $35,396 during the three and six months ended June 30, 2015, respectively. On April 8, 2015, the Baltic Lion and Baltic Tiger entities were sold to GS&T.   Refer to Note 1 — General Information for details pertaining to the sale of these entities.

Loss on disposal of vessels

During the three and six months ended June 30, 2016, the Company recorded $77 related to the loss on the sale of the Genco Marine.  During the three and six months ended June 30, 2015, the Company recorded $1,210 related to the loss on sale of vessels related to the sale of the Baltic Lion and Baltic Tiger entities to GS&T from Baltic Trading on April 8, 2015.

Noncontrolling interest

Net loss attributable to noncontrolling interest during the three and six months ended June 30, 2015 of  $11,620 and $52,293, respectively, reflects the noncontrolling interest’s share of the net loss of the Company’s subsidiary, Baltic Trading, prior to the Merger on July 17, 2015, which owned and employed drybulk vessels in the spot market, in vessel pools or on spot market-related time charters.  The spot market represents immediate chartering of a vessel, usually for single voyages.Refer to Note 1— General Information for details pertaining to the Merger.

Investments

The Company holds an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and in Korea Line Corporation (“KLC”).  Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.  KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.  The investments in Jinhui and KLC have been designated as Available For Sale (“AFS”) and are reported at fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).  The Company

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classifies the investments as current or noncurrent assets based on the Company’s intent to hold the investments at each reporting date.

Investments are reviewed quarterly to identify possible other-than-temporary impairment in accordance with ASC Subtopic 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”).  When evaluating its investments, the Company reviews factors such as the length of time and extent to which fair value has been below the cost basis, the financial condition of the issuer, the underlying net asset value of the issuer’s assets and liabilities, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value.  Should the decline in the value of any investment be deemed to be other-than-temporary, the investment basis would be written down to fair market value, and the write-down would be recorded to earnings as a loss.  Refer to Note 5 — Investments.

Income taxes

Pursuant to certain agreements, GS&T technically and commercially managed vessels for Baltic Trading until the Merger, as well as provides technical management of vessels for MEP in exchange for specified fees for these services provided.  These services are performed by Genco Management (USA) LLC (“Genco (USA)”), which has elected to be taxed as a corporation for United States federal income tax purposes.  As such, Genco (USA) is subject to United States federal income tax on its worldwide net income, including the net income derived from providing these services.  Genco (USA) has entered into a cost-sharing agreement with the Company and Genco Ship Management LLC, collectively Manco, pursuant to which Genco (USA) agrees to reimburse Manco for the costs incurred by Genco (USA) for the use of Manco’s personnel and services in connection with the provision of the services for both Baltic Trading and MEP’s vessels.

Total revenue earned by the Company for these services during the three months ended June 30, 2016 was $414 of which $0 eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $228 associated with these activities for the three months ended June 30, 2016. This resulted in estimated tax expense of $96 for the three months ended June 30, 2016.  Total revenue earned by the Company for these services during the three months ended June 30, 2015 was $2,490 of which $1,671 eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $1,532 associated with these activities for the three months ended June 30, 2015. This resulted in estimated tax expense of $711 for the three months ended June 30, 2015.

Total revenue earned by the Company for these services during the six months ended June 30, 2016 was $1,225 of which $0 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $791 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $350 for the six months ended June 30, 2016.  Total revenue earned by the Company for these services during the six months ended June 30, 2015 was $4,680 of which $3,051 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $2,730 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $1,229 for the six months ended June 30, 2016.

Prior to the Merger, Baltic Trading was subject to income tax on its United States source income.  However, as a result of the Merger, Baltic Trading should qualify for the Section 883 exemption of the U.S. Internal Revenue Code of 1986 (as amended) in 2016 and in future taxable years as long as GS&T qualifies for the Section 883 exemption.  As such, during the three and six months ended June 30, 2016, there was no United States income tax recorded for Baltic Trading. During the three and six months ended June 30, 2015, Baltic Trading had United States operations that resulted in United States source income of $178 and $765, respectively.  Baltic Trading’s estimated United States income tax expense for the three and six months ended June 30, 2015 was $7 and  $31, respectively.

Recent accounting pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases.  This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the

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lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense.  This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years.  Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments are measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In August 2015, the FASB issued ASU No. 2015-15 (“ASU 2015-15”), which amends presentation and disclosure requirements outlined in ASU 2015-03, “Interest-Imputation of Interest (ASC Subtopic 835-30):  Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”) by clarifying guidance for debt issuance costs related to line of credit arrangements by acknowledging the statement by SEC staff that it would not object to presentation of debt issuance costs related to a line of credit arrangement as an asset, and amortizing them ratably over the term of the line of credit arrangement, regardless of whether there were any borrowings outstanding under the agreement. Issued in April 2015, ASU 2015-03 required debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts.  Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as deferred charge assets, separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 during the three months ended March 31, 2016 on a retrospective basis. Refer to Note 8 – Debt.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date.  The FASB also permitted early adoption of the standard, but not before the original effective date of December 15, 2016.   The Company is evaluating the potential impact of this adoption on its consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB issued the following ASU’s which amend or provide additional guidance on topics addressed in ASU 2014-09.  In March 2016, the FASB issued ASU No. 2016-08, “Revenue Recognition - Principal versus Agent” (reporting revenue gross versus net). In April 2016, the FASB issued ASU No. 2016-10, “Revenue Recognition - Identifying Performance Obligations and Licenses.”   Lastly, in May 2016, the FASB issued No. ASU 2016-12, “Revenue Recognition - Narrow Scope Improvements and Practical Expedients.”   The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

3 - CASH FLOW INFORMATION

For the six months ended June 30, 2016, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $80 for the Purchase of vessels, including deposits and $81 for the Purchase of other fixed assets. Additionally, during the six months ended June 30, 2016, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Prepaid expenses and other current assets consisting of $41 associated with the Sale of AFS securities.

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Professional fees and trustee fees in the amount of $160 were recognized by the Company in Reorganization items, net for the six months ended June 30, 2016 (refer to Note 16 —  Reorganizations Items, net).  During this period, $142 of professional fees and trustee fees were paid through June 30, 2016 and $65 is included in Accounts payable and accrued expenses as of June 30, 2016.

For the six months ended June 30, 2015, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $673 for the Purchase of vessels, including deposits and $102 for the Purchase of other fixed assets.  Additionally, for the six months ended June 30, 2015, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $47 associated with the Payment of deferred financing fees.  Lastly, for the six months ended June 30, 2015, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $111 associated with the Cash settlement of non-accredited Note holders.  During the six months ended June 30, 2015, the Company increased the estimated amount of non-accredited holders of the Convertible Senior Notes, which was discharged on July 9, 2014 when the Company emerged from bankruptcy (the “Effective Date”), that are expected to be settled in cash versus settled with common shares.

Professional fees and trustee fees in the amount of $833 were recognized by the Company in Reorganization items, net for the six months ended June 30, 2015 (refer to Note 16 —  Reorganizations Items, net).  During this period, $947 of professional fees and trustee fees were paid through June 30, 2015 and $198 is included in Accounts payable and accrued expenses as of June 30, 2015.

During the six months ended June 30, 2015, the Company made a reclassification of $9,694 from Deposits on vessels to Vessels, net of accumulated depreciation, due to the completion of the purchase of  Baltic Wasp. No such reclassifications were made during the six months ended June 30, 2016.

During the six months ended June 30, 2016 and 2015, cash paid for interest, net of amounts capitalized, was $12,923 and $6,940, respectively.

During the six months ended June 30, 2016 and 2015, cash paid for estimated income taxes was $512 and $1,369, respectively.

On May 18, 2016, the Company issued 666,664 restricted stock units, or 66,666 restricted stock units on a post-reverse stock split basis, to certain members of the Board of Directors.  The aggregate fair value of these restricted stock units was $340.  Refer to Note 18 — Stock-Based Compensation.   

On February 17, 2016, the Company granted 408,163 and 204,081 shares of nonvested stock, or 40,816 and 20,408 shares on a post-reverse stock split basis, under the 2015 Equity Incentive Plan to Peter C. Georgiopoulos, Chairman of the Board of Directors, and John Wobensmith, President, respectively.  The grant date fair value of such nonvested stock was $318.  Refer to Note 18 — Stock-Based Compensation.

4 - VESSEL ACQUISITIONS AND DISPOSITIONS

On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine. On May 17, 2016, the Company completed the sale of the Genco Marine.  The Company realized a net loss of $77 and had net proceeds of $1,923 from the sale of the vessel, including costs incurred to deliver the vessel to the buyer, during the three and six months ended June 30, 2016.  The Company reached an agreement on May 6, 2016 to sell the Genco Marine, a 1996-built Handymax vessel, to be scrapped with Ace Exim Pte Ltd., a demolition yard, for a net amount $2,187 less a 2.0% broker commission payable to a third party.  

On November 13, 2013, Baltic Trading entered into agreements to purchase up to four 64,000 dwt Ultramax newbuilding drybulk vessels from Yangfan Group Co., Ltd. for a purchase price of $28,000 per vessel, or up to $112,000 in the aggregate.  Baltic Trading agreed to purchase two such vessels, which have been renamed the Baltic Hornet and

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Baltic Wasp, and obtained an option to purchase up to two additional such vessels for the same purchase price, which Baltic Trading exercised on January 8, 2014. These vessels were renamed the Baltic Mantis and the Baltic Scorpion. The first of these vessels, the Baltic Hornet, was delivered to Baltic Trading on October 29, 2014. The Baltic Wasp was delivered to Baltic Trading on January 2, 2015. The Baltic Scorpion and the Baltic Mantis were delivered to the Company on August 6, 2015 and October 9, 2015, respectively. The Company has utilized a combination of cash on hand, cash flow from operations as well as debt, including the $148 Million Credit Facility and the 2014 Term Loan Facilities as described in Note 8 — Debt, to fully finance the acquisition of these Ultramax newbuilding drybulk vessels. On December 30, 2014, Baltic Trading paid $19,645 for the final payment due for the Baltic Wasp which was classified as noncurrent Restricted Cash in the Condensed Consolidated Balance Sheets as of December 31, 2014 as the payment was held in an escrow account and was released to the seller when the vessel was delivered to Baltic Trading on January 2, 2015.

Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet.

Capitalized interest expense associated with the newbuilding contracts entered into by Baltic Trading  for the three months ended June 30, 2016 and 2015 was $0 and $139, respectively, and $0 and $263 for the six months ended June 30, 2016 and 2015, respectively.

5 – INVESTMENTS

The Company holds an investment in the capital stock of Jinhui and the stock of KLC.  Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.  KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.  These investments are designated as AFS and are reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI.  At June 30, 2016 and December 31, 2015, the Company held 12,703,100 and 15,706,825 shares of Jinhui capital stock, respectively, which is recorded at its fair value of $7,230 and $12,273, respectively, based on the last closing price during each respective quarter on June 30, 2016 and December 30, 2015, respectively.  At June 30, 2016 and December 31, 2015, the Company held 3,355 shares of KLC stock which is recorded at its fair value of $50 and $54, respectively, based on the last closing price during each respective quarter on June 30, 2016 and December 30, 2015.

The Company reviews the investment in Jinhui for indicators of other-than-temporary impairment in accordance with ASC 320-10. Based on the Company’s review, it deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016 and December 31, 2015 due to the duration and severity of the decline in its market value versus its cost basis and the absence of the intent and ability to recover the initial carrying value of the investment.  As a result, the Company recorded an impairment charge in the Condensed Consolidated Statement of Operations of $2,696 during the three and six months ended June 30, 2016. The Company will continue to review its investments in Jinhui and KLC for impairment on a quarterly basis.  There were no impairment charges during the three and six months ended June 30, 2015. The Company’s investment in Jinhui is a Level 1 item under the fair value hierarchy, refer to Note 10 — Fair Value of Financial Instruments.

The unrealized gain (losses) on the Jinhui capital stock and KLC stock are a component of AOCI since these investments are designated as AFS securities. As part of fresh-start reporting, the Company revised its cost basis for its investments in Jinhui and KLC based on their fair values on the Effective Date. As a result of the other-than-temporary impairment of the investment in Jinhui, the cost basis for the investment in Jinhui going forward will be based on its fair value as of June 30, 2016.

Refer to Note 9 — Accumulated Other Comprehensive Income (Loss) for a breakdown of the components of AOCI,including the effects of any sales of Jinhui shares and other-than-temporary impairment of the investment in Jinhui.

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6 - NET LOSS PER COMMON SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards (refer to Note 18 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 201,930 nonvested shares outstanding, including RSUs, at June 30, 2016 (refer to Note 18 — Stock-Based Compensation), all are anti-dilutive.Of the 5,704,974 of MIP Warrants and 3,936,761 of equity warrants outstanding at June 30, 2016, all are anti-dilutive.  The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued on the Effective Date and MIP Warrants issued by the Company (refer to Note 18 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. 

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements reflect the reverse stock split. 

The components of the denominator for the calculation of basic and diluted net loss per share are as follows:

	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Dilutive effect of warrants	—	—	—	—
Dilutive effect of restricted stock awards	—	—	—	—
Weighted-average common shares outstanding, diluted	7,221,735	6,048,719	7,220,265	6,045,915

7 - RELATED PARTY TRANSACTIONS

The following represent related party transactions reflected in these condensed consolidated financial statements:

The Company incurred travel and other office related expenditures from Gener8 Maritime, Inc. (“Gener8”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board.  During the six months ended June 30, 2016 and 2015, the Company incurred travel and other office related expenditures totaling $47 and $53, respectively, reimbursable to Gener8 or its service provider. At June 30, 2016 and December 31, 2015, the amount due to Gener8 from the Company was $8 and $8, respectively.

During the six months ended June 30, 2016 and 2015, the Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $0 and $8, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  At June 30, 2016 and December 31, 2015, the amount due to Constantine Georgiopoulos was $11 and $11, respectively.

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The Company has entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in its fleet.  Peter C. Georgiopoulos, Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the six months ended June 30, 2016 and 2015, Aegean supplied lubricating oils to the Company’s vessels aggregating $793 and $663, respectively.  At June 30, 2016 and December 31, 2015, $254 and $219 remained outstanding, respectively.

During the six months ended June 30, 2016 and 2015, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $1,208 and $1,596, respectively.Peter C. Georgiopoulos, Chairman of the Board, is a director of and has a minority interest in MEP.  At June 30, 2016, $40 was due to MEP from the Company.  At December 31, 2015, $603 was due to the Company from MEP.  Total service revenue earned by the Company, including termination fees, for technical service provided to MEP for the six months ended June 30, 2016 and 2015 was $1,225 and $1,629, respectively.

8 – DEBT

Long-term debt consists of the following:

	June 30,		December 31,
	2016		2015
Principal amount	$	561,656	$	588,434
Less:  Unamortized debt issuance costs		(8,355)		(9,411)
Less: Current portion		(553,301)		(579,023)
Long-term debt	$	—	$	—

	June 30, 2016				December 31, 2015
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$100 Million Term Loan Facility	$	56,253	$	1,037	$	60,100	$	1,201
$253 Million Term Loan Facility		135,118		2,184		145,268		2,528
$44 Million Term Loan Facility		37,125		511		38,500		584
2015 Revolving Credit Facility		52,935		—		56,218		—
$98 Million Credit Facility		98,271		2,119		98,271		2,368
$148 Million Credit Facility		134,391		559		140,383		639
$22 Million Term Loan Facility		17,875		325		18,625		376
2014 Term Loan Facilities		29,688		1,620		31,069		1,715
Total debt	$	561,656	$	8,355	$	588,434	$	9,411

During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 – Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the condensed consolidated balance sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets.  The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility, which represent revolving credit agreements which are not addressed in ASU 2015-03.  Accordingly, as of June 30, 2016, $8,355 of deferred financing costs were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Furthermore, the Company reclassified $9,411 of deferred financing costs from Deferred Financing Costs, net to the Current Portion of Long-Term Debt as of December 31, 2015. 

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Commitment Letter

On June 8, 2016, the Company entered into a Commitment Letter (the “Commitment Letter”) for a senior secured loan facility (the “New Facility”) for an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial, and BNP Paribas.  The New Facility is intended to refinance the Company’s $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and 2015 Revolving Credit Facility, each as defined below (collectively, the “Prior Facilities”).  The New Facility is subject to definitive documentation, and the Company’s ability to borrow under the New Facility is subject to a number of conditions, including the completion of an equity financing satisfactory to the lenders with gross proceeds to the Company including the equity commitments described below of at least $125,000, amendment of the Company’s other credit facilities on terms satisfactory to the lenders and other customary conditions.  As a condition to the effectiveness of the Commitment Letter, the Company entered into separate equity commitment letters for a portion of such financing on June 8, 2016 with each of the following: (i) funds managed by affiliates of Centerbridge Partners, L.P. for approximately $31,200, (ii) affiliates of Strategic Value Partners, LLC for approximately $17,300, and (iii) fund managed by affiliates of Apollo Global Management, LLC for approximately $14,000, each of which are subject to a number of conditions.  Additionally, pursuant to the Commitment Letter, the waivers with regard to the collateral maintenance covenants under the $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and the 2015 Revolving Credit Facility, as defined below, were further extended to July 29, 2016 subject to the entry into a definitive purchase agreement for the equity financing referred to above by June 30, 2016.

On June 30, 2016 the Company entered into an amendment and restatement of the Commitment Letter (the “Amended Commitment Letter”).  This amendment extended the collateral maintenance waivers under the Prior Facilities through 11:59 p.m. on September 30, 2016.  Additionally, the Amended Commitment Letter, as well as the $98 Million Credit Facility Commitment Letter (refer to the “$98 Million Credit Facility” section below) provided for waivers of the Company’s company-wide minimum cash covenants, so long as cash and cash equivalents of the Company are at least $25,000, and of the Company’s maximum leverage ratio through 11:59 p.m. on September 30, 2016.  The Company is currently seeking a similar waiver under the 2014 Term Loan Facilities.  In addition, from August 31 through September 30, 2016, the amount of cash the Company would need to maintain under its minimum cash covenants applicable only to obligors in each Prior Facility would be reduced by up to $250 per vessel, subject to an overall maximum cash withdrawal of $10,000 to pay expenses and additional conditions.  The effectiveness of such new waivers and waiver extensions was conditioned on extension of the equity commitment letters entered into on June 8, 2016 as described above through September 30, 2016, which were so extended by amendments entered into on June 29, 2016.   The Amended Commitment Letter also conditions such waivers on the Company entering into a definitive purchase agreement or file a registration statement for an equity financing by 11:59 p.m. on August 15, 2016.

Collateral Maintenance and Maximum Leverage Ratio Compliance

The Company is required to be in compliance with covenants under all of its nine credit facilities on a quarterly basis. Pursuant to the Amended Commitment Letter, the $98 Million Credit Facility Commitment Letter (as defined below), and the waiver entered into for the 2014 Term Loan Facilities (as described below), the collateral maintenance requirements and maximum leverage requirements under all nine of the Company’s credit facilities has been waived through September 30, 2016, with the exception of the $98 Million Credit Facility Commitment Letter which reduced the collateral maintenance requirement from 140% to 120% and the 2014 Term Loan Facilities, for which the waivers were extended through October 15, 2016, except that such extended waivers under the 2014 Term Loan Facilities will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Each of the Company’s credit facilities contain cross default provisions that could be triggered by the Company’s failure to satisfy its collateral maintenance and maximum leverage covenants once the waivers expire.  Given the existence of the cross default provisions and the absence of any current solution which would cure the noncompliance for at least the next twelve months, the Company has determined that it should classify its outstanding indebtedness as a current liability as of June 30, 2016 and December 31, 2015.

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Amendment and Consent Agreements Related to the Merger

On July 14, 2015, Baltic Trading and certain of its wholly owned subsidiaries entered into agreements (the “Amendment and Consent Agreements”) to amend, provide consents under, or waive certain provisions of the $22 Million Term Loan Facility (as defined below), 2014 Term Loan Facilities (as defined below) and the $148 Million Credit Facility (as defined below) (each a “Facility” and collectively the “Facilities”).  The Amendment and Consent Agreements implemented, among other things, the following:

· The existing covenants measuring collateral maintenance under the 2014 Term Loan Facilities were amended as follows: the minimum fair market value of vessels pledged as security (together with the value of any additional collateral) is required to be (i) for the period from June 30, 2015 up to and including December 30, 2015, 125% of the amount outstanding under such Facilities; (ii) for the period from December 31, 2015 up to and including March 30, 2016, 130% of such amount; and (iii) for the period from March 31, 2016 and thereafter, 135% of such amount.

· The existing covenant measuring collateral maintenance under the $22 Million Term Loan Facility was amended so that through and including the period ending June 30, 2016, the minimum fair market value of vessels mortgaged under such Facility is required to be 110% of the amount outstanding under such Facility.

· Under the $148 Million Credit Facility, the existing covenant measuring collateral maintenance was amended so that through and including the period ending December 31, 2015, the minimum fair market value of vessels mortgaged under such Facility is required to be 130% of the amount outstanding under such Facility and thereafter, 140% of such amount, except that for the period through and including the period ending December 31, 2015, such percentage was increased to 140% at the time of funding of the term loan for the Baltic Scorpion on August 3, 2015. 

· The calculation of the minimum consolidated net worth was reduced by $30,730 to $270,150 under each Facility to account for the reduction of equity due to the impairment associated with the sale of the Baltic Tiger and Baltic Lion vessels.

· The measurement of the maximum leverage ratio under each Facility was amended to exclude from the numerator thereof (which is the amount of indebtedness included in the calculation of such financial covenant) any committed but undrawn working capital lines.

· Under the $148 Million Credit Facility, following consummation of the Merger on July 17, 2015, the amount of cash to be held by the administrative agent under such Facility (or otherwise remaining undrawn under certain working capital lines) for each collateral vessel mortgaged under such Facility, as required under the under the minimum liquidity covenant under such Facility, was amended to an amount of $750 per vessel.

· Following completion of the Merger on July 17, 2015, all corporate wide financial covenants of Baltic Trading are to be measured on a consolidated basis with the Company (the “Consolidated Covenant Amendments”).

· Waivers or consents under the Facilities to permit the delisting of Baltic Trading’s stock on the New York Stock Exchange (which constitutes a change of control under each such Facility) and the termination of the Management Agreement, dated as of March 15, 2010, by and between GS&T and Baltic Trading.

· Waivers or consents under each of the Facilities to permit the Merger.

· Waivers or consents to certain covenants under each of the Facilities to the extent such covenants would otherwise be breached as a result of the Merger.

On July 17, 2015, when the Merger was completed, the Company executed a guaranty of the obligations of the borrowers  (other than to the extent the Company was a borrower) under each of the Facilities.  The execution of the

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guarantees, together with certain other items that were previously delivered, satisfied all conditions to the effectiveness of all provisions of the Amendment and Consent Agreements.

$98 Million Credit Facility

On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a newly formed direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”).

The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015. As of June 30, 2016, there was no availability under the $98 Million Credit Facility.  As of June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $96,152 and $95,903, respectively.

Borrowings under the facility are available for working capital purposes.  The facility has a final maturity date of September 30, 2020, and the principal borrowed under the facility will bear interest at LIBOR for an interest period of three months plus a margin of 6.125% per annum.  The facility has no fixed amortization payments for the first two years and fixed amortization payments of $2,500 per quarter thereafter.  To the extent the value of the collateral under the facility is 182% or less of the loan amount outstanding, the Borrowers are to prepay the loan from earnings received from operation of the thirteen collateral vessels after deduction of the following amounts:  costs, fees, expenses, interest, and fixed principal repayments under the facility; operating expenses relating to the thirteen vessels; and the Borrowers’ pro rata share of general and administrative expenses based on the number of vessels they own.

The Facility Agreement requires the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants.The Company is prohibited from paying dividends under this facility until May 1, 2017. Following May 1, 2017, the amount of dividends the Company may pay is limited based on the amount of the loans outstanding under the 2015 Revolving Credit Facility (as defined below) and the $98 Million Credit Facility, as well as the ratio of the value of vessels and certain other collateral pledged under the $98 Million Credit Facility.  The Facility Agreement includes usual and customary events of default and remedies for facilities of this nature.  As of June 30, 2016 and December 31, 2015, the Company had deposited $9,750  that has been reflected as restricted cash.  Restricted cash will be released only if the underlying collateral is sold or disposed of.

Borrowings under the facility are secured by first priority mortgage on the vessels owned by the Borrowers, namely the Genco Constantine, the Genco Augustus, the Genco London, the Genco Titus, the Genco Tiberius, the Genco Hadrian, the Genco Knight, the Genco Beauty, the Genco Vigour, the Genco Predator, the Genco Cavalier, the Genco Champion, and the Genco Charger, and related collateral.  Pursuant to the Facility Agreement and a separate Guarantee executed by the Company, the Company and Holdco are acting as guarantors of the obligations of the Borrowers and each other under the Facility Agreement and its related documentation.

On June 29, 2016, the Company entered into a commitment letter (the “$98 Million Credit Facility Commitment Letter”) which provides for certain covenant relief through September 30, 2016.  For such period, compliance with the company-wide minimum cash covenant has been waived so long as cash and cash equivalents of the Company are at least $25,000 ; compliance with the maximum leverage ratio has been waived; and the ratio required to be maintained under the Company’s collateral maintenance covenant will be 120% rather than 140%.  Refer to the “Commitment Letter” section above for further discussions about the company-wide minimum cash covenant.

As of June 30, 2016, after giving effect to the modification of the collateral maintenance covenant as described above, the Company believed it was in compliance with all of the financial covenants under the $98 Million Credit Facility pursuant to the terms of the $98 Million Credit Facility Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement

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dates within the next twelve months.  As such, the net debt outstanding under this facility of $96,152 has been classified as current liability in the Condensed Consolidated Balance Sheet as of June 30, 2016.

2015 Revolving Credit Facility

On April 7, 2015, the Company’s wholly-owned subsidiaries, Genco Commodus Limited, Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited (collectively, the “Subsidiaries”) entered into a loan agreement by and among the Subsidiaries, as borrowers, ABN AMRO Capital USA LLC, as arranger, facility agent, security agent, and as lender, providing for a $59,500 revolving credit facility, with an uncommitted accordion feature that has since expired (the “2015 Revolving Credit Facility”).  On April 7, 2015, the Company entered into a guarantee of the obligations of the Subsidiaries under the 2015 Revolving Credit Facility, in favor of ABN AMRO Capital USA LLC.

Borrowings under the 2015 Revolving Credit Facility were permitted for general corporate purposes including “working capital” (as defined in the 2015 Revolving Credit Facility) and to finance the purchase of drybulk vessels.  The 2015 Revolving Credit Facility has a maturity date of April 7, 2020.  Borrowings under the 2015 Revolving Credit Facility bear interest at LIBOR plus a margin based on a combination of utilization levels under the 2015 Revolving Credit Facility and a security maintenance cover ranging from 3.40% per annum to 4.25% per annum.  The commitment under the 2015 Revolving Credit Facility is subject to quarterly reductions of $1,641. Borrowings under the 2015 Revolving Credit Facility are subject to 20 equal consecutive quarterly installment repayments commencing three months after the date of the loan agreement, or July 7, 2015. A commitment fee of 1.5% per annum is payable on the undrawn amount of the maximum loan amount.

Borrowings under the 2015 Revolving Credit Facility are to be secured by liens on each of the Subsidiaries’ respective vessels; specifically, the Genco Commodus, Genco Maximus, Genco Claudius, Genco Hunter and Genco Warrior and other related assets. 

The 2015 Revolving Credit Facility requires the Subsidiaries to comply with a number of customary covenants including financial covenants related to collateral maintenance, liquidity, leverage, debt service reserve and dividend restrictions.

On April 8, 2015, the Company drew down $25,000 on the 2015 Revolving Credit Facility for working capital purposes and to partially fund the purchase of the Baltic Lion and Baltic Tiger from Baltic Trading.  Additionally, on July 10, 2015 and October 14, 2015, the Company drew down $10,000 and $21,218, respectively, on the 2015 Revolving Credit Facility for working capital purposes. As of June 30, 2016, the Company has utilized its maximum borrowing capacity. At the June 30, 2016 and December 31, 2015, the total outstanding debt balance was $52,935 and $56,218, respectively.

On April 7, 2016, the Company entered into a waiver agreement with the lenders under the 2015 Revolving Credit Facility to postpone the due date of the $1,641 amortization payment due April 7, 2016 to May 31, 2016.  As a condition thereof, the amount of the debt service required under the 2015 Revolving Credit Facility was $3,241through May 30, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the 2015 Revolving Credit Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the debt outstanding under this facility of $52,935 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

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$100 Million Term Loan Facility

On August 12, 2010, the Company entered into the $100 Million Term Loan Facility. As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $100,000.  The Company has used the $100 Million Term Loan Facility to fund or refund  the Company a portion of the purchase price of the acquisition of five vessels from companies within the Metrostar group of companies. As of June 30, 2016, there was no availability under the $100 Million Term Loan Facility.  At  June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $55,216 and $58,899, respectively.

On the Effective Date, the Company entered into the Amended and Restated $100 Million Term Loan Facility and the Amended and Restated $253 Million Term Loan Facility.  The Amended and Restated Credit Facilities included, among other things:

· A paydown as of the Effective Date with respect to payments which became due under the prepetition credit facilities between the Petition Date and the Effective Date and were not paid during the pendency of the Chapter 11 Cases (refer to Note 16 – Reorganization Items, net for discussion of Chapter 11 Cases) ($1,923 for the $100 Million Term Loan Facility and $5,075 for the $253 Million Term Loan Facility).

· Extension of the maturity dates to August 31, 2019 from August 17, 2017 for the $100 Million Term Loan Facility and August 15, 2015 for the $253 Million Term Loan Facility.

· Relief from compliance with financial covenants governing the Company’s maximum leverage ratio, minimum consolidated interest coverage ratio and consolidated net worth through and including the quarter ending June 30, 2015 (with quarterly testing commencing June 30, 2015).

· A fleetwide minimum liquidity covenant requiring maintenance of cash of $750 per vessel for all vessels owned by the Company (excluding those owned by Baltic Trading).

· An increase in the interest rate to LIBOR plus 3.50% per year from 3.00% previously for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility.

The obligations under the Amended and Restated $100 Million Term Loan Facility are secured by a first priority security interest in the vessels and other collateral securing the $100 Million Term Loan Facility.  The Amended and Restated $100 Million Term Loan Facility requires quarterly repayment installments in accordance with the original terms of the $100 Million Term Loan Facility.

On April 30, 2015, the Company entered into agreements to amend or waive certain provisions under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility (the “April 2015 Amendments”) which implemented the following, among other things:

· The existing covenant measuring the Company’s ratio of net debt to EBITDA was replaced with a covenant requiring its ratio of total debt outstanding to value adjusted total assets (total assets adjusted for the difference between book value and market value of fleet vessels) to be less than 70%.

· Measurement of the interest coverage ratio under each facility is waived through and including December 31, 2016.

· The fleetwide minimum liquidity covenant has been amended to allow up to 50% of the required amount of $750 per vessel in cash to be satisfied with undrawn working capital lines with a remaining availability period of more than six months.

· The Company agreed to grant additional security for its obligation under the $253 Million Term Loan Facility.  Refer to the $253 Million Term Loan Facility section below for a description of the additional security granted for this facility.

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Consenting lenders under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility received an upfront fee of $165 and $350, respectively, related to the April 2015 Amendments.

In October 2015 and April 2015 the Company added two unencumbered vessels, the Genco Prosperity and Genco Sugar, respectively, as additional collateral to cover the previous shortfalls in meeting the collateral maintenance test.

A waiver was entered into on March 29, 2016 which required the Company to prepay the $1,923 debt amortization payment due on June 30, 2016 and which waived the collateral maintenance covenant through April 11, 2016. On April 11, 2016, the Company entered into additional agreements with the lenders under the $100 Million Term Loan Facility which extended the waiver through May 31, 2016.  Pursuant to additional agreements with the lenders under the $100 Million Term Loan Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was further extended through June 10, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $100 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $55,216 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

$253 Million Term Loan Facility

On August 20, 2010, the Company entered into the $253 Million Term Loan Facility. As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $253,000 to fund or refund to the Company a portion of the purchase price of the 13 vessels purchased from Bourbon SA during the third quarter of 2010 and first quarter of 2011. As of June 30, 2016, there was no availability under the $253 Million Term Loan Facility. At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $132,934 and $142,740, respectively.

As of June 30, 2016 and December 31, 2015, the Company has deposited $9,750 that has been reflected as Restricted cash.  Restricted cash will be released only if the underlying collateral is sold or disposed of.

Refer to the “$100 Million Term Loan Facility” section above for a description of the Amended and Restated $253 Million Term Loan Facility that was entered into by the Company on the Effective Date as well as a description of the April 2015 Amendments that were entered into by the Company on April 30, 2015.  The obligations under the Amended and Restated $253 Million Term Loan Facility are secured by a first priority security interest in the vessels and other collateral securing the $253 Million Term Loan Facility.  The Amended and Restated $253 Million Term Loan Facility requires quarterly repayment installments in accordance with the original terms of the $253 Million Term Loan Facility.

In order to maintain compliance with the collateral maintenance test, during July 2015, the Company added five of its unencumbered vessels, the Genco Thunder, the Genco Raptor, the Genco Challenger, the Genco Reliance and the Genco Explorer, as additional collateral under this facility.  Additionally, the Company was also in communication with the facility’s agent and prepaid $1,650 of the outstanding indebtedness on July 29, 2015, which the lenders agreed would reduce the schedules amortization payment of $5,075 that was due in October 2015.

A waiver was entered into on March 11, 2016 which required the Company to prepay the $5,075 debt amortization payment due on April 11, 2016 and which waived the collateral maintenance covenant through April 11, 2016. On April 11, 2016, the Company entered into additional agreements with the lenders under the $253 Million Term Loan Facility which extended the waiver through May 31, 2016. Pursuant to additional agreements with the lenders under the $253 Million Term Loan Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was

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further extended through June 10, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $253 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months. As such, the net debt outstanding under this facility of $132,934 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

$44 Million Term Loan Facility

On December 3, 2013, Baltic Tiger Limited and Baltic Lion Limited, wholly-owned subsidiaries of Baltic Trading, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $44,000 (the “$44 Million Term Loan Facility”). Amounts borrowed and repaid under the $44 Million Term Loan Facility may not be reborrowed.  The $44 Million Term Loan Facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or December 23, 2019.  Borrowings under the $44 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 0.75% per annum is payable on the unused daily portion of the credit facility, which began accruing on December 3, 2013 and ended on December 23, 2013, the date which the entire $44,000 was borrowed.  Borrowings are to be repaid in 23 quarterly installments of $688 each commencing three months after the last drawdown date, or March 24, 2014, and a final payment of $28,188 due on the maturity date.

Borrowings under the $44 Million Term Loan Facility are to be secured by liens on the Company’s vessels to be financed or refinanced with borrowings under the facility, namely the Genco Tiger and the Baltic Lion, and other related assets. Upon the prepayment of $18,000 plus any additional amounts necessary to maintain compliance with the collateral maintenance covenant, the Company may have the lien on the Genco Tiger released. Under a Guarantee and Indemnity entered into concurrently with the $44 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $44 Million Term Loan Facility.

On December 23, 2013, Baltic Tiger Limited and Baltic Lion Limited made drawdowns of $21,400 and $22,600 for the Genco Tiger and Baltic Lion, respectively.  As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $44,000 and there was no further availability.  At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $36,614 and $37,916, respectively. 

On June 8, 2016, the Company entered into an amendment to the $44 Million Term Loan Facility which provided for cross-collateralization with the $22 Million Term Loan Facility.  Pursuant to this amendment, the security coverage ratio (collateral maintenance calculation) was revised to include the fair market value of the Genco Tiger, Baltic Lion, Baltic Fox and Baltic Hare less the outstanding indebtedness under the $22 Million Term Loan Facility as the total security effective June 30, 2016.    Refer also to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believes it was in compliance with all of the financial covenants under the $44 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $36,614 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

On April 8, 2015, the Company acquired the entities owning the Baltic Lion and Baltic Tiger and succeeded Baltic Trading as the guarantor of the outstanding debt under the Baltic Trading $44 Million Term Loan Facility.  Refer to Note 1 — General Information for further information regarding the sale of these entities to the Company.

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2010 Credit Facility

On April 16, 2010, Baltic Trading entered into a $100,000 senior secured revolving credit facility with Nordea Bank Finland plc, acting through its New York branch (as amended, the “2010 Credit Facility”).  An amendment to the 2010 Credit Facility was entered into by Baltic Trading effective November 30, 2010.  Among other things, this amendment increased the commitment amount of the 2010 Credit Facility from $100,000 to $150,000.  An additional amendment to the 2010 Credit Facility was entered into by Baltic Trading effective August 29, 2013 (the “August 2013 Amendment”).  Among other things, the August 2013 Amendment implements the following modifications to the 2010 Credit Facility:

· The requirement that certain additional vessels acquired by Baltic Trading be mortgaged as collateral under the 2010 Baltic Trading Credit Facility was eliminated.

· Restrictions on the incurrence of indebtedness by Baltic Trading and its subsidiaries were amended to apply only to those subsidiaries acting as guarantors under the 2010 Credit Facility.

· The total commitment under this facility was reduced to $110,000 and will be further reduced in three consecutive semi-annual reductions of $5,000 commencing on May 30, 2015.

· Borrowings bear interest at an applicable margin over LIBOR of 3.00% per annum if the ratio of the maximum facility amount of the aggregate appraised value of vessels mortgaged under the facility is 55% or less, measured quarterly; otherwise, the applicable margin is 3.35% per annum.

· Financial covenants corresponding to the liquidity and leverage under the $22 Million Term Loan Facility (as defined below) have been incorporated into the 2010 Credit Facility.

On December 31, 2014, Baltic Trading entered into the $148 Million Credit Facility. Refer to the “$148 Million Credit Facility” section below.  Borrowings under the $148 Million Credit Facility were used to refinance Baltic Trading’s indebtedness under the 2010 Credit Facility.  On January 7, 2015, Baltic Trading repaid the $102,250 outstanding under the 2010 Credit Facility with borrowings from the $148 Million Credit Facility.

$22 Million Term Loan Facility

On August 30, 2013, Baltic Hare Limited and Baltic Fox Limited, wholly-owned subsidiaries of Baltic Trading, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $22,000 (the “$22 Million Term Loan Facility”).  Amounts borrowed and repaid under the $22 Million Term Loan Facility may not be reborrowed.  This facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or September 4, 2019.  Borrowings under the $22 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 1.00% per annum is payable on the unused daily portion of the credit facility, which began accruing on August 30, 2013 and ended on September 4, 2013, the date on which the entire $22,000 was borrowed.  Borrowings are to be repaid in 23 quarterly installments of $375 each commencing three months after the last vessel delivery date, or December 4, 2013, and a final payment of $13,375 due on the maturity date.

Borrowings under the $22 Million Term Loan Facility are secured by liens on the Company’s vessels purchased with borrowings under the facility, namely the Baltic Fox and the Baltic Hare, and other related assets.  Under a Guarantee and Indemnity entered into concurrently with the $22 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $22 Million Term Loan Facility.

On September 4, 2013, Baltic Hare Limited and Baltic Fox Limited made drawdowns of $10,730 and $11,270 for the Baltic Hare and the Baltic Fox, respectively.  As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $22,000 and there was no further availability.  At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $17,550 and $18,249, respectively.

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On June 8, 2016, the Company entered into an amendment to the $22 Million Term Loan Facility which provided for cross-collateralization with the $44 Million Term Loan Facility.  Pursuant to this amendment, the security coverage ratio (collateral maintenance calculation) was revised to include the fair market value of the Baltic Fox, Baltic Hare, Genco Tiger and Baltic Lion less the outstanding indebtedness under the $44 Million Term Loan Facility as the total security effective June 30, 2016.  Additionally, this amendment increased the collateral maintenance requirement to 125% from 110% commencing July 1, 2016.  Refer also to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believes it was in compliance with all of the financial covenants under the $22 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $17,550 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the $22 Million Term Loan Facility.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the $22 Million Term Loan Facility.

2014 Term Loan Facilities

On October 8, 2014, Baltic Trading and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary acquired, namely the Baltic Hornet and Baltic Wasp, respectively.  Amounts borrowed under the 2014 Term Loan Facilities may not be reborrowed.  The 2014 Term Loan Facilities have a ten-year term, and the facility amount is to be the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery.  The 2014 Term Loan Facilities are insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which was recorded in deferred financing fees.  Borrowings under the 2014 Term Loan Facilities bear interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum.  Borrowings are to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity.  Principal repayments commenced six months after the actual delivery date for each respective vessel.

Borrowings under the 2014 Term Loan Facilities are secured by liens on the vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company guarantees the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities.

On October 24, 2014, Baltic Trading drew down $16,800 for the purchase of the Baltic Hornet, which was delivered on October 29, 2014.  Additionally, on December 30, 2014, Baltic Trading drew down $16,350 for the purchase of the Baltic Wasp, which was delivered on January 2, 2015.  As of June 30, 2016, the Company had utilized its maximum borrowing capacity and there was no further availability. At June 30, 2016 andDecember 31, 2015, the total outstanding net debt balance was $28,068 and $29,354, respectively. 

A waiver was entered into on June 30, 2016 with the lenders under the 2014 Term Loan Facilities which waived the collateral maintenance covenant through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the 2014 Term Loan Facilities, other than covenants that had been waived pursuant to the waiver agreements entered into on June 30, 2016 and August 9, 2016. However, as of June 30, 2016, the Company believed it was probable that it would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt

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outstanding under this facility of $28,068 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the 2014 Term Loan Facilities.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the 2014 Term Loan Facilities.

$148 Million Credit Facility

On December 31, 2014, Baltic Trading entered into a $148,000 senior secured credit facility with Nordea Bank Finland plc, New York Branch (“Nordea”), as Administrative and Security Agent, Nordea and Skandinaviska Enskilda Banken AB (Publ) (“SEB”), as Mandated Lead Arrangers, Nordea, as Bookrunner, and the lenders (including Nordea and SEB) party thereto (the “$148 Million Credit Facility”).  The $148 Million Credit Facility is comprised of an $115,000 revolving credit facility and $33,000 term loan facility.  Borrowings under the revolving credit facility were used to refinance Baltic Trading’s outstanding indebtedness under the 2010 Credit Facility.  Amounts borrowed under the revolving credit facility of the $148 Million Credit Facility may be re-borrowed.  Borrowings under the term loan facility of the $148 Million Credit Facility may be incurred pursuant to two single term loans in an amount of $16,500 each that were used to finance, in part, the purchase of two newbuilding Ultramax vessels that the Company had agreed to acquire, namely the Baltic Scorpion and Baltic Mantis.  Amounts borrowed under the term loan facility of the $148 Million Credit Facility may not be re-borrowed.

The $148 Million Credit Facility has a maturity date of December 31, 2019.  Borrowings under this facility bear interest at LIBOR plus an applicable margin of 3.00% per annum.  A commitment fee of 1.2% per annum is payable on the unused daily portion of the $148 Million Credit Facility, which began accruing on December 31, 2014.  The commitment under the revolving credit facility of the $148 Million Credit Facility is subject to equal consecutive quarterly reductions of $2,447 each beginning June 30, 2015 through September 30, 2019.  Borrowings under the term loan facility of the $148 Million Credit Facility are subject to equal consecutive quarterly installment repayments commencing three months after delivery of the relevant newbuilding Ultramax vessel, each in the amount of 1/60 of the aggregate outstanding term loan.  All remaining amounts outstanding under the $148 Million Credit Facility must be repaid in full on the maturity date, December 31, 2019.

Borrowings under the $148 Million Credit Facility are secured by liens on nine of Company’s existing vessels that have served as collateral under the 2010 Credit Facility, the two newbuilding Ultramax vessels noted above, and other related assets, including existing or future time charter contracts in excess of 36 months related to the foregoing vessels.

The $148 Million Credit Facility requires the Company to comply with a number of customary covenants substantially similar to those in the 2010 Credit Facility, including financial covenants related to liquidity, leverage, consolidated net worth and collateral maintenance.

As of June 30, 2016, there was no availability under the $148 Million Credit Facility.  As of June 30, 2016 and December 31, 2015, the outstanding debt under the revolving credit facility of the $148 Million Credit Facility was $102,766 and $107,658, respectively.  Additionally, as of June 30, 2016 and December 31, 2014, the outstanding net debt under the term loan facility of the $148 Million Credit Facility was $31,066 and $32,086, respectively.

On January 7, 2015, Baltic Trading drew down $104,500 from the revolving credit facility of the $148 Million Credit Facility.  Using these borrowings, Baltic Trading repaid the $102,250 outstanding under the 2010 Facility.  Additionally, on February 27, 2015, Baltic Trading drew down $10,500 from the revolving credit facility of the $148 Million Credit Facility. 

On August 3, 2015 and October 7, 2015, the Company drew down $16,500 on the term loan facility on each date for the purchase of the Baltic Scorpion and Baltic Mantis, respectively.  Refer to Note 4 – Vessel Acquisitions and Dispositions.

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A waiver was entered into on April 12, 2016 which extended the cure period for the collateral maintenance covenants to May 31, 2016.  Pursuant to additional agreements with the lenders under the $148 Million Credit Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was further extended through June 8, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $148 Million Credit Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that it would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $133,832 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the $148 Million Credit Facility.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the $148 Million Credit Facility.

As per the Amendment and Consent Agreements, the collateral maintenance increased to 140% from 130% upon the funding of the initial term loan draw down on the facility.  During August 2015, the Company added two of its unencumbered Handysize vessels, the Genco Pioneer and Genco Progress, as additional collateral to cover any potential shortfall of the collateral maintenance test.  Additionally, during December 2015, the Company added two of its unencumbered Panamax and Handymax vessels, the Genco Leader and Genco Wisdom, respectively, as additional collateral to cover any potential shortfall of the collateral maintenance test.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Effective Interest Rate	4.37	%	3.54	%	4.36	%	3.54	%
Range of Interest Rates (excluding impact of swaps and unused commitment fees)	3.11% to 6.76	%	2.76% to 3.77	%	2.69% to 6.76	%	2.73% to 3.77	%

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9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of AOCI included in the accompanying condensed consolidated balance sheets consist of net unrealized gains (losses) from investments in Jinhui stock and KLC stock.

Changes in AOCI by Component

For the Three Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2016	$	838
OCI before reclassifications		(3,560)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(864)
AOCI — June 30, 2016	$	(26)

Changes in AOCI by Component

For the Three Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2015	$	(22,958)
OCI before reclassifications		(3,402)
Amounts reclassified from AOCI		—
Net current-period OCI		(3,402)
AOCI — June 30, 2015	$	(26,360)

Changes in AOCI by Component

For the Six Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2016	$	(21)
OCI before reclassifications		(2,701)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(5)
AOCI — June 30, 2016	$	(26)

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Changes in AOCI by Component

For the Six Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2015	$	(25,317)
OCI before reclassifications		(1,043)
Amounts reclassified from AOCI		—
Net current-period OCI		(1,043)
AOCI — June 30, 2015	$	(26,360)

		Reclassifications Out of AOCI
	For the Three Months Ended				For the Six Months Ended				Affected Line Item in
	June 30,				June 30,				the Statement Where
Details about AOCI Components	2016		2015		2016		2015		Net Loss is Presented
Net unrealized loss on investments
Impairment of AFS investment	$	(2,696)	$	—	$	(2,696)	$	—	Impairment of investment
Total reclassifications for the period	$	(2,696)	$	—	$	(2,696)	$	—

10 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values and carrying values of the Company’s financial instruments at June 30, 2016 and December 31, 2015 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

	June 30, 2016				December 31, 2015
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	56,662	$	56,662	$	121,074	$	121,074
Restricted cash		19,815		19,815		19,815		19,815
Floating rate debt		561,656		561,656		588,434		588,434

The fair value of the floating rate debt under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility are based on rates obtained upon our emergence from Chapter 11 on the Effective Date and there were no changes to rates pursuant to the April 2015 Amendments. The fair value of the floating rate debt under the $44 Million Term Loan Facility is based on rates that Baltic Trading initially obtained on the effective date of this facility, and there were no changes pursuant to the Guarantee and Indemnity entered into by the Company during April 2015.  The fair value of the floating rate debt under the 2015 Revolving Credit Facility and the $98 Million Credit Facility are based on rates the Company recently obtained upon the effective date of these facilities on April 7, 2015 and November 4, 2015, respectively.   The fair value of the $148 Million Credit Facility, $22 Million Term Loan Facility and the 2014 Term Loan Facilities is based on rates that Baltic Trading initially obtained upon the effective dates of these facilities which did not change pursuant to the Amendment and Consent Agreements effective on July 14, 2015. Refer to Note 8 — Debt for further information.  The carrying value approximates the fair market value for these floating rate loans.  The carrying amounts of the Company’s other financial instruments at June 30, 2016 and December 31, 2015 (principally Due from charterers and Accounts payable and accrued expenses), approximate fair values because of the relatively short maturity of these instruments.

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ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis.  This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

· Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

· Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

· Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

As of June 30, 2016 and December 31, 2015, the fair values of the Company’s financial assets and liabilities are categorized as follows:

	June 30, 2016
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	7,280	$	7,280

	December 31, 2015
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	12,327	$	12,327

The Company holds an investment in the capital stock of Jinhui, which is classified as a long-term investment.  The stock of Jinhui is publicly traded on the Oslo Stock Exchange and is considered a Level 1 item.  The Company also holds an investment in the stock of KLC, which is classified as a long-term investment.  The stock of KLC is publicly traded on the Korea Stock Exchange and is considered a Level 1 item.  Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. The Company did not have any Level 3 financial assets or liabilities as of June 30, 2016 and December 31, 2015.

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11 - PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	June 30,		December 31,
	2016		2015
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	10,517	$	10,478
Prepaid items		4,252		3,917
Insurance receivable		1,537		2,738
Other		2,839		4,236
Total prepaid expenses and other current assets	$	19,145	$	21,369

Other noncurrent assets in the amount of $514 at June 30, 2016 and December 31, 2015 represent the security deposit related to the operating lease entered into effective April 4, 2011. Refer to Note 17 — Commitments and Contingencies for further information related to the lease agreement.

12 - DEFERRED FINANCING COSTS

Deferred financing costs include fees, commissions and legal expenses associated with securing revolving-debt facilities and other debt offerings and amending existing revolving-debt facilities. These costs are amortized over the life of the related debt and are included in interest expense.  Refer to Note 8 — Debt for further information regarding the existing revolving debt facilities.

Total net deferred financing costs consist of the following as of June 30, 2016 and December 31, 2015:

	June 30,		December 31,
	2016		2015
2015 Revolving Credit Facility	$	1,254	$	1,254
$148 Million Credit Facility		2,774		2,774
Total deferred financing costs		4,028		4,028
Less: accumulated amortization		1,136		734
Total	$	2,892	$	3,294

During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 – Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the condensed consolidated balance sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets.  The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility, which represent revolving credit agreements which are not addressed in ASU 2015-03.  Accordingly, as of June 30, 2016, $8,355 of deferred financing costs were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Furthermore, the Company reclassified $9,411 of deferred financing costs from Deferred Financing Costs, net to the Current Portion of Long-Term Debt as of December 31, 2015.  Refer to Note 8 —  Debt for further information.

Amortization expense for deferred financing costs, including the deferred financing costs recognized net of the outstanding debt, was $729and $564 for the three months ended June 30, 2016 and 2015, respectively, and $1,458 and $1,051 for the six months ended June 30, 2016 and 2015, respectively.  This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

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13 - FIXED ASSETS

Fixed assets consist of the following:

	June 30,		December 31,
	2016		2015
Fixed assets, at cost:
Vessel equipment	$	1,113	$	1,086
Furniture and fixtures		462		462
Computer equipment		142		142
Total costs		1,717		1,690
Less: accumulated depreciation and amortization		563		404
Total	$	1,154	$	1,286

Depreciation and amortization expense for fixed assets for the three months ended June 30, 2016 and 2015 was $96 and $66, respectively.  Depreciation and amortization expense for fixed assets for the six months ended June 30, 2016 and 2015 was $192 and $117, respectively.

14 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
	2016		2015
Accounts payable	$	4,877	$	8,271
Accrued general and administrative expenses		6,202		5,745
Accrued vessel operating expenses		11,753		13,451
Total	$	22,832	$	27,467

15 - REVENUE FROM TIME CHARTERS

Total voyage revenue includes revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters.  For the three months ended June 30, 2016 and 2015, the Company earned $31,460 and $33,772 of voyage revenue, respectively, and for the six months ended June 30, 2016 and 2015, the Company earned $51,590 and $67,381 of voyage revenue, repectively. Included in voyage revenue for the three and six months ended June 30, 2016 was $626 and $630 of profit sharing revenue, respectively.  There was no profit sharing revenue earned during the three and six months ended June 30, 2015.  Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of August 1, 2016, is expected to be $12,603 for the remainder of 2016 and $2,520 for the year ended December 31, 2017, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred.  For drydockings, the Company assumes twenty days of offhire.  Future minimum revenue excludes revenue earned for the vessels currently in pool arrangements and vessels that are currently on or will be on spot market-related time charters, as spot rates cannot be estimated, as well as profit sharing revenue.

16 - REORGANIZATION ITEMS, NET

On April 21, 2014 (the “Petition Date”), GS&T and its subsidiaries other than Baltic Trading and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).  The Company subsequently emerged from bankruptcy on July 9, 2014, the Effective Date.  Refer to the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 for further detail regarding the bankruptcy filing.

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Reorganization items, net represents amounts incurred and recovered subsequent to the bankruptcy filing as a direct result of the filing of the Chapter 11 Cases and are comprised of the following:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Professional fees incurred	$	52	$	198	$	122	$	476
Trustee fees incurred		13		115		38		357
Total reorganization fees	$	65	$	313	$	160	$	833
Total reorganization items, net	$	65	$	313	$	160	$	833

17 - COMMITMENTS AND CONTINGENCIES

Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for additional office space in New York, New York.  The term of the sub-sublease commenced June 1, 2011, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments were $82 per month until May 31, 2015 and thereafter will be $90 per month until the end of the seven-year term.  Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space.  The Company has also entered into a direct lease with the over-landlord of such office space that will commence immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provides for a free base rental period from May 1, 2018 to September 30, 2018.  Following the expiration of the free base rental period, the monthly base rental payments will be $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025.  For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitutes one lease agreement.  As a result of the straight-line rent calculation generated by the free rent period and the tenant work credit, the monthly straight-line rental expense for the term of the entire lease from June 1, 2011 to September 30, 2025 was $130 prior to the Effective Date. On the Effective Date, a revised straight-line rent calculation was completed as part of fresh-start reporting. The revised monthly straight-line rental expense for the remaining term of the lease from the Effective Date to September 30, 2025 is $150.  The Company had a long-term lease obligation at June 30, 2016 and December 31, 2015 of $1,509 and $1,149, respectively.  Rent expense pertaining to this lease for the three months ended June 30, 2016 and 2015 was $452 and $452, respectively, and $904 and $904 for the six months ended June 30, 2016 and 2015, respectively during both periods.

Future minimum rental payments on the above lease for the next five years and thereafter are as follows: $538 for the remainder of 2016, $1,076 for 2017, $916 for 2018, $2,230 annually for 2019 and 2020 and a total of $11,130 for the remaining term of the lease.

During the beginning of 2009, the Genco Cavalier, a 2007-built Supramax vessel, was on charter to Samsun when Samsun filed for the equivalent of bankruptcy protection in South Korea, otherwise refered to as a rehabilitation application.  On July 3, 2015, Samsun filed for rehabilitation proceedings for the second time with the South Korean courts due to financial distress.  On April 8, 2016, the revised rehabilitation plan was approved by the South Korean court whereby 26% of the remainder of the $3,979 unpaid cash claim settlement from the prior rehabilitation plan, or $1,035, will be settled pursuant to a payment plan over the next ten-year period.  The remaining 74% of the claim will be converted to Samsun Shares.  Refer to Note 2 — Summary of Significant Accounting Policies for Other Operating Income recorded during the three and six months ended June 30, 2016.

18 - STOCK-BASED COMPENSATION

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presented in these condensed consolidated financial statements reflect the reverse stock split. 

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2014 Management Incentive Plan

On the Effective Date, pursuant to the Chapter 11 Plan, the Company adopted the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). An aggregate of 9,668,061 shares of Common Stock were available for award under the MIP prior to the Company’s reverse stock split, which is equivalent to approximately 966,806 shares on a post-split basis.  Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values.  The number of shares of common stock available under the Plan represented approximately 1.8% of the shares of post-emergence Common Stock outstanding as of the Effective Date on a fully-diluted basis. Awards under the MIP were available to eligible employees, non-employee directors and/or officers of the Company and its subsidiaries (collectively, “Eligible Individuals”). Under the MIP, a committee appointed by the Board from time to time (or, in the absence of such a committee, the Board) (in either case, the “Plan Committee”) may grant a variety of stock-based incentive awards, as the Plan Committee deems appropriate, to Eligible Individuals. The MIP Warrants are exercisable on a cashless basis and contain customary anti-dilution protection in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. 

On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant can be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in three tranches for 2,380,664, 2,467,009 and 3,709,788 shares.  Following the Company’s reverse stock split, these MIP warrants are exercisable for approximately 238,066, 246,701, and 370,979 shares and have exercise prices of $259.10 (the “$259.10 Warrants”), $287.30 (the “$287.30 Warrants”) and $341.90 (the “$341.90 Warrants”) per whole share, respectively. The fair value of each warrant upon emergence from bankruptcy was $7.22 for the $259.10 Warrants, $6.63 for the $287.30 Warrants and $5.63 for the $341.90 Warrants. The warrant values were based upon a calculation using the Black-Scholes-Merton option pricing formula. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, cost of capital interest rate and expected life of the instrument. The Company has determined that the warrants should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes-Merton option pricing formula against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. The Black-Scholes-Merton option pricing formula used a volatility of 43.91% (representing the six -year volatility of a peer group), a risk-free interest rate of 1.85% and a dividend rate of 0%.  The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. The warrants vest 33.33% on each of the first three anniversaries of the grant date, with accelerated vesting upon a change in control of the Company.

For the three and six months ended June 30, 2016 and 2015, the Company recognized amortization expense of the fair value of these warrants, which is included in the Company’s Condensed Consolidated Statements of Operations as a component of General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	3,765	$	8,289	$	7,531	$	16,488

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Amortization of the unamortized stock-based compensation balance of $7,574 as of June 30, 2016 is expected to be expensed $3,965 and $3,609 during the remainder of 2016 and during the year ending December 31, 2017, respectively.  The following table summarizes the warrant activity for the six months ended June 30, 2016:

		Weighted		Weighted
	Number of	Average Exercise		Average Fair
	Warrants	Price		Value
Outstanding at January 1, 2016	5,704,974	$	303.12	$	6.36
Granted	—		—		—
Exercisable	—		—		—
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at June 30, 2016	5,704,974	$	303.12	$	6.36

The following table summarizes certain information about the warrants outstanding as of June 30, 2016:

		Warrants Outstanding,				Warrants Exercisable,
		June 30, 2016				June 30, 2016
					Weighted				Weighted
			Weighted		Average		Weighted		Average
Weighted			Average		Remaining		Average		Remaining
Average		Number of	Exercise		Contractual	Number of	Exercise		Contractual
Exercise Price		Warrants	Price		Life	Warrants	Price		Life
$	303.12	5,704,974	$	303.12	4.11	2,852,487	$	303.12	4.11

The nonvested stock awards granted under the MIP will vest ratably on each of the three anniversaries of August 7, 2014. The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 2016 which were issued under the MIP:

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1, 2016	74,040	$	200.00
Granted	—		—
Vested	—		—
Forfeited	—		—
Outstanding at June 30, 2016	74,040	$	200.00

There were no shares that vested under the MIP during the six months ended June 30, 2016 and 2015. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the MIP restricted shares, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	1,537	$	3,382	$	3,073	$	6,727

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The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $3,090 related to nonvested stock will be recognized over a weighted-average period of 1.10 years.

2015 Equity Incentive Plan

On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 4,000,000 shares of common stock, or 400,000 shares following the Company’s reverse stock split (the “2015 Plan”).  Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants.  Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock.  As of June 30, 2016, the Company has awarded restricted stock units and restricted stock under the 2015 Plan.

Restricted Stock Units

The Company has issued restricted stock units (“RSUs”) under the 2015 Plan  to certain members of the Board of Directors, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests.  The RSUs generally vest on the date of the Company’s annual shareholders meeting following the date of the grant.  As of June 30, 2016 and December 31, 2015, 3,138 and 0 shares, respectively, of the Company’s common stock were outstanding in respect of the RSUs.  Such shares will only be issued in respect of vested RSUs when the director’s service with the Company as a director terminates.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant.   The table below summarizes the Company’s RSUs for the six months ended June 30, 2016:

		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2016	5,821	$	71.50
Granted	66,666		5.10
Vested	(5,821)		71.50
Forfeited	—		—
Outstanding at June 30, 2016	66,666	$	5.10

The total fair value of the RSUs that vested during the six months ended June 30, 2016 and 2015 was $30 and $0, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors.

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The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2016:

Unvested RSUs				Vested RSUs
June 30, 2016				June 30, 2016
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
66,666	$	5.10	0.88	7,440	$	71.18

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $299 related to RSUs will be recognized over a weighted-average period of 0.88 years.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General, administrative and management fees as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	79	$	—	$	234	$	—

Restricted Stock

Under the 2015 Plan, grants of restricted common stock issued to executives and Peter C. Georgiopoulos, the Company’s Chairman, vest ratably on each of the three anniversaries of the determined vesting date.  The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 2016 which were issued under the 2015 Plan:

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1,2016	—	$	—
Granted	61,224		5.20
Vested	—		—
Forfeited	—		—
Outstanding  at June 30, 2016	61,224	$	5.20

There were no shares that vested under the 2015 Plan during the six months ended June 30, 2016 and 2015.  The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

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For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	60	$	—	$	90	$	—

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $229 related to nonvested stock will be recognized over a weighted-average period of 2.38 years.

Baltic Trading Limited

On March 13, 2014, Baltic Trading’s Board of Directors approved an amendment to the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”) that increased the aggregate number of shares of common stock available for awards from 2,000,000 to 6,000,000 shares.  Additionally, on April 9, 2014, at Baltic Trading’s 2014 Annual Meeting of Shareholders, Baltic Trading’s shareholders approved the amendment to the Baltic Trading Plan.  When the Merger was completed on July 17, 2015, the 1,941,844 nonvested shares issued under the Baltic Trading Plan vested automatically and received the same consideration in the Merger as holders of Baltic Trading’s common stock. Refer to Note 1 — General Information for further information regarding the Merger. 

The total fair value of shares that vested under the Baltic Trading Plan during the six months ended June 30, 2015 was $0. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the Baltic Trading Plan, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	—	$	791	$	—	$	1,608

19 - LEGAL PROCEEDINGS

Refer to the 2015 10-K for a summary and description of any outstanding legal proceedings, which are incorporated herein by reference.  There have been no material changes since the filing of the 2015 10-K.

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.  The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows besides those noted above.

20 - SUBSEQUENT EVENTS

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements

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reflect the reverse stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compesation. 

On August 9, 2016, the Company entered into waiver agreements with the other parties under the 2014 Term Loan Facilities which extend the existing waivers of the collateral maintenance covenant under such facilities through 11:59 p.m. on October 15, 2016 and provide for waivers of the maximum leverage ratio covenant through such time.  Such waivers will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Refer to Note 8 — Debt.

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ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward-looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) further declines or sustained weakness in demand in the drybulk shipping industry; (ii) continuation of weakness in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube, oil, bunkers, repairs, maintenance and general, administrative, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may afgffect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete repairs on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the ability to realize the expected benefits of the our merger with Baltic Trading to the degree, in the amounts or in the timeframe anticipated; (xvi) the extent to which our operating results continue to be affected by weakness in market conditions and charter rates; (xvii) our ability to continue as a going concern, (xviii) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xix) our ability to implement measures to resolve our liquidity and covenant compliance issues; (xx) our ability to fulfill conditions under the commitment letters for our credit facilities, including without limitation completion of definitive documentation and an equity financing; and other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2015 and subsequent reports on Form 8-K and Form 10-Q.

The following management’s discussion and analysis should be read in conjunction with our historical consolidated financial statements and the related notes included in this Form 10-Q.

General

We are a Marshall Islands company that transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels.  Our fleet currently consists of 69 drybulk vessels, including 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, five Handymax and 18 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 5,113,000 dwt, and the average age of our fleet is currently approximately 9.6 years.  We seek to deploy our vessels on time charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers, including Cargill International S.A., Swissmarine Services S.A. and the Clipper Logger Pool and Clipper Sapphire Pool, in which Clipper Group acts as the pool manager.  The majority of the vessels in our current fleet are presently engaged under time charter, spot market-related time charter and vessel pool contracts that expire (assuming the option periods in the time charters are not exercised) between August 2016 and July 2017.

See pages 55 – 57 for a table of all vessels in our fleet.

On April 7, 2015, we entered into a definitive merger agreement with Baltic Trading under which we agreed to acquire Baltic Trading in a stock-for-stock transaction (the “Merger”).  Under the terms of the agreement, Baltic Trading

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became our indirect wholly-owned subsidiary, and Baltic Trading shareholders (other than GS&T and its subsidiaries) received 0.216 shares of our common stock for each share of Baltic Trading’s common stock they owned at closing, with fractional shares that were settled in cash.  Upon consummation of the transaction on July 17, 2015, our shareholders owned approximately 84.5% of the combined company, and Baltic Trading’s shareholders (other than the GS&T and its subsidiaries) owned approximately 15.5% of the combined company.  Shares of Baltic Trading’s Class B stock (all of which we owned) were canceled in the Merger.  Our stock commenced trading on the New York Stock Exchange after consummation of the transaction on July 20, 2015 under the symbol “GNK.”

Our Board of Directors and Baltic Trading’s Board of Directors established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies.  Both independent special committees unanimously approved the transaction.  The Boards of Directors of both companies approved the merger by unanimous vote of directors present and voting, with Peter C. Georgiopoulos, Chairman of the Board of each company, recused for the vote.  The Merger was approved on July 17, 2015 at the 2015 Annual Meeting of Shareholders.

Prior to the Merger, as of June 30, 2015, our wholly-owned subsidiary Genco Investments LLC owned 6,356,471 shares of Baltic Trading’s Class B Stock, which represented a 10.85% ownership interest in Baltic Trading and 64.60% of the aggregate voting power of Baltic Trading’s outstanding shares of voting stock at June 30, 2015. Baltic Trading is consolidated as we also controlled a majority of the voting interest in Baltic Trading prior to the Merger.  Management’s discussion and analysis of our results of operations and financial condition includes the results of Baltic Trading.

We report financial information and evaluate our operations by charter revenues and not by the length of ship employment for our customers, i.e., spot or time charters.  Each of our vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that we operate in one reportable segment, after the effective date of the Merger on July 17, 2015, in which we are engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.  Therefore, the totals previously reported for the two segments (GS&T and Baltic Trading) is the total for the single reportable segment effective upon the Merger.

Additionally, on April 7, 2015, we entered into an agreement under which we acquired all of the shares of two single-purpose entities that were wholly owned by Baltic Trading, each of which owns one Capesize drybulk vessel, for an aggregate purchase price of $68.5 million, subject to reduction for $40.6 million of outstanding first-mortgage debt of such single-purpose entities that is to be guaranteed by the Company and an adjustment for the difference between such single-purpose entities’ current assets and total liabilities as of the closing date.  Through the transactions, which closed on April 8, 2015, we acquired the vessels known as the Baltic Lion and the Baltic Tiger. The independent special committees of both companies’ Boards of Directors reviewed and approved this transaction.

On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine. On May 17, 2016, we completed the sale of the Genco Marine.  We realized a net loss of $0.1 million and had net proceeds of $1.9 million from the sale of the vessel, including costs incurred to deliver the vessel to the buyer, during the three and six months ended June 30, 2016.  We reached an agreement on May 6, 2016 to sell the Genco Marine, a 1996-built Handymax vessel, to be scrapped with Ace Exim Pte Ltd., a demolition yard, for a net amount $2.2 million less a 2.0% broker commission payable to a third party.  

We entered into a long-term management agreement (the “Management Agreement”) with Baltic Trading pursuant to which we applied our expertise and experience in the drybulk industry to provide Baltic Trading with commercial, technical, administrative and strategic services. The Management Agreement was for an initial term of approximately 15 years. Baltic Trading paid us for the services we provided it as well as reimbursed us for our costs and expenses incurred in providing certain of these services. Management fee income we earned from the Management Agreement net of any allocated shared expenses, such as salary, office expenses and other general and administrative fees, were taxable to us. Upon consolidation with Baltic Trading, any management fee income earned was eliminated for financial reporting purposes.  The Management Agreement was terminated as of July 18, 2015.

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Our management team and our other employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. We currently contract with three independent technical managers to provide technical management of our fleet at a lower cost than we believe would be possible in-house. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Members of our New York City-based management team oversee the activities of our independent technical managers.

We hold an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and Korea Line Corporation (“KLC”). Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.

We provide technical services for drybulk vessels purchased by MEP under an agency agreement between us and MEP.  These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services.  The services were initially provided for a fee of $750 per ship per day plus reimbursement of out-of-pocket costs and will be provided for an initial term of one year.  MEP will have the right to cancel provision of services on 60 days’ notice with payment of a one-year termination fee or without a fee upon a change of our control.  We may terminate provision of the services at any time on 60 days’ notice.  Mr. Georgiopoulos is a director of and has a minority interest in MEP.  This arrangement was approved by an independent committee of our Board of Directors.  On September 30, 2015, under the oversight of an independent committee of our Board of Directors, Genco Management (USA) LLC and MEP entered into certain agreements under which MEP paid $2.2 million of the amount of service fees in arrears (of which $0.3 million was paid in 2016 by the new owners of five of the MEP vessels sold in January 2016 as described below) and the daily service fee was reduced from $750 to $650 per day effective on October 1, 2015.  During January 2016, five of MEP’s vessels were sold to third parties, upon which these vessels were no longer subject to the agency agreement.  Based upon the September 30, 2015 agreement, termination fees were due in the amount $0.3 million, which was assumed by the new owners of the five MEP vessels that were sold.  The amount of these termination fees has been paid in full.  The daily service fee earned for the three and six months ended June 30, 2016 has also been paid in full.  During July and August 2016, five additional MEP vessels were sold to third-parties, and the agency agreement was deemed terminated upon the sale of these vessels.

See Note 8 — Debt of our Condensed Consolidated Financial Statements included in this report for the defined terms we use for each of our credit facilities and a description of each facility.

Factors Affecting Our Results of Operations

We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three and six months ended June 30, 2016 and 2015 on a consolidated basis, which includes the operations of Baltic Trading.  On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presented reflect the reverse

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stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compensation in our Condensed Consolidated Financial Statements. 

	For the Three Months Ended
	June 30,						Increase
	2016			2015			(Decrease)			% Change
Fleet Data:
Ownership days (1)
Capesize		1,183.0			1,183.0			—		—
Panamax		728.0			728.0			—		—
Ultramax		364.0			182.0			182.0		100.0	%
Supramax		1,911.0			1,911.0			—		—
Handymax		501.7			546.0			(44.3)		(8.1)	%
Handysize		1,638.0			1,638.0			—		—
Total		6,325.7			6,188.0			137.7		2.2	%
Available days (2)
Capesize		1,169.0			1,159.3			9.7		0.8	%
Panamax		707.6			716.4			(8.8)		(1.2)	%
Ultramax		364.0			182.0			182.0		100.0	%
Supramax		1,849.4			1,810.8			38.6		2.1	%
Handymax		449.6			441.0			8.6		2.0	%
Handysize		1,606.7			1,616.7			(10.0)		(0.6)	%
Total		6,146.3			5,926.2			220.1		3.7	%
Operating days (3)
Capesize		1,169.0			1,130.0			39.0		3.5	%
Panamax		706.9			715.8			(8.9)		(1.2)	%
Ultramax		363.0			182.0			181.0		99.5	%
Supramax		1,839.4			1,741.1			98.3		5.6	%
Handymax		423.7			437.1			(13.4)		(3.1)	%
Handysize		1,605.4			1,612.0			(6.6)		(0.4)	%
Total		6,107.4			5,818.0			289.4		5.0	%
Fleet utilization (4)
Capesize		100.0	%		97.5	%		2.5	%	2.6	%
Panamax		99.9	%		99.9	%		—		—
Ultramax		99.7	%		100.0	%		(0.3)	%	(0.3)	%
Supramax		99.5	%		96.2	%		3.3	%	3.4	%
Handymax		94.2	%		99.1	%		(4.9)	%	(4.9)	%
Handysize		99.9	%		99.7	%		0.2	%	0.2	%
Fleet average		99.4	%		98.2	%		1.2	%	1.2	%

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	For the Three Months Ended
	June 30,				Increase
	2016		2015		(Decrease)		% Change
Average Daily Results:
Time Charter Equivalent (5)
Capesize	$	4,439	$	3,228	$	1,211	37.5	%
Panamax		4,490		4,207		283	6.7	%
Ultramax		5,882		7,481		(1,599)	(21.4)	%
Supramax		4,765		5,836		(1,071)	(18.4)	%
Handymax		3,625		5,782		(2,157)	(37.3)	%
Handysize		4,628		5,431		(803)	(14.8)	%
Fleet average		4,618		5,065		(447)	(8.8)	%
Daily vessel operating expenses (6)
Capesize	$	4,774	$	5,170	$	(396)	(7.7)	%
Panamax		4,732		4,430		302	6.8	%
Ultramax		4,229		4,769		(540)	(11.3)	%
Supramax		4,680		4,860		(180)	(3.7)	%
Handymax		4,263		5,687		(1,424)	(25.0)	%
Handysize		4,165		4,473		(308)	(6.9)	%
Fleet average		4,511		4,836		(325)	(6.7)	%

49

	For the Six Months Ended
	June 30,						Increase
	2016			2015			(Decrease)			% Change
Fleet Data:
Ownership days (1)
Capesize		2,366.0			2,353.0			13.0		0.6	%
Panamax		1,456.0			1,448.0			8.0		0.6	%
Ultramax		728.0			360.9			367.1		101.7	%
Supramax		3,822.0			3,801.0			21.0		0.6	%
Handymax		1,047.7			1,086.0			(38.3)		(3.5)	%
Handysize		3,276.0			3,258.0			18.0		0.6	%
Total		12,695.7			12,306.9			388.8		3.2	%
Available days (2)
Capesize		2,352.0			2,305.3			46.7		2.0	%
Panamax		1,416.2			1,424.6			(8.4)		(0.6)	%
Ultramax		728.0			356.5			371.5		104.2	%
Supramax		3,676.2			3,573.2			103.0		2.9	%
Handymax		903.7			947.5			(43.8)		(4.6)	%
Handysize		3,244.7			3,191.4			53.3		1.7	%
Total		12,320.8			11,798.5			522.3		4.4	%
Operating days (3)
Capesize		2,351.5			2,275.6			75.9		3.3	%
Panamax		1,411.3			1,423.7			(12.4)		(0.9)	%
Ultramax		722.8			356.5			366.3		102.7	%
Supramax		3,622.0			3,485.1			136.9		3.9	%
Handymax		841.2			908.8			(67.6)		(7.4)	%
Handysize		3,228.4			3,181.8			46.6		1.5	%
Total		12,177.2			11,631.5			545.7		4.7	%
Fleet utilization (4)
Capesize		100.0	%		98.7	%		1.3	%	1.3	%
Panamax		99.7	%		99.9	%		(0.2)	%	(0.2)	%
Ultramax		99.3	%		100.0	%		(0.7)	%	(0.7)	%
Supramax		98.5	%		97.5	%		1.0	%	1.0	%
Handymax		93.1	%		95.9	%		(2.8)	%	(2.9)	%
Handysize		99.5	%		99.7	%		(0.2)	%	(0.2)	%
Fleet average		98.8	%		98.6	%		0.2	%	0.2	%

50

	For the Six Months Ended
	June 30,				Increase
	2016		2015		(Decrease)		% Change
Average Daily Results:
Time Charter Equivalent (5)
Capesize	$	2,333	$	3,672	$	(1,339)	(36.5)	%
Panamax		3,624		4,193		(569)	(13.6)	%
Ultramax		4,971		6,937		(1,966)	(28.3)	%
Supramax		3,901		5,265		(1,364)	(25.9)	%
Handymax		2,746		5,335		(2,589)	(48.5)	%
Handysize		4,179		5,786		(1,607)	(27.8)	%
Fleet average		3,622		5,021		(1,399)	(27.9)	%
Daily vessel operating expenses (6)
Capesize	$	4,799	$	5,157	$	(358)	(6.9)	%
Panamax		4,496		4,475		21	0.5	%
Ultramax		4,555		4,616		(61)	(1.3)	%
Supramax		4,715		4,856		(141)	(2.9)	%
Handymax		4,399		5,004		(605)	(12.1)	%
Handysize		4,219		4,428		(209)	(4.7)	%
Fleet average		4,542		4,762		(220)	(4.6)	%

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Definitions

In order to understand our discussion of our results of operations, it is important to understand the meaning of the following terms used in our analysis and the factors that influence our results of operations.

(1) Ownership days.  We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.

(2) Available days.  We define available days as the number of our ownership days in a period less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels between time charters. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.

(3) Operating days.  We define operating days as the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(4) Fleet utilization.  We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.

(5) TCE rates.  We define TCE rates as net voyage revenue (voyage revenues less voyage expenses) divided by the number of our available days during the period, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts.

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Voyage revenues (in thousands)	$	31,460	$	33,772	$	51,590	$	67,381
Voyage expenses (in thousands)		3,074		3,757		6,970		8,137
		28,386		30,015		44,620		59,244
Total available days		6,146.3		5,926.2		12,320.8		11,798.5
Total TCE rate	$	4,618	$	5,065	$	3,622	$	5,021

(6) Daily vessel operating expenses.  We define daily vessel operating expenses as vessel operating expenses divided by ownership days for the period.  Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses.

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Operating Data

The following tables represent the operating data for the three and six months ended June 30, 2016 and 2015 on a consolidated basis, which includes the operations of Baltic Trading.

	For the Three Months Ended
	June 30,
	2016		2015		Change		% Change
	(U.S. dollars in thousands, except for per shareamounts)
Revenue:
Voyage revenues	$	31,460	$	33,772	$	(2,312)	(6.8)	%
Service revenues		414		819		(405)	(49.5)	%
Total revenues		31,874		34,591		(2,717)	(7.9)	%
Operating Expenses:
Voyage expenses		3,074		3,757		(683)	(18.2)	%
Vessel operating expenses		28,538		29,928		(1,390)	(4.6)	%
General, administrative and management fees		13,853		26,491		(12,638)	(47.7)	%
Depreciation and amortization		19,686		19,399		287	1.5	%
Other operating income		(182)		—		(182)	100.0	%
Impairment of vessel assets		67,594		—		67,594	100.0	%
Loss on sale of vessels		77		1,210		(1,133)	(93.6)	%
Total operating expenses		132,640		80,785		51,855	64.2	%
Operating loss		(100,766)		(46,194)		(54,572)	118.1	%
Other expense		(9,726)		(4,727)		(4,999)	105.8	%
Loss before reorganization items, net		(110,492)		(50,921)		(59,571)	117.0	%
Reorganization items, net		(65)		(313)		248	(79.2)	%
Loss before income taxes		(110,557)		(51,234)		(59,323)	115.8	%
Income tax expense		(96)		(718)		622	(86.6)	%
Net loss		(110,653)		(51,952)		(58,701)	113.0	%
Less: Net loss attributable to noncontrolling interest		—		(11,620)		11,620	(100.0)	%
Net loss attributable to Genco Shipping & Trading Limited	$	(110,653)	$	(40,332)	$	(70,321)	174.4	%
Net loss per share - basic	$	(15.32)	$	(6.67)	$	(8.65)	129.7	%
Net loss per share - diluted	$	(15.32)	$	(6.67)	$	(8.65)	129.7	%
Weighted average common shares outstanding - basic		7,221,735		6,048,719		1,173,016	19.4	%
Weighted average common shares outstanding - diluted		7,221,735		6,048,719		1,173,016	19.4	%
EBITDA (1)	$	(83,891)	$	(15,553)	$	(68,338)	439.4	%

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	For the Six Months Ended
	June 30,
	2016		2015		Change		% Change
	(U.S. dollars in thousands, except for per shareamounts)
Revenue:
Voyage revenues	$	51,590	$	67,381	$	(15,791)	(23.4)	%
Service revenues		1,225		1,629		(404)	(24.8)	%
Total revenues		52,815		69,010		(16,195)	(23.5)	%
Operating Expenses:
Voyage expenses		6,970		8,137		(1,167)	(14.3)	%
Vessel operating expenses		57,665		58,599		(934)	(1.6)	%
General, administrative and management fees		26,708		46,815		(20,107)	(42.9)	%
Depreciation and amortization		40,025		38,809		1,216	3.1	%
Other operating income		(182)		—		(182)	100.0	%
Impairment of vessel assets		69,278		35,396		33,882	95.7	%
Loss on sale of vessels		77		1,210		(1,133)	(93.6)	%
Total operating expenses		200,541		188,966		11,575	6.1	%
Operating loss		(147,726)		(119,956)		(27,770)	23.2	%
Other expense		(16,902)		(9,017)		(7,885)	87.4	%
Loss before reorganization items, net		(164,628)		(128,973)		(35,655)	27.6	%
Reorganization items, net		(160)		(833)		673	(80.8)	%
Loss before income taxes		(164,788)		(129,806)		(34,982)	26.9	%
Income tax expense		(350)		(1,260)		910	(72.2)	%
Net loss		(165,138)		(131,066)		(34,072)	26.0	%
Less: Net loss attributable to noncontrolling interest		—		(52,293)		52,293	(100.0)	%
Net loss attributable to Genco Shipping & Trading Limited	$	(165,138)	$	(78,773)	$	(86,365)	109.6	%
Net loss per share - basic	$	(22.87)	$	(13.03)		(9.84)	75.5	%
Net loss per share - diluted	$	(22.87)	$	(13.03)		(9.84)	75.5	%
Weighted average common shares outstanding - basic		7,220,265		6,045,915		1,174,350	19.4	%
Weighted average common shares outstanding - diluted		7,220,265		6,045,915		1,174,350	19.4	%
EBITDA (1)	$	(110,731)	$	(29,741)	$	(80,990)	272.3	%

(1) EBITDA represents net (loss) income attributable to Genco Shipping & Trading Limited plus net interest expense, taxes and depreciation and amortization.  EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers.  Our management uses EBITDA as a performance measure in our consolidated internal financial statements, and it is presented for review at our board meetings.  We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing.  EBITDA presents investors with a measure in addition to net income to evaluate

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our performance prior to these costs.  EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP.  EBITDA is not a measure of liquidity or cash flows as shown in our Condensed Consolidated Statements of Cash Flows.  The definition of EBITDA used here may not be comparable to that used by other companies.  Pursuant to the amendments entered into on April 30, 2015 for our $100 Million Term Loan Facility and our $253 Million Term Loan Facility, the definition of Consolidated EBITDA used in the financial covenants has been eliminated. The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net (loss) income attributable to Genco Shipping & Trading Limited for each of the periods presented above:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Net loss attributable to Genco Shipping & Trading Limited	$	(110,653)	$	(40,332)	$	(165,138)	$	(78,773)
Net interest expense		6,980		4,662		14,032		8,963
Income tax expense		96		718		350		1,260
Depreciation and amortization		19,686		19,399		40,025		38,809
EBITDA (1)	$	(83,891)	$	(15,553)	$	(110,731)	$	(29,741)

Results of Operations

The following tables set forth information about the current employment of the vessels in our fleet as of August 8, 2016:

	Year		Charter
Vessel	Built	Charterer	Expiration(1)	Cash Daily Rate(2)
Capesize Vessels
Genco Augustus	2007	Swissmarine Services S.A.	February 2017		$7,800
Genco Tiberius	2007	Cargill International S.A.	November 2016		98% of BCI
Genco London	2007	Swissmarine Services S.A.	December 2016		$3,250 with 50% profit sharing
Genco Titus	2007	Swissmarine Services S.A.	December 2016		$8,000	(3)
Genco Constantine	2008	Swissmarine Services S.A.	February 2017		$7,800
Genco Hadrian	2008	Swissmarine Services S.A.	November 2016		98.5% of BCI
Genco Commodus	2009	Swissmarine Asia Pte. Ltd.	March 2017		$3,250 with 50% profit sharing
Genco Maximus	2009	Swissmarine Services S.A.	February 2017		$3,250 with 50% profit sharing
Genco Claudius	2010	Swissmarine Services S.A.	September 2016		99% of BCI
Genco Tiger	2011	Swissmarine Services S.A.	October 2016		103% of BCI
Baltic Lion	2012	Swissmarine Services S.A.	December 2016		$3,250 with 50% profit sharing
Baltic Bear	2010	Swissmarine Services S.A.	February 2017		$7,000
Baltic Wolf	2010	Swissmarine Services S.A.	December 2016		$3,250 with 50% profit sharing
Panamax Vessels
Genco Beauty	1999	Navig8 Inc.	September 2016		94.75% of BPI
Genco Knight	1999	Swissmarine Services S.A.	January 2017		95% of BPI
Genco Leader	1999	Navig8 Pan8 Pool Inc.	July 2016		Spot Pool	(4)
Genco Vigour	1999	Swissmarine Services S.A.	December 2016		95% of BPI
Genco Acheron	1999	ADMIntermare	September 2016		$6,900	(5)
Genco Surprise	1998	Engelhart CTP (Switzerland) S.A.	October 2016		$7,500	(6)
Genco Raptor	2007	M2M Panamax Pool Ltd.	September 2016		100% of BPI
Genco Thunder	2007	Swissmarine Services S.A.	September 2016		100% of BPI
Ultramax Vessels
Baltic Hornet	2014	Swissmarine Asia Pte. Ltd.	February 2017		115.5% of BSI
Baltic Wasp	2015	Pioneer Navigation Ltd.	January 2017		$3,250 with 50% profit sharing

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Baltic Scorpion	2015	Swissmarine Asia Pte. Ltd.	October 2016	115.5% of BSI
Baltic Mantis	2015	Pioneer Navigation Ltd.	December 2016	115% of BSI
Supramax Vessels
Genco Predator	2005	ED&F Man Shipping Ltd.	October 2016	98.5% of BSI
Genco Warrior	2005	Centurion Bulk Pte. Ltd., Singapore	September 2016	98.5% of BSI
Genco Hunter	2007	Pioneer Navigation Ltd.	June 2017	104% of BSI
Genco Cavalier	2007	Maxwill Shipping/Tongli Samoa Shipping Co., Ltd.	August 2016	$5,250/$5,150	(7)
Genco Lorraine	2009	Chun An Chartering Co. Ltd.	September 2016	$6,000	(8)
Genco Loire	2009	Bulkhandling Handymax A/S	November 2016	Spot Pool	(9)
Genco Aquitaine	2009	Bulkhandling Handymax A/S	November 2016	Spot Pool	(9)
Genco Ardennes	2009	Clipper Sapphire Pool	February 2017	Spot Pool	(10)
Genco Auvergne	2009	Pioneer Navigation Ltd.	September 2016	100% of BSI
Genco Bourgogne	2010	Clipper Sapphire Pool	February 2017	Spot Pool	(10)
Genco Brittany	2010	Clipper Sapphire Pool	February 2017	Spot Pool	(10)
Genco Languedoc	2010	Clipper Sapphire Pool	February 2017	Spot Pool	(10)
Genco Normandy	2007	Harmony Innovation Shipping Ltd.	August 2016	$6,000	(11)
Genco Picardy	2005	Centurion Bulk Pte. Ltd., Singapore	September 2016	98.5% of BSI
Genco Provence	2004	Pioneer Navigation Ltd.	September 2016	100% of BSI
Genco Pyrenees	2010	Clipper Sapphire Pool	February 2017	Spot Pool	(10)
Genco Rhone	2011	Pioneer Navigation Ltd.	December 2016	100% of BSI
Baltic Leopard	2009	Bulkhandling Handymax A/S	November 2016	Spot Pool	(9)
Baltic Panther	2009	Bulkhandling Handymax A/S	November 2016	Spot Pool	(9)
Baltic Jaguar	2009	Eastern Bulk Carriers A/S, Oslo	August 2016	$3,000	(12)
Baltic Cougar	2009	Bulkhandling Handymax A/S	November 2016	Spot Pool	(9)
Handymax Vessels
Genco Success	1997	TST NV, Nevis	February 2017	87.5% of BSI
Genco Carrier	1998	Tongli Samoa Shipping Co., Ltd.	August 2016	$5,150	(13)
Genco Prosperity	1997	TST NV, Nevis	March 2017	87.5% of BSI
Genco Wisdom	1997	ED&F Man Shipping Ltd.	September 2016	88.5% of BSI
Genco Muse	2001	Cargill International S.A.	August 2016	$7,600	(14)
Handysize Vessels
Genco Sugar	1998	Clipper Logger Pool	September 2016	Spot Pool	(15)
Genco Pioneer	1999	Clipper Logger Pool	September 2016	Spot Pool	(15)
Genco Progress	1999	Clipper Logger Pool	February 2017	Spot Pool	(15)
Genco Explorer	1999	Clipper Logger Pool	February 2017	Spot Pool	(15)
Genco Reliance	1999	Clipper Logger Pool	February 2017	Spot Pool	(15)
Baltic Hare	2009	Clipper Logger Pool	February 2017	Spot Pool	(15)
Baltic Fox	2010	Clipper Logger Pool	February 2017	Spot Pool	(15)
Genco Charger	2005	Clipper Logger Pool	February 2017	Spot Pool	(15)
Genco Challenger	2003	Clipper Logger Pool	February 2017	Spot Pool	(15)
Genco Champion	2006	Clipper Logger Pool	February 2017	Spot Pool	(15)
Baltic Wind	2009	Trammo Bulk Carriers	February 2017	103% of BHSI
Baltic Cove	2010	Clipper Bulk Shipping Ltd.	July 2017	$5,750	(16)
Baltic Breeze	2010	Trammo Bulk Carriers	January 2017	103% of BHSI
Genco Ocean	2010	Norvic Shipping North America Inc.	July 2016	$7,000	(17)
Genco Bay	2010	Clipper Bulk Shipping Ltd.	August 2016	102% of BHSI
Genco Avra	2011	Ultrabulk S.A.	April 2017	104% of BHSI
Genco Mare	2011	Pioneer Navigation Ltd.	July 2017	103.5% of BHSI
Genco Spirit	2011	Clipper Bulk Shipping Ltd.	August 2016	$7,000

(1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire.

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(2) Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues.

(3) We have agreed to an extension with Swissmarine Services S.A. on a time charter for 4.5 to 7.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third party brokerage commission. The extension began on August 2, 2016.

(4) The vessel redelivered to us on July 25, 2016 and is currently awaiting next employment.

(5) We have reached an agreement with ADMIntermare, a division of ADM International Sarl, for one time charter trip at a rate of $6,900 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on July 18, 2016 after repositioning. A ballast bonus was awarded after the repositioning period. The vessel redelivered to us on June 17, 2016.

(6) We have reached an agreement with Engelhart CTP (Switzerland) S.A. for one time charter trip at a rate of $7,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about August 10, 2016 after repositioning. A ballast bonus will be awarded after the repositioning period. The vessel redelivered to us on July 4, 2016.

(7) We have reached an agreement with Tongli Samoa Shipping Co., Ltd. on a time charter for approximately 15 days at a rate of $5,150 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about August 14, 2016 after repositioning. The vessel is expected to redeliver to us on or about August 12, 2016.

(8) We have reached an agreement with Chun An Chartering Co. Ltd. on a time charter for approximately 30 days at a rate of $6,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on August 2, 2016 after repositioning. The vessel redelivered to us on July 27, 2016.

(9) We have reached an agreement to enter these vessels into the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market of which Torvald Klaveness acts as the pool manager. We can withdraw a vessel with three months’ notice.

(10) We have reached an agreement to enter these vessels into the Clipper Sapphire Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. We can withdraw a vessel with a minimum notice of six months. 

(11) We have agreed to an extension with Harmony Innovation Shipping Ltd. on a time charter for approximately 25 days at a rate of $6,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on July 25, 2016.

(12) We have reached an agreement with Eastern Bulk Carriers A/S, Oslo on a time charter for approximately 35 days at a rate of $3,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on July 21, 2016.

(13) We have reached an agreement with Tongli Samoa Shipping Co., Ltd. on a time charter for approximately 15 days at a rate of $5,150 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on July 10, 2016.

(14) We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $7,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on June 12, 2016 after repositioning. The vessel redelivered to us on April 28, 2016.

(15) We have reached an agreement to enter these vessels into the Clipper Logger Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. We can withdraw the vessels with a minimum notice of six months. 

(16) We have reached an agreement with Clipper Bulk Shipping Ltd. on a time charter for 11.5 to 14.5 months at a rate of $5,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on August 5, 2016.

(17) The vessel redelivered to us on July 28, 2016 and is currently awaiting next employment.

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Three months ended June 30, 2016 compared to the three months ended June 30, 2015

VOYAGE REVENUES-

For the three months ended June 30, 2016, voyage revenues decreased by $2.3 million, or 6.8%, to $31.5 million as compared to $33.8 million for the three months ended June 30, 2015.  The decrease in voyage revenues was primarily due to lower spot market rates achieved by the majority of our vessels marginally offset by the increase in the size of our fleet following the delivery of two Ultramax newbuilding vessels.

The average Time Charter Equivalent (“TCE”) rate of our fleet decreased 8.8% to $4,618 a day for the three months ended June 30, 2016 from $5,065 a day for the three months ended June 30, 2015.  The decrease in TCE rates was primarily due to lower spot rates achieved by our vessels during the second quarter of 2016 as compared to the same period last year.  During the second quarter of 2016, the Baltic Dry Index increased from the all-time lows registered during the first three months of the year. Freight rates during the quarter were primarily supported by heightened demand for iron ore cargoes due to augmented Chinese steel production, increased coal shipments to China as the country continues to reduce domestic coal output and a strong South American grain season. Furthermore, the global drybulk fleet has expanded at the slowest rate in nearly two decades despite the recent slowdown in scrapping from the record pace set earlier in the year.

For the three months ended June 30, 2016 and 2015, we had 6,325.7 and 6,118.0 ownership days, respectively. The increase in ownership days is a result of the delivery of the Baltic Scorpion and Baltic Mantis during the second half of 2015 partially offset by the scrapping of the Genco Marine on May 17, 2016.  Fleet utilization increased to 99.4% from 98.2% during the three months ended June 30, 2016 as compared to the three months ended June 30, 2015 primarily due to additional repositioning periods during the three months ended June 30, 2015 for some of our Capesize and Supramax vessels.

SERVICE REVENUES-

Service revenues consist of revenues earned from providing technical services to MEP pursuant to the agency agreement between us and MEP.  These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services.  The services were provided for a fee of $750 per ship per day until October 1, 2015, when the daily fees were reduced to $650 per ship per day pursuant to an agreement entered into between Genco Management (USA) LLC and MEP.  During the three months ended June 30, 2016 and 2015, total service revenue was $0.4 million and $0.8 million, respectively.  The decrease was primarily a result of the combination of the sale of five of the MEP vessels during January 2016 to third parties, as well as the decrease in daily management fees.

VOYAGE EXPENSES-

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses such as commissions which are typically borne by us. Voyage expenses include port and canal charges, fuel (bunker) expenses and brokerage commissions payable to unaffiliated third parties. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on voyage charters because these expenses are for the account of the vessel owner. At the inception of a time charter, we record the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses and the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Voyage expenses decreased by $0.7 million from $3.8 million during the three months ended June 30, 2015 as compared to $3.1 million during the three months ended June 30, 2016.  The decrease was primarily due to a decrease in bunker consumption of $0.5 million during the second quarter of 2016 as compared to the second quarter of 2015, as well as a $0.3 million decrease in the write down of our bunker inventory at the end of each quarter to its market value resulting from the fact that there was more bunker inventory that was above the market value and need to be adjusted as

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of June 30, 2015 as compared to June 30, 2016.  These decreases were partially offset by a $0.3 million increase in net bunker losses recorded during the second quarter of 2016 based on the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a result of the decrease in bunker prices. 

VESSEL OPERATING EXPENSES-

Vessel operating expenses decreased by $1.4 million from $29.9 million during the second quarter of 2015 to $28.5 million during the second quarter of 2016.  This decrease was primarily due to lower expenses related to maintenance as well as crewing and insurance partially offset by the increase in the size of our fleet.

Daily vessel operating expenses decreased to $4,511 per vessel per day for the three months ended June 30, 2016 from $4,836 per day for the three months ended June 30, 2015.  The decrease in daily vessel operating expenses was predominantly due to lower maintenance as well as crew and insurance related expenses.  We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.  Our actual daily vessel operating expenses per vessel for the three months ended June 30, 2016 were $309 below the weighted-average budgeted rate of $4,820 per vessel per day.

Our vessel operating expenses, which generally represent fixed costs for each vessel, increase to the extent our fleet expands. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for crewing, lubes, and insurance, may also cause these expenses to increase.

GENERAL, ADMINISTRATIVE AND MANAGEMENT FEES-

We incur general and administrative expenses, which relate to our onshore non-vessel-related activities. Our general and administrative expenses include our payroll expenses, including those relating to our executive officers, rent, legal, auditing and other professional expenses.  For further information on the restricted shares issued as incentive compensation to our Chairman, our employees and our directors under our 2015 Equity Incentive Plan and the 2014 Management Incentive Program (the “MIP”), refer to Note 18 — Stock-Based Compensation in our Condensed Consolidated Financial Statements.  Additionally, we incur management fees to third-party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies.

For the three months ended June 30, 2016 and 2015, general, administrative and management fees were $13.9 million and $26.5 million, respectively.  The $12.6 million decrease was primarily due to a decrease in compensation costs relating to non-cash compensation of $7.0 million, including grants of restricted stock and warrants, as well as a decrease in expenses related to the merger with Baltic Trading that were incurred during the second quarter of 2015 of $6.0 million partially offset by costs related to financing or refinancing activities. 

DEPRECIATION AND AMORTIZATION-

We depreciate the cost of our vessels on a straight-line basis over the expected useful life of each vessel. Depreciation is based on the cost of the vessel less its estimated residual value. We estimate the useful life of our vessels to be 25 years and we estimate the residual value by taking the estimated scrap value of $310 per lightweight ton times the weight of the ship in lightweight tons.

Depreciation and amortization expense increased by $0.3 million to $19.7 million during the three months ended June 30, 2016 as compared to $19.4 million during the three months ended June 30, 2015.  This increase was primarily due to the delivery of the Baltic Scorpion and Baltic Mantis during the second half of 2015, as well as higher drydocking amortization expense recorded during the three months ended June 30, 2016. 

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OTHER OPERATING INCOME –

For the three months ended June 30, 2016 and 2015, other operating income was $0.2 million and $0, respectively.  The increase is primarily due to a payment of $0.2 million received from Samsun Logix Corporation as part of the cash settlement of the revised rehabilitation plan approved by the South Korean courts on April 8, 2016.  Refer to Note 17 — Commitments and Contingencies in our Condensed Consolidated Financial Statements for further information regarding the settlement.

IMPAIRMENT OF VESSEL ASSETS –

During the three months ended June 30, 2016 and 2015, we recorded $67.6 million and $0, respectively, of impairment of vessel assets.  During the three months ended June 30, 2016, we recorded $67.6 million of impairment for nine of our vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, for which we have deemed it is more likely than not that will be scrapped.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information which describes how it was determined that these vessel assets were impaired.  There was no impairment of vessels assets recorded during the three months ended June 30, 2015.

LOSS ON SALE OF VESSELS –

During the three months ended June 30, 2016 and 2015, we recorded $0.1 million and $1.2 million Loss on sale of vessels, respectively.  On May 17, 2016, we scrapped the Genco Marine which resulted in a loss of $0.1 million during the three months ended June 30, 2016.  On April 8, 2015, Baltic Trading sold two of its vessels, the Baltic Lion and Baltic Tiger, to us at a loss of $1.2 million during the three months ended June 30, 2015.

OTHER (EXPENSE) INCOME-

IMPAIRMENT OF INVESTMENT–

During the three months ended June 30, 2016 and 2015, we recorded Impairment of investment of $2.7 million and $0, respectively.  We review our investment in Jinhui for indicators of other-than-temporary impairment on a quarterly basis.  Based on our review, we have deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016. Refer to Note 5 — Investments in our Condensed Consolidated Financial Statements for further details.  Our investment in Jinhui was not deemed to be other-than-temporarily impaired as of June 30, 2015.

NET INTEREST EXPENSE –

Net interest expense increased by $2.3 million from $4.7 million during the three months ended June 30, 2015 to $7.0 million during the three months ended June 30, 2016.  Net interest expense during the three months ended June 30, 2016 and 2015 consisted of interest expense under our credit facilities and amortization of deferred financing costs for those facilities. The increase in net interest expense for the second quarter of 2016 as compared to the second quarter of 2015 was primarily due to an increase in interest expense and amortization of deferred financing fees associated with the 2015 Revolving Credit Facility and the $98 Million Credit Facility which were entered into on April 7, 2015 and November 4, 2015, respectively.

REORGANIZATION ITEMS, NET

Reorganization items, net decreased by $0.2 million from $0.3 million during the three months ended June 30, 2015 to $0.1 million during the three months ended June 30, 2016.  These reorganization items include trustee fees and professional fees incurred after the Effective Date in relation to the Chapter 11 Cases.  The decrease is due to the winding down of settlement payments as a result of the Chapter 11 Cases.  Refer to Note 16 — Reorganization items, net in our Condensed Consolidated Financial Statements for further detail.

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INCOME TAX EXPENSE-

For the three months ended June 30, 2016, income tax expense was $0.1 million as compared to $0.7 million during the three months ended June 30, 2015.  This income tax expense consists primarily of federal, state and local income taxes on net income earned by Genco Management (USA) LLC (“Genco (USA)”), one of our wholly-owned subsidiaries.  Pursuant to certain agreements, we technically and commercially managed vessels for Baltic Trading until the Merger on July 17, 2015, as well as provide technical management of vessels for MEP in exchange for specified fees for these services provided.  These services are provided by Genco (USA), which has elected to be taxed as a corporation for United States federal income tax purposes.  As such, Genco (USA) is subject to United States federal income tax on its worldwide net income, including the net income derived from providing these services.  Refer to the “Income taxes” section of Note 2 — Summary of Significant Accounting Policies included in our Condensed Consolidated Financial Statements for further information.  The decrease in income tax expense during the three months ended June 30, 2016 as compared to the same period during the prior year is primarily due to a decrease in income earned by Genco (USA) during the three months ended June 30, 2016 as a result of the cancellation of the Management Agreement with Baltic Trading effective July 18, 2015 pursuant to the Merger.  As a result of the cancellation, Genco (USA) was no longer earning commercial service revenue, management fees and sales and purchase fee from Baltic Trading effective July 18, 2015.  There was also a decrease income earned by Genco (USA) due to the reduction of the daily service fee received from MEP from $750 per vessel to $650 per vessel effective October 1, 2015, in addition to the sale of five of the MEP vessels during January 2016 to third parties.  Refer to Note 1 — General Information included in our Condensed Consolidated Financial Statements for further information.

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST-

For the three months ended June 30, 2016 and 2015, net loss attributable to noncontrolling interest was $0 and $11.6 million, respectively.  Net loss (income) was allocated to the noncontrolling interest up until July 17, 2015 when the Merger was effective.  Once the Merger was effective, the noncontrolling interest allocation was no longer applicable.

Six months ended June 30, 2016 compared to the six months ended June 30, 2015

VOYAGE REVENUES-

For the six months ended June 30, 2016, voyage revenues decreased by $15.8 million, or 23.4%, to $51.6 million as compared to $67.4 million for the six months ended June 30, 2015.  The decrease in voyage revenues was primarily due to lower spot market rates achieved by the majority of our vessels marginally offset by the increase in the size of our fleet following the delivery of two Ultramax newbuilding vessels.

The average Time Charter Equivalent (“TCE”) rate of our fleet decreased 27.9% to $3,622 a day for the six months ended June 30, 2016 from $5,021 a day for the six months ended June 30, 2015.  The decrease in TCE rates was primarily due to lower spot rates achieved by our vessels during the six months ended June 30, 2016 as compared to the same period last year. 

For the six months ended June 30, 2016 and 2015, we had 12,695.7 and 12,306.9 ownership days, respectively. The increase in ownership days is a result of the delivery of the Baltic Scorpion and Baltic Mantis during the second half of 2015 partially offset by the scrapping of the Genco Marine on May 17, 2016.  Fleet utilization increased marginally to 98.8% from 98.6% during the six months ended June 30, 2016 as compared to the six months ended June 30, 2015.

SERVICE REVENUES-

Service revenues consist of revenues earned from providing technical services to MEP pursuant to the agency agreement between us and MEP.  These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services.  The services were provided for a fee of $750 per ship per day until October 1, 2015, when the daily fees were reduced to $650 per ship per day pursuant to an agreement entered into between Genco Management (USA) LLC and MEP.  During the six months ended June 30,

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2016 and 2015, total service revenue was $1.2 million and $1.6 million, respectively.  The decrease was primarily a result of the combination of the sale of five of the MEP vessels during January 2016 to third parties, as well as the decrease in daily management fees.  These decreases were partially offset by an increase in the termination fees recorded during the six months ended June 30, 2016 related to the sale of the five MEP vessels.

VOYAGE EXPENSES-

Voyage expenses decreased by $1.2 million from $8.1 million during the six months ended June 30, 2015 as compared to $7.0 million during the six months ended June 30, 2016.  The decrease was partially due to a $1.0 million decrease in the write down of our bunker inventory at the end of each quarter to its market value resulting from the fact that there was more bunker inventory that was above the market value and need to be adjusted at quarter-end during the six months ended June 30, 2015 as compared to the same period during June 30, 2016.  Additionally, there was a decrease in bunker consumption of $1.1 million during the six months ended June 30, 2016 as compared to the same period during 2015, as well as a $0.2 million decrease in third-party broker commissions as a result of the decrease in voyage revenue earned during the six months ended June 30, 2016 as compared to the same period during 2015.  These decreases were partially offset by a $1.0 million increase in net bunker losses recorded during the six months ended June 30, 2016 based on the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a result of the decrease in bunker prices. 

VESSEL OPERATING EXPENSES-

Vessel operating expenses decreased by $0.9 million from $58.6 million during the six months ended June 30, 2015 to $57.7 million during the six months ended June 30, 2016.  This decrease was primarily due to lower maintenance related expenses.

Daily vessel operating expenses decreased to $4,542 per vessel per day for the six months ended June 30, 2016 from $4,762 per day for the six months ended June 30, 2015.  The decrease in daily vessel operating expenses was predominantly due to lower crew and maintenance related expenses.  We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.  Our actual daily vessel operating expenses per vessel for the six months ended June 30, 2016 were $278 below the weighted-average budgeted rate of $4,820 per vessel per day.

GENERAL, ADMINISTRATIVE AND MANAGEMENT FEES-

For the six months ended June 30, 2016 and 2015, general, administrative and management fees were $26.7 million and $46.8 million, respectively.  The $20.1 million decrease was primarily due to a decrease in compensation costs relating to non-cash compensation of $13.9 million, including grants of restricted stock and warrants, as well as a decrease in expenses related to the merger with Baltic Trading that were incurred during the six months ended June 30, 2015 of $6.0 million partially offset by costs related to financing or refinancing activities. 

DEPRECIATION AND AMORTIZATION-

We depreciate the cost of our vessels on a straight-line basis over the expected useful life of each vessel. Depreciation is based on the cost of the vessel less its estimated residual value. We estimate the useful life of our vessels to be 25 years and we estimate the residual value by taking the estimated scrap value of $310 per lightweight ton times the weight of the ship in lightweight tons.

Depreciation and amortization expense increased by $1.2 million to $40.0 million during the six months ended June 30, 2016 as compared to $38.8 million during the six months ended June 30, 2015.  This increase was primarily due to the delivery of the Baltic Scorpion and Baltic Mantis during the second half of 2015, as well as higher drydocking amortization expense recorded during the six months ended June 30, 2016.

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OTHER OPERATING INCOME –

For the six months ended June 30, 2016 and 2015, other operating income was $0.2 million and $0, respectively.  The increase is primarily due to a payment of $0.2 million received from Samsun Logix Corporation as part of the cash settlement of the revised rehabilitation plan approved by the South Korean courts on April 8, 2016.  Refer to Note 17 — Commitments and Contingencies in our Condensed Consolidated Financial Statements for further information regarding the settlement.

IMPAIRMENT OF VESSEL ASSETS -

During the six months ended June 30, 2016 and 2015, we recorded $69.3 million and $35.4 million, respectively, of impairment of vessel assets.  During the six months ended June 30, 2016, we recorded $67.6 million of impairment for nine of our vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, for which we have deemed it is more likely than not that will be scrapped.  Additionally, we recorded $1.7 million of impairment of vessel assets to adjust the net realizable value of the Genco Marine which was scrapped on May 17, 2016.  During the six months ended June 30, 2015, we recorded $35.4 million of impairment for the Baltic Lion and Baltic Tiger, which were sold to us from Baltic Trading on April 8, 2015.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information which describes how it was determined that these vessel assets were impaired. 

LOSS ON SALE OF VESSELS –

During the six months ended June 30, 2016 and 2015, we recorded $0.1 million and $1.2 million Loss on sale of vessels, respectively.  On May 17, 2016, we scrapped the Genco Marine which resulted in a loss of $0.1 million during the six months ended June 30, 2016.  On April 8, 2015, Baltic Trading sold two of its vessels, the Baltic Lion and Baltic Tiger, to us at a loss of $1.2 million during the six months ended June 30, 2015.

OTHER (EXPENSE) INCOME-

IMPAIRMENT OF INVESTMENT–

During the six months ended June 30, 2016 and 2015, we recorded Impairment of investment of $2.7 million and $0, respectively.  We review our investment in Jinhui for indicators of other-than-temporary impairment on a quarterly basis.  Based on our review, we have deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016. Refer to Note 5 — Investments in our Condensed Consolidated Financial Statements for further details.  Our investment in Jinhui was not deemed to be other-than-temporarily impaired during the six months ended June 30, 2015.

NET INTEREST EXPENSE –

Net interest expense increased by $5.1 million from $9.0 million during the six months ended June 30, 2015 to $14.0 million during the six months ended June 30, 2016.  Net interest expense during the six months ended June 30, 2016 and 2015 consisted of interest expense under our credit facilities and amortization of deferred financing costs for those facilities. The increase in net interest expense for the six months ended June 30, 2016 as compared to the same period during 2015 was primarily due to an increase in interest expense and amortization of deferred financing fees associated with the 2015 Revolving Credit Facility and the $98 Million Credit Facility which were entered into on April 7, 2015 and November 4, 2015, respectively.

REORGANIZATION ITEMS, NET

Reorganization items, net decreased by $0.7 million from $0.8 million during the six months ended June 30, 2015 to $0.2 million during the six months ended June 30, 2016.  These reorganization items include trustee fees and professional fees incurred after the Effective Date in relation to the Chapter 11 Cases.  The decrease is due to the

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winding down of settlement payments as a result of the Chapter 11 Cases.  Refer to Note 16 — Reorganization items, net in our Condensed Consolidated Financial Statements for further detail.

INCOME TAX EXPENSE-

For the six months ended June 30, 2016, income tax expense was $0.4 million as compared to $1.3 million during the six months ended June 30, 2015.  This income tax expense consists primarily of federal, state and local income taxes on net income earned by Genco Management (USA) LLC (“Genco (USA)”), one of our wholly-owned subsidiaries.  Pursuant to certain agreements, we technically and commercially managed vessels for Baltic Trading until the Merger on July 17, 2015, as well as provide technical management of vessels for MEP in exchange for specified fees for these services provided.  These services are provided by Genco (USA), which has elected to be taxed as a corporation for United States federal income tax purposes.  As such, Genco (USA) is subject to United States federal income tax on its worldwide net income, including the net income derived from providing these services.  Refer to the “Income taxes” section of Note 2 — Summary of Significant Accounting Policies included in our Condensed Consolidated Financial Statements for further information.  The decrease in income tax expense during the six months ended June 30, 2016 as compared to the same period during the prior year is primarily due to a decrease in income earned by Genco (USA) during the six months ended June 30, 2016 as a result of the cancellation of the Management Agreement with Baltic Trading effective July 18, 2015 pursuant to the Merger.  As a result of the cancellation, Genco (USA) was no longer earning commercial service revenue, management fees and sales and purchase fee from Baltic Trading effective July 18, 2015.  There was also a decrease income earned by Genco (USA) due to the reduction of the daily service fee received from MEP from $750 per vessel to $650 per vessel effective October 1, 2015, in addition to the sale of five of the MEP vessels during January 2016 to third parties. These decreases related to MEP were partially offset by an increase in the termination fees earned during the six months ended June 30, 2016 related the sale of the five MEP vessels. Refer to Note 1 — General Information included in our Condensed Consolidated Financial Statements for further information.

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST-

For the six months ended June 30, 2016 and 2015, net loss attributable to noncontrolling interest was $0 and $52.3 million, respectively.  Net loss (income) was allocated to the noncontrolling interest up until July 17, 2015 when the Merger was effective.  Once the Merger was effective, the noncontrolling interest allocation was no longer applicable.

LIQUIDITY AND CAPITAL RESOURCES

Our principal sources of funds are currently operating cash flows and long-term bank borrowings.  We have also historically used issuances of equity and long-term debt securities as sources of financing and may do so in the future.  Our principal use of funds is capital expenditures to establish and grow our fleet, maintain the quality of our vessels, comply with international shipping standards and environmental laws and regulations, and fund working capital requirements and repayments on outstanding loan facilities.  However, if market conditions continue to deteriorate, we may be unable to raise additional equity capital or debt financing on acceptable terms or at all.

Our liquidity needs arise primarily from drydocking for our vessels and working capital requirements as may be needed to support our business and payments required under our indebtedness. Our primary sources of liquidity are cash flow from operations, cash on hand, and credit facility borrowings. Our ability to continue to meet our liquidity needs is subject to and will be affected by cash utilized in operations, the economic or business environment in which we operate, weakness in shipping industry conditions, the financial condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.

Persistent, historically low rates in the drybulk shipping market have led to decreases in our overall revenues and operating losses on some of the charters we enter into.  As a result, we have experienced negative cash flows, and in turn, our liquidity has been negatively impacted.  If the current market environment persists, declines further, or does not recover sufficiently, we may have insufficient liquidity to fund ongoing operations or satisfy our obligations under our credit facilities, which may lead to a default under one or more of our credit facilities.

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We entered into the Commitment Letter and subsequent Amended Commitment Letter on June 8, 2016 and June 30, 2016.  This Commitment Letter for a senior secured loan facility (the “New Facility”) for an aggregate principal amount of up to $400 million is intented to refinance our $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and 2015 Revolving Credit Facility, as defined in Note 8 — Debt in our Condensed Consolidated Financial Statements.  The New Facility is subject to definitive documentation, and our ability to borrow under the New Facility is subject to a number of conditions, including completion of an equity financing satisfactory to the lenders with gross proceeds to the Company including the equity commitments as described in Note 8 — Debt in our Condensed Consolidated Financial Statements of at least $125 million, amendment of the Company’s other credit facilities on terms satisfactory to the lenders and other customary conditions.  On June 30, 2016 we entered into an amendment and restatement of the Commitment Letter (the “Amended Commitment Letter”) which established or extended waivers of certain credit facility covenants described below through 11:59 p.m. on September 30, 2016 on certain conditions, including a condition that we enter into a definitive purchase agreement or file a registration statement for an equity financing by 11:59 p.m. on August 15, 2016.

Given the negative impact of the current drybulk rate environment, we also face covenant compliance issues.  Our credit facilities contain minimum cash covenants measured on a company-wide basis and on the basis of the number of vessels pledged by obligors under each credit facility.  Pursuant to the Amended Commitment Letter and the $98 Million Credit Facility Commitment Letter (as discussed in Note 8 — Debt in our Condensed Consolidated Financial Statements), our company-wide minimum cash covenant has been waived through September 30, 2016 so long as we maintain a minimum cash balance of $25.0 million. We are currently seeking a similar waiver under the 2014 Term Loan Facilities.  Moreover, under the Amended Commitment Letter, from August 31 through September 30, 2016, the amount of cash we would need to maintain under our minimum cash covenants applicable only to obligors in each facility to be refinanced under the Amended Commitment Letter would be reduced by up to $0.25 million per vessel, subject to an overall maximum cash withdrawal of $10.0 million to pay expenses and additional conditions. However, in light of our requirements to fund ongoing operations, make payments under our credit facilities, and the possibility of utilizing cash to resolvecollateral maintenance shortfalls after the waiver period ends on September 30, 2016, we believe that without taking measures described below that may not be available to us, it is probable that we will not remain in compliance with our minimum cash covenants under our credit facilities after September 30, 2016.

As a result of the current weakness in vessel values, we did not meet the maximum leverage or leverage ratio covenants in our credit facilities as of June 30, 2016.  These covenants require us to maintain a ratio not to exceed 70% of financial indebtedness divided by value adjusted total assets, each as defined therein.  Pursuant to the Amended Commitment Letter and the $98 Million Credit Facility Commitment Letter (as discussed in Note 8 — Debt in our Condensed Consolidated Financial Statements), the maximum leverage ratio covenants have been waived through September 30, 2016 for all of our credit facilities other than the 2014 Term Loan Facilities, as to which it has been waived through October 15, 2016, except that such waivers under the 2014 Term Loan Facilities will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers. However, given the current weakness in vessel values, it is probable that we will not remain in compliance with our maximum leverage ratio covenants under our credit facilities after September 30, 2016.

Lastly, pursuant to the Amended Commitment Letter and the waiver entered into on June 30, 2016 for the 2014 Term Loan Facilities, the collateral maintenance covenants have been waived through 11:59 p.m. on September 30, 2016.  Additionally, pursuant to the $98 Million Credit Facility Commitment Letter entered into on June 29, 2016, the collateral maintenance covenant has been reduced from 140% to 120% through 11:59 p.m. on September 30, 2016.  Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for a description of these waivers.Under the collateral maintenance covenants, as amended, of our $98 Million Credit Facility, 2015 Revolving Credit Facility, $253 Million Term Loan Facility, $100 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and the 2014 Term Loan Facilities, the aggregate valuations of our vessels pledged under each facility must at least be a certain percentage of loans outstanding, which percentages currently are 120%, 140%, 135%, 130%, 140%, 110%, 125% and 135%, respectively, as of June 30, 2016. Absent the aforementioned waivers, if this test is not met, we may be required to take certain actions to remedy the shortfall.  See “Critical Accounting Policies — Vessels and Depreciation” below for further details of our vessel valuations.  Given the current weakness in vessel values, we believe it is probable that we will not meet the minimum threshold under the

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collateral maintenance covenant in certain of our credit facilities after September 30, 2016 when the aforementioned waivers expire.

In light of the foregoing, we will likely require capital to fund ongoing operations and debt service and to maintain compliance with our credit facility covenants.  The transactions contemplated by the Amended Commitment Letter and the $98 Million Credit Facility Commitment Letter are intended to address our liquidity and covenant compliance issues.  Such transactions are subject to a number of conditions, including completion of an equity financing satisfactory to the lenders with gross proceeds to us of at least $125 million.  If we are unable to fulfill these conditions, we will need to consider alternatives to address our liquidity and covenant compliance issues.  For example, we may seek to refinance our indebtedness, obtain further waivers or modifications to our credit agreements from our lenders (which may be unavailable or subject to conditions) or raise additional capital through selling assets (including vessels), reducing or delaying capital expenditures, or pursuing other options that may be available to us which may include pursuing strategic opportunities and equity or debt offeringsor potentially seeking protection in a Chapter 11 proceeding.  To the extent such actions include dispositions of vessels, our ability to do so on acceptable terms may be limited by depressed vessel values, a second-hand market for the sale of vessels that has become less active, and ongoing limited availability of financing for buyers of vessels.  In addition, to remedy or mitigate our non-compliance under our collateral maintenance covenants, we may prepay a portion of our indebtedness or pledge one or more of our remaining unencumbered vessels.  We cannot be certain that we will accomplish any of the actions described above.

Absent any of the foregoing actions, if we do not comply with our covenants under our credit facilities and fail to cure our non-compliance following applicable notice and expiration of applicable cure periods, we will be in default of one or more of our credit facilities.  As a result and given the presence of cross defaults amongst the credit agreements, some or all of our indebtedness could be declared immediately due and payable, and we may not have sufficient assets available to satisfy our obligations.  Substantially all of our assets are pledged as collateral to our lenders, and our lenders may seek to foreclose on their collateral if a default occurs.  We may have to seek alternative sources of financing on terms that may not be favorable to us or that may not be available at all.  We therefore could experience a material adverse effect on our business, financial condition, results of operation and cash flows.

Historically, we have used funds to pay dividends and to repurchase our common stock from time to time. We have not declared or paid any dividends since the third quarter of 2008 and currently do not plan to resume the payment of dividends.  Moreover, pursuant to restrictions under our credit facilities, we are currently prohibited from paying dividends.  Future dividends, if any, will depend on, among other things, our cash flows, cash requirements, financial condition, results of operations, required capital expenditures or reserves, contractual restrictions (including debt covenants), provisions of applicable law and other factors that our board of directors may deem relevant.

Prior to the merger with Baltic Trading, Genco Investments LLC owned 6,356,471 shares of Baltic Trading’s Class B Stock, which represents a 10.85% ownership interest in Baltic Trading and 64.60% of the aggregate voting power of Baltic Trading’s outstanding shares of voting stock.  On April 7, 2015, we entered into a definitive merger agreement with Baltic Trading under which we acquired Baltic Trading in a stock-for-stock transaction.  The Merger was approved on July 17, 2015.  Under the terms of the agreement, Baltic Trading became our indirect wholly-owned subsidiary, and Baltic Trading shareholders (other than GS&T and its subsidiaries) received 0.216 shares of our common stock for each share of Baltic Trading’s common stock they owned at closing, with fractional shares to be settled in cash.  Upon consummation of the transaction on July 17, 2015, our shareholders owned approximately 84.5% of the combined company, and Baltic Trading’s shareholders (other than the GS&T and its subsidiaries) owned approximately 15.5% of the combined company.  Shares of Baltic Trading’s Class B stock (all of which are owned by us) were canceled in the Merger.  Our stock began trading on the New York Stock Exchange after consummation of the transaction on July 20, 2015 under the symbol “GNK.”

Our Board of Directors and Baltic Trading’s Board of Directors established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies.  Both independent special committees unanimously approved the transaction.  The Boards of Directors of both companies approved the merger by unanimous vote of directors present and voting, with Peter C. Georgiopoulos, Chairman of the Board of each company, recused for the vote. The Merger was approved on July 17, 2015 at the Annual Meeting.

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Dividends

We are currently prohibited from paying dividends under certain of our facilities, the longest restriction of which is in effect until May 1, 2017. Following May 1, 2017, the amount of dividends we may pay is limited based on the amount of the loans outstanding under the 2015 Revolving Credit Facility and the $98 Million Credit Facility, as well as the ratio of the value of vessels and certain other collateral pledged under the $98 Million Credit Facility to the amount of the loan outstanding under such facility. In addition, dividends may not exceed 50% of our net income (as defined in the 2015 Revolving Credit Facility) and may only be paid out of excess cash flow of Genco and its subsidiaries (as defined in the $98 Million Credit Facility). Moreover, we would make dividend payments to our shareholders only if our Board of Directors, acting in its sole discretion, determines that such payments would be in our best interest and in compliance with relevant legal and contractual requirements. The principal business factors that our Board of Directors would consider when determining the timing and amount of dividend payments would be our earnings, financial condition and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends other than from surplus. Marshall Islands law also prohibits the declaration and payment of dividends while a company is insolvent or would be rendered insolvent by the payment of such a dividend.

Cash Flow

Net cash used in operating activities for the six months ended June 30, 2016 and 2015 was $41.2 million and $29.8 million, respectively.  Included in the net loss attributable to Genco during the six months ended June 30, 2016 and 2015 are $72.0 million and $35.4 million of non-cash impairment charges, respectively. Excluding the aforementioned non-cash charges for the six months ended June 30, 2016 and 2015, the loss would be less by $2.5 million. Also included in the net loss during the six months ended June 30, 2016 and 2015 was $10.9 million and $24.8 million, respectively, of non-cash amortization of non-vested stock compensation due to the vesting of restricted shares and warrants issued under the MIP. Additionally, the fluctuation in accounts payable and accrued expenses decreased by $11.4 million due to the timing of payments.  The above changes in operating activities were partially offset by a $2.3 million increase in the fluctuation in prepaid expenses and other current assets and a $2.1 million increase in the fluctuation in due from charterers due to the timing of payments.  Additionally, there was a $6.2 million decrease in deferred drydocking costs incurred because there were fewer vessels that completed drydocking during the six months ended June 30, 2016 as compared to the same period during 2015.

Net cash provided by investing activities was $3.7 million during the six months ended June 30, 2016 as compared to net cash used in investing activities of $5.4 million during the six months ended June 30, 2015. The fluctuation is primarily due to a $24.3 million decrease in the purchase of vessels, including deposits.  The decrease is primarily due to the completion of the purchase of the Baltic Wasp on January 2, 2015.  Additionally, there were $1.9 million of proceeds from the sale of the Genco Marine which was scrapped during the six months ended June 30, 2016.  The decrease in the purchase of vessels, including deposits and proceeds from the sale for the Genco Marine were partially offset by a $19.6 million decrease in deposits of restricted cash, representing the amount of restricted cash that was held in an escrow account as of December 31, 2014 for the purchase of the Baltic Wasp, which was released to the shipyard upon the vessel delivery on January 2, 2015.

Net cash used in financing activities was $26.9 million during the six months ended June 30, 2016 as compared to net cash provided by financing activities of $13.5 million during the six months ended June 30, 2015. Net cash used in financing activities for the six months ended June 30, 2016 consisted primarily of the following: $10.2 million repayment of debt under the $253 Million Term Loan Facility, $6.0 million repayment of debt under the $148 Million Credit Facility, $3.8 million repayment of debt under the $100 Million Term Loan Facility, $3.3 million repayment of debt under the 2015 Revolving Credit Facility, $1.4 million repayment of debt under $44 Million Term Loan Facility, $1.4 million repayment of debt under the 2014 Term Loan Facilities, $0.8 million repayment of debt under the $22 Million Term Loan Facility, and $0.1 million cash settlement paid to non-accredited 5.00% Convertible Senior Note holders. Net cash provided by financing activities for the six months ended June 30, 2015 consisted primarily of $115.0 million of proceeds from the $148 Million Credit Facility and $25.0 million of proceeds from 2015 Revolving Credit Facility partially offset by the following: $102.3 million repayment of debt under the 2010 Credit Facility, $10.2 million repayment of debt under the $253 Million Term Loan Facility, $3.8 million repayment of debt under the $100 Million Term Loan Facility, $2.4 million repayment of debt under the $148 Million Term Loan Facility, $1.4 million repayment

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of debt under the $44 Million Term Loan Facility, $0.8 million repayment of debt under the $22 Million Term Loan Facility, $0.7 million repayment of debt under the 2014 Term Loan Facilities, $0.7 million cash settlement paid to non-accredited 5.00% Convertible Senior Note holders, and $4.3 million payment of deferred financing costs.

Credit Facilities

Refer to the 2015 10-K for a summary and description of our outstanding credit facilities, including the underlying financial and non-financial covenants, which are incorporated herein by reference.  On April 7, 2015, five of our wholly-owned subsidiaries entered into 2015 Revolving Credit Facility which provided for a $59.5 million revolving credit facility with an uncommitted accordion feature that has since expired. Additionally, on November 4, 2015, thirteen of our wholly-owned subsidiaries entered into the $98 Million Credit facility which was used for working capital purposes.

Refer to Note 8 —Debt in our Condensed Consolidated Financial Statements for information regarding agreements and waivers that were entered into for our nine credit facilities, as well as the terms and fees associated with those agreements and waivers.

At June 30, 2016, we believed we were in compliance with all of the financial covenants under  the $100 Million Term Loan Facility; $253 Million Term Loan Facility; the 2015 Revolving Credit Facility; the $98 Million Credit Facility; the $44 Million Term Loan Facility; $22 Million Term Loan Facility; the $148 Million Credit Facility; and the 2014 Term Loan Facilities, other than covenants that had been waived by our lenders as of such date pursuant to the Amended Commitment Letter, the $98 Million Credit Facility Commitment Letter and the June 30, 2016 and August 9, 2016 waiver agreements entered into for the 2014 Term Loan Facilities.  These commitment letters and waiver agreements are effective through September 30, 2016.  Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for a description of each credit facility and the terms and conditions of the waivers and commitment letters.  Each of our credit facilities contain cross default provisions that could be triggered by our failure to satisfy or waive our collateral maintenance covenants once the waivers expire.  Given the existence of the cross default provisions, and the absence of any current solution which would cure the noncompliance for at least the next 12 months, we have determined that we should classify our outstanding indebtedness, net of unamortized deferred financing costs, of $553.3 million as a current liability as of June 30, 2016 in the Condensed Consolidated Balance Sheets.

Interest Rate Swap Agreements, Forward Freight Agreements and Currency Swap Agreements

At June 30, 2016 and December 31, 2015, we did not have any interest rate swap agreements.  As part of our business strategy, we may enter into interest rate swap agreements to manage interest costs and the risk associated with changing interest rates.  In determining the fair value of interest rate derivatives, we would consider the creditworthiness of both the counterparty and ourselves immaterial. Valuations prior to any adjustments for credit risk would be validated by comparison with counterparty valuations.  Amounts would not and should not be identical due to the different modeling assumptions.  Any material differences would be investigated.

As part of our business strategy, we may enter into arrangements commonly known as forward freight agreements, or FFAs, to hedge and manage market risks relating to the deployment of our existing fleet of vessels.  These arrangements may include future contracts, or commitments to perform in the future a shipping service between ship owners, charterers and traders.  Generally, these arrangements would bind us and each counterparty in the arrangement to buy or sell a specified tonnage freighting commitment “forward” at an agreed time and price and for a particular route.  Although FFAs can be entered into for a variety of purposes, including for hedging, as an option, for trading or for arbitrage, if we decided to enter into FFAs, our objective would be to hedge and manage market risks as part of our commercial management. It is not currently our intention to enter into FFAs to generate a stream of income independent of the revenues we derive from the operation of our fleet of vessels.  If we determine to enter into FFAs, we may reduce our exposure to any declines in our results from operations due to weak market conditions or downturns, but may also limit our ability to benefit economically during periods of strong demand in the market.  We have not entered into any FFAs as of June 30, 2016 and December 31, 2015.

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Contractual Obligations

The following table sets forth our contractual obligations and their maturity dates as of June 30, 2016.  The table incorporates the employment agreement entered into in September 2007 with our President, John Wobensmith.  The interest and borrowing fees and scheduled credit agreement payments below reflect the $100 Million Term Loan Facility, the $253 Million Term Loan Facility, the $44 Million Term Loan Facility, the 2015 Revolving Credit Facility, the $98 Million Credit Facility, the $22 Million Term Loan Facility, the 2014 Term Loan Facilities and the $148 Million Credit Facility, as well as other fees associated with the facilities.  Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for further information regarding the terms of the aforementioned credit facilities.  The following table also incorporates the future lease payments associated with the lease for our current space and excludes the lease from our former space as we have filed a motion to reject the lease for our former space in the bankruptcy proceedings, which was accepted on the Effective Date upon our emergence from Chapter 11.  Refer to Note 17 — Commitments and Contingencies in our Condensed Consolidated Financial Statements for further information regarding the terms of our current lease agreement.

			Less Than		One to		Three to
			One		Three		Five		More than
	Total		Year (1)		Years		Years		Five Years
	(U.S. dollars in thousands)
Credit Agreements	$	561,656	$	26,778	$	118,527	$	399,095	$	17,256
Interest and borrowing fees		81,883		12,999		45,613		21,770		1,501
Executive employment agreement		757		312		445		—		—
Office leases		18,120		538		1,992		4,460		11,130
Totals	$	662,416	$	40,627	$	166,577	$	425,325	$	29,887

(1) Represents the six-month period ending December 31, 2016.

Interest expense has been estimated using 0.75% plus the applicable margin of 3.50% for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility, 4.25% for the 2015 Revolving Credit Facility and 6.125% for the $98 Million Credit Facility.  For the $22 Million Term Loan Facility and the $44 Million Term Loan Facility, interest expense has been estimated using 0.75% plus the applicable margin of 3.35%.  Lastly, interest expense has been estimated using 0.75% plus the applicable margin for the $148 Million Credit Facility and for the 2014 Term Loan Facilities of 3.00% and 2.50%, respectively.

Capital Expenditures

We make capital expenditures from time to time in connection with our vessel acquisitions.  Our fleet currently consists of 69 drybulk vessels, including 13 Capesize drybulk carriers, eight Panamax drybulk carriers, four Ultramax drybulk carriers, 21 Supramax drybulk carriers, five Handymax drybulk carriers and 18 Handysize drybulk carriers.

As previously announced, we have initiated a fuel efficiency upgrade program for certain of our vessels. We believe this program will generate considerable fuel savings going forward and increase the future earnings potential for these vessels. The upgrades have been successfully installed on 16 of our vessels, which completed their respective planned drydockings during 2014 and 2015.  Currently, we do not expect to install fuel efficiency upgrades on any of the vessels scheduled to drydock in 2016.

Under U.S. Federal law and 33 CFR, Part 151, Subpart D, U.S. approved ballast water treatment systems will be required to be installed in all vessels at the first out of water drydocking after January 1, 2016 if these vessels are to discharge ballast water inside 12 nautical miles of the coast of the United States. Currently, we do not believe there are any ballast water treatment systems that are approved by U.S. authorities. Therefore, the United States Coast Guard (“USCG”) has granted us exensions for our vessels with 2016 drydocking deadlines until January 1, 2018; however, an alternative management system (“AMS”) may be installed in lieu. For example, in February 2015, the USCG added Bawat to the list of ballast water treatment systems that received AMS acceptance. An AMS is valid for five years from the date of required compliance with ballast water discharge standards, by which time it must be replaced by an approved

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system unless the AMS itself achieves approval. The cost of these systems will vary based on the size of the vessel, and the Company estimates the cost of the systems to be $1.0 million for Capesize, $0.8 million for Panamax, $0.8 million for Supramax, $0.7 million for Handymax and $0.7 million for Handysize vessels. Any newbuilding vessels that we acquire will have an AMS installed when the vessel is being built. The costs of ballast water treatment systems will be capitalized and depreciated over the remainder of the life of the vessel, assuming the system the Company installs becomes approved. These amounts would be in addition to the amounts budgeted for drydocking below.

In addition to acquisitions that we may undertake in future periods, we will incur additional expenditures due to special surveys and drydockings for our fleet. We estimate our drydocking costs, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, and scheduled off-hire days for our fleet through 2017 to be:

Year	Estimated Drydocking Cost			Estimated Off-hire Days
	(U.S. dollars in millions)
2016 (July 1 - December 31, 2016)	$	7.4	(1)	215	(2)
2017	$	15.6	(1)	385	(2)

(1) Estimated drydocking costs during the remainder of 2016 and 2017 include $4.2 million and $4.8 million of costs, respectively, for vessels that could potentially be sold or scrapped as per the terms of the Commitment Letter.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements.

(2) Estimated offhire days during the remainder of 2016 and 2017 include 135 and 125 days, respectively, for vessels that could potentially be sold or scrapped as per the terms of the Commitment Letter.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements.

The costs reflected are estimates based on drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed.  We expect to fund these costs with cash from operations.  These costs do not include drydock expense items that are reflected in vessel operating expenses, including the write-off of any steel that is replaced during drydocking.  Additionally, these costs do not include the cost of ballast water treatment systems as noted above.

Actual length of drydocking will vary based on the condition of the vessel, yard schedules and other factors.  Higher repairs and maintenance expense during drydocking for vessels which are over 15 years old typically result in a higher number of off-hire days depending on the condition of the vessel.

During the six months ended June 30, 2016 and 2015, we incurred a total of $1.1 million and $7.3 million of drydocking costs, respectively, excluding costs incurred during drydocking that were capitalized to vessel assets or vessel equipment. 

One of our vessels completed drydockings during the six months ended June 30, 2016. Additionally, there was one drydocking that began in June 2016 and crossed over into the third quarter.  We estimate that eight of our vessels will be drydocked during the remainder of 2016 and 18 of our vessels will be drydocked during 2017, which includes the vessels that could potentially be sold or scrapped as per the terms of the Commitment Letter.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Inflation

Inflation has only a moderate effect on our expenses given current economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase our operating, voyage, general and administrative, and financing costs.

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CRITICAL ACCOUNTING POLICIES

There have been no changes or updates to the critical accounting policies as disclosed in the 2015 10-K.

Vessels and Depreciation

We record the value of our vessels at their cost (which includes acquisition costs directly attributable to the vessel and expenditures made to prepare the vessel for its initial voyage) less accumulated depreciation.  We depreciate our drybulk vessels on a straight-line basis over their estimated useful lives, estimated to be 25 years from the date of initial delivery from the shipyard.  Depreciation is based on cost less the estimated residual scrap value of $310/lwt based on the 15-year average scrap value of steel.  An increase in the residual value of the vessels will decrease the annual depreciation charge over the remaining useful life of the vessels.  Similarly, an increase in the useful life of a drybulk vessel would also decrease the annual depreciation charge.  Comparatively, a decrease in the useful life of a drybulk vessel or in its residual value would have the effect of increasing the annual depreciation charge.  However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, we will adjust the vessel’s useful life to end at the date such regulations preclude such vessel’s further commercial use.

The carrying value of each of our vessels does not represent the fair market value of such vessel or the amount we could obtain if we were to sell any of our vessels, which could be more or less.  Under U.S. GAAP, we would not record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until we determine to sell that vessel or the vessel is impaired as discussed in the 2015 10-K.  Excluding the three Bourbon vessels we resold immediately upon delivery to MEP at our cost, we have sold four of our vessels since our inception.  We realized a profit for the three vessels sold during prior years and realized a loss of $0.1 million for the sale of the Genco Marine on May 17, 2016 which was scrapped.  Additionally, we incurred a $53.8 million loss from the forfeiture of our deposit and related interest when we determined to cancel an acquisition of six drybulk newbuildings in November 2008.

During the three months ended June 30, 2016 and 2015, we recorded $67.6 million and $0 impairment of vessel assets, respectively.  The $67.6 million impairment expense recorded during the three months ended June 30, 2016 was for nine of our vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, for which we have determined it is more likely than not will be scrapped pursuant to the terms of the Commitment Letter that we entered into on June 8, 2016.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information which describes how we determined that these vessel assets were impaired. 

During the six months ended June 30, 2016 and 2015, we recorded $69.3 million and $35.4 million, impairment of vessel assets, respectively.  The $69.3 million impairment expense recorded during the six months ended June 30, 2016 included $67.6 million impairment loss for the nine vessels noted above, as well as a $1.7 million impairment loss for the Genco Marine recorded during the first quarter of 2016 when we had determined that it was more likely than not that the vessel would be scrapped.  On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and it was sold to a demolition yard and scrapped on May 17, 2016.  Similarly, the $35.4 million impairment expense recorded during the six months ended June 30, 2015 was for the Baltic Lion and Baltic Tiger for which we had determined it was more likely than not that the vessels would be sold based on Baltic Trading’s expressed consideration to divest of those vessels to increase its liquidity position and strengthen our balance sheet.  On April 7, 2015, we entered into an agreement with Baltic Trading to purchase the Baltic Lion and Baltic Tiger for an aggregate purchase price of $68.5 million, not including commission, which closed on April 8, 2015.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information which describes how we determined that these vessel assets were impaired. 

Pursuant to our bank credit facilities, we regularly submit to the lenders valuations of our vessels on an individual charter free basis in order to evidence our compliance with the collateral maintenance covenants under our bank credit facilities.  Such a valuation is not necessarily the same as the amount any vessel may bring upon sale, which may be more or less, and should not be relied upon as such.  Compliance with the collateral maintenance covenants have

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been waived under our $100 Million Term Loan Facility; $253 Million Term Loan Facility; 2015 Revolving Credit Facility; $44 Million TermLoan Facility; $148 Million Credit Facility; 2014 Term Loan Facilities; and the $22 Million Term Loan Facility through 11:59 p.m. on September 30, 2016 pursuant to the Amended Commitment Letter and the waiver entered into on June 30, 2016 for the 2014 Term Loan Facilities.  Additionally, pursuant to the $98 Million Credit Facility Commitment Letter entered into on June 29, 2016, the collateral maintenance covenant has been reduced from 140% to 120% through 11:59 p.m. on September 30, 2016.  Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for further details. We obtained valuations for all of the vessels in our fleet pursuant to the terms of the credit facilities.  For unencumbered vessels, we utilized the June 30, 2016 vessel valuations as of June 30, 2016 and the December 31, 2015 vessel valuations as of December 31, 2015. In the chart below, we list each of our vessels, the year it was built, the year we acquired it, and its carrying value at June 30, 2016 and December 31, 2015.  Vessels have been grouped according to their collateralized status as of June 30, 2016.  The carrying value of the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom at June 30, 2016 reflects the impairment loss recorded for these vessels.

At June 30, 2016, the vessel valuations of all of our vessels for covenant compliance purposes under our bank credit facilities as of the most recent compliance testing date were lower than their carrying values at June 30, 2016, with the exception of the nine aforementioned vessels, which were written down to their estimated net realizable value as of June 30, 2016 as it was determined that the vessels assets were impaired.  At December 31, 2015, the vessel valuations of all of our vessels for covenant compliance purposes under our bank credit facilities as of the most recent compliance testing date were lower than their carrying values at December 31, 2015, with the exception of the Genco Marine, which was unencumbered at December 31, 2015 and was written down to its fair market value as it was determined that the vessel asset was impaired as of December 31, 2015.  Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information.

The amount by which the carrying value at June 30, 2016 of all of the vessels in our fleet, with the exception of the nine aforementioned vessels, exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $5.2 million to $24.0 million per vessel, and $745.6 million on an aggregate fleet basis.  The amount by which the carrying value at December 31, 2015 of all of the vessels in our fleet, with the exception of the Genco Marine, exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $3.3 million to $21.8 million per vessel, and $699.9 million on an aggregate fleet basis.  The average amount by which the carrying value of our vessels exceeded the valuation of such vessels for covenant compliance purposes was

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$12.4 million at June 30, 2016 and $10.1 million as of December 31, 2015.  However, neither such valuation nor the carrying value in the table below reflects the value of long-term time charters related to some of our vessels.

			Carrying Value (U.S.
			dollars in
			thousands) as of
		Year	June 30,		December 31,
Vessels	Year Built	Acquired	2016		2015
Unencumbered
Genco Carrier	1998	2004	$	1,614	$	10,128
Genco Success	1997	2005		1,612		9,291
Genco Marine	1996	2005		—		3,750
Genco Muse	2001	2005		13,043		13,569
Genco Acheron	1999	2006		2,330		11,050
Genco Surprise	1998	2006		9,740		10,202
TOTAL			$	28,339	$	57,990
$98 Million Credit Facility
Genco Constantine	2008	2008		41,056		42,076
Genco Augustus	2007	2007		38,779		39,709
Genco London	2007	2007		37,496		38,409
Genco Titus	2007	2007		37,844		38,762
Genco Tiberius	2007	2007		38,695		39,716
Genco Hadrian	2008	2008		40,749		41,693
Genco Knight	1999	2005		10,622		11,095
Genco Beauty	1999	2005		10,694		11,149
Genco Vigour	1999	2004		10,710		11,161
Genco Predator	2005	2007		18,609		19,187
Genco Cavalier	2007	2008		17,355		17,800
Genco Champion	2006	2008		14,480		14,908
Genco Charger	2005	2007		13,536		13,950
TOTAL			$	330,625	$	339,615
2015 Revolving Credit Facility
Genco Commodus	2009	2009		43,132		44,107
Genco Maximus	2009	2009		43,159		44,126
Genco Claudius	2010	2009		45,252		46,260
Genco Hunter	2007	2007		21,030		21,589
Genco Warrior	2005	2007		18,599		19,182
TOTAL			$	171,172	$	175,264
$100 Million Term Loan Facility
Genco Bay	2010	2010		19,509		19,952
Genco Ocean	2010	2010		19,541		19,977
Genco Avra	2011	2011		20,614		21,059
Genco Mare	2011	2011		20,632		21,063
Genco Spirit	2011	2011		20,646		21,081
Genco Sugar	1998	2004		1,373		7,729
Genco Prosperity	1997	2005		1,614		9,259
TOTAL			$	103,929	$	120,120

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			Carrying Value (U.S.
			dollars in
			thousands) as of
		Year	June 30,		December 31,
Vessels	Year Built	Acquired	2016		2015
$253 Million Term Loan Facility
Genco Aquitaine	2009	2010		19,618		20,065
Genco Ardennes	2009	2010		19,628		20,073
Genco Auvergne	2009	2010		19,818		20,264
Genco Bourgogne	2010	2010		20,750		21,215
Genco Brittany	2010	2010		20,760		21,223
Genco Languedoc	2010	2010		20,770		21,232
Genco Loire	2009	2010		18,986		19,430
Genco Lorraine	2009	2010		18,972		19,420
Genco Normandy	2007	2010		17,388		17,825
Genco Picardy	2005	2010		18,616		19,189
Genco Provence	2004	2010		17,536		18,094
Genco Pyrenees	2010	2010		20,755		21,227
Genco Rhone	2011	2011		21,866		22,331
Genco Thunder	2007	2008		18,453		18,907
Genco Raptor	2007	2008		18,416		18,880
Genco Challenger	2003	2007		11,610		12,023
Genco Reliance	1999	2004		1,373		8,609
Genco Explorer	1999	2004		8,178		8,574
TOTAL			$	313,493	$	328,581
$44 Million Term Loan Facility
Baltic Lion	2009	2013		33,954		34,580
Genco Tiger	2010	2013		31,582		32,157
			$	65,536	$	66,737
$148 Million Credit Facility
Baltic Leopard	2009	2009		19,005		19,444
Baltic Panther	2009	2010		19,011		19,449
Baltic Cougar	2009	2010		19,019		19,455
Baltic Jaguar	2009	2010		19,025		19,459
Baltic Bear	2010	2010		44,579		45,551
Baltic Wolf	2010	2010		44,658		45,612
Baltic Wind	2009	2010		18,530		18,963
Baltic Cove	2010	2010		19,505		19,946
Baltic Breeze	2010	2010		19,548		19,980
Baltic Scorpion	2015	2015		29,306		29,815
Baltic Mantis	2015	2015		29,574		30,062
Genco Pioneer	1999	2005		1,373		8,527
Genco Progress	1999	2005		8,165		8,564
Genco Wisdom	1997	2005		1,614		9,334
Genco Leader	1999	2005		2,366		11,084
TOTAL			$	295,278	$	325,245

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			Carrying Value (U.S.
			dollars in
			thousands) as of
		Year	June 30,		December 31,
Vessels	Year Built	Acquired	2016		2015
$ 22 Million Term Loan Facility
Baltic Fox	2010	2013		19,112		19,558
Baltic Hare	2009	2013		18,029		18,462
TOTAL			$	37,141	$	38,020
2014 Term Loan Facilities
Baltic Hornet	2014	2014		27,698		28,198
Baltic Wasp	2015	2015		27,951		28,451
TOTAL			$	55,649	$	56,649
Consolidated Total			$	1,401,162	$	1,508,221

If we were to sell a vessel or hold a vessel for sale, and the carrying value of the vessel were to exceed its fair market value, we would record a loss in the amount of the difference.  See above for information regarding the sale of the Baltic Lion, Baltic Tiger and the Genco Marine.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest rate risk

We are exposed to the impact of interest rate changes.  Our objective is to manage the impact of interest rate changes on our earnings and cash flow in relation to our borrowings.  At June 30, 2016 and December 31, 2015, we did not have any interest rate swap agreements to manage interest costs and the risk associated with changing interest rates.

We are subject to market risks relating to changes in LIBOR rates because we have significant amounts of floating rate debt outstanding.  During the three and six months ended June 30, 2016 and 2015, we were subject to the following interest rates on the outstanding debt under our credit facilities:

· $100 Million Term Loan Facility — LIBOR plus 3.50%

· $253 Million Term Loan Facility — three-month or six-month LIBOR plus 3.50%

· 2015 Revolving Credit Facility — three-month LIBOR plus a range of 3.40% to 4.25% effective April 9, 2015 when the facility was entered into

· $98 Million Credit Facility — three-month LIBOR plus 6.125% effective November 10, 2015 when the facility was entered into

· $44 Million Term Loan Facility — three-month LIBOR plus 3.35%

· 2010 Credit Facility — LIBOR plus 3.00% until January 7, 2015, when the facility was refinanced with the $148 Million Credit Facility

· $148 Million Credit Facility — LIBOR plus 3.00% beginning January 7, 2015 when this facility refinanced the 2010 Credit Facility

· $22 Million Term Loan Facility — three-month LIBOR plus 3.35%

· 2014 Term Loan Facilities — three-month or six-month LIBOR plus 2.50%

A 1% increase in LIBOR would result in an increase of $2.9 million in interest expense for the six months ended June 30, 2016.

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Derivative financial instruments

As part of our business strategy, we may enter into interest rate swap agreements to manage interest costs and the risk associated with changing interest rates.  As of June 30, 2016 and December 31, 2015, we did not have any derivative financial instruments.

Refer to “Interest rate risk” section above for further information regarding the interest rate swap agreements.

Currency and exchange rates risk

The international shipping industry’s functional currency is the U.S. Dollar.  Virtually all of our revenues and most of our operating costs are in U.S. Dollars.  We incur certain operating expenses in currencies other than the U.S. dollar, and the foreign exchange risk associated with these operating expenses is immaterial.

As part of our business strategy, we may enter into short-term forward currency contracts to protect ourselves from the risk arising from the fluctuation in the exchange rate associated with the cost basis of the Jinhui shares.

Investments

We hold investments in equity securities of Jinhui, which are classified as available for sale (“AFS”) under Accounting Standards Codification 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”).  Pursuant to guidance in ASC 320-10, changes between our cost basis in these securities and their market value are recognized as an adjustment to their carrying values with an offsetting adjustment to AOCI at each reporting date.  We review the carrying value of such investments on a quarterly basis to determine if there are any indicators of other-than-temporary impairment in accordance with ASC 320-10.  Based on our review as of June 30, 2016 and December 31, 2015, we have deemed our investment in Jinhui to be other-than-temporarily impaired due to the duration and severity of the decline in its market value versus its cost basis and the absence of the intent and ability to recover the initial carrying value of the investment.  During the three and six months ended June 30, 2016, a total loss of $2.7 million has been recorded as impairment of investment in our Condensed Consolidated Statement of Operations.  There was no impairment of investment recorded during the three and six months ended June 30, 2015.  We will continue to evaluate the carrying value of such investments on a quarterly basis.  Refer to Note 5 — Investments in the Condensed Consolidated Financial Statements.

ITEM 4.CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our President and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act as of the end of the period covered by this report. Based upon that evaluation, our President and Chief Financial Officer have concluded that our disclosure controls and procedures are effective.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II:OTHER INFORMATION

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the 2015 10-K, which could materially affect our business, financial condition or future results. Below is updated information for the risk factor previously entitled “Covenants under our credit facilities may be difficult to satisfy in the current market environment”:

Covenants under our credit facilities and conditions to waivers we have received to certain of these covenants may be difficult to satisfy in the current market environment.

Given the negative impact of the current weak drybulk rate environment on our earnings, we face potential covenant compliance issues. Based on the size of our fleet, our credit facilities currently require us to maintain a minimum cash balance of $51.8 million. In light of our requirements to fund ongoing operations and make payments under our credit facilities, and the possibility of utilizing cash to resolve collateral maintenance shortfalls described below, we believe that without taking measures that are available to us, we may not remain in compliance with our minimum cash covenants under our credit facilities during 2016.

In addition, given the current weakness in vessel values, we currently do not meet the minimum threshold under the collateral maintenance covenants in certain of our credit facilities, and we believe we may not meet such threshold in certain others of our credit facilities during 2016. Additionally, this weakness in vessel values has resulted in our not meeting the leverage ratio covenants in our credit facilities as of June 30, 2016, which require us to maintain a ratio not to exceed 70% of financial indebtedness divided by value adjusted total assets, each as defined therein. To address our liquidity and covenant compliance issues, we have executed commitment letters for the New Facility and for amendments to the $98 Million Credit Facility as well as agreements with respect to the 2014 Term Loan Facilities, each of which provide us with waivers of certain covenants for a limited time. The New Facility and other amendments to our credit facilities we contemplate entering into would eliminate, amend, or otherwise provide extended relief for covenants for which we face compliance issues. The transactions contemplated by these commitment letters are subject to a number of conditions, including completion of an equity financing satisfactory to the lenders with gross proceeds to us of at least $125 million.  If we are unable to fulfill these conditions, we will need to consider alternatives to address our liquidity and covenant compliance issues.  For example, may seek additional waivers or modifications to our credit agreements, which may be unavailable or subject to conditions. We may additionally seek to refinance our indebtedness or raise additional capital through equity or debt offerings or selling assets (including vessels). We cannot be certain that we will accomplish any such actions. Absent such waivers, modifications, or other means to address these issues, if we do not comply with these covenants and fail to cure our non-compliance following applicable notice and expiration of applicable cure periods, we may be in default of one or more of our credit facilities. Likewise, if we do not fulfill ongoing conditions to the effectiveness of these waivers, we may be in default in one or more of our credit facilities. As a result, some or all of our indebtedness could be declared immediately due and payable, we may not be able to borrow further under our credit facilities, and we may have to seek alternative sources of financing on terms that may not be favorable to us. If we are unable to service or refinance our current or future indebtedness, we may have to take actions such as reducing or delaying acquisitions or capital expenditures, selling assets, seeking additional debt or equity capital, potentially seeking protection in a Chapter 11 proceeding, or pursuing other restructuring options. To the extent such actions include dispositions of vessels, our ability to do so on acceptable terms may be limited by depressed vessel values, a second-hand market for the sale of vessels that has become less active, and ongoing limited availability of financing for buyers of vessels. As a result, we may experience a material adverse effect on our business, financial condition, results of operations, cash flows, and ability to continue as a going concern.

.

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ITEM 5.  OTHER INFORMATION

Waiver Agreements

On August 9, 2016, the Company entered into waiver agreements with the other parties under the 2014 Term Loan Facilities which extend the existing waivers of the collateral maintenance covenant under such facilities through 11:59 p.m. on October 15, 2016 and provide for waivers of the maximum leverage ratio covenant through such time.  Such waivers will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.

ITEM 6.  EXHIBITS

The list of exhibits on the accompanying Exhibit Index incorporated into this Item 6 by reference.

(*)	Filed with this report.
(1)	Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2014.
(2)	Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2014.

(Remainder of page left intentionally blank)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GENCO SHIPPING & TRADING LIMITED
DATE: August 9, 2016	By:		/s/ John C. Wobensmith
	John C. Wobensmith
	President
	(Principal Executive Officer)
DATE: August 9, 2016	By:	/s/ Apostolos Zafolias
	Apostolos Zafolias
	Chief Financial Officer
	(Principal Financial Officer)

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Exhibit Index

Exhibit	Document
3.1	Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited.(1)
3.2	Amended and Restated By-Laws of Genco Shipping & Trading Limited, dated as of July 9, 2014.(1)
4.1	Form of Specimen Stock Certificate of Genco Shipping & Trading Limited.(2)
4.2	Form of Specimen Warrant Certificate of Genco Shipping & Trading Limited.(2)
10.1	Supplemental Agreement, dated as of April 7, 2016, to Loan Agreement, dated as of April 7, 2015, by and among Genco Commodus Limited, Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited, as borrowers, ABN AMRO Capital USA LLC, as arranger, facility agent and security agent and the banks and financial institutions party thereto, as lenders.*
10.2	Waiver Letter Agreement, dated as of April 11, 2016, to $253,000,000 Senior Secured Loan Facility Agreement dated as of August 20, 2010 by and among Genco Shipping & Trading Limited as Borrower; BNP Paribas, Crédit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG Filiale Deutschlandgeschäft, and Skandinaviska Enskilda Banken AB (Publ), as Lenders; Deutsche Bank Luxembourg S.A., as Agent; BNP Paribas, Crédit Agricole Corporate and Investment Bank, DVB Bank SE; Deutsche Bank AG Filiale Deutschlandgeschäft, and Skandinaviska Enskilda Banken Ab (Publ), as Mandated Lead Arrangers; BNP Paribas, Crédit Agricole Corporate and Investment Bank, DVB Bank SE, Deutsche Bank AG, and Skandinaviska Enskilda Banken AB (Publ), as Swap Providers; and Deutsche Bank AG Filiale Deutschlandgeschäft, as Security Agent and Bookrunner  (the “$253 Million Credit Agreement”).*
10.3	Waiver Letter Agreement, dated as of April 11, 2016, to Facility Agreement dated as of August 12, 2010 by and among Genco Shipping & Trading Limited as Borrower, the banks, financial institutions and companies named therein and Crédit Agricole Corporate and Investment Bank as Agent and Security Trustee (the “$100 Million Credit Agreement”).*
10.4	Waiver Letter Agreement, dated as of April 12, 2016, to Up to $148,000,000 Senior Secured Credit Agreement dated December 31, 2014, by and among Baltic Trading Limited as Borrower, various lenders listed on Schedule I as Lenders, Nordea Bank Finland PLC, New York Branch as Administrative Agent and Security Agent, Nordea Bank Finland PLC, New York Branch and Skandinaviska Enskilda Banken AB (PUBL) as Mandated Lead Arrangers, and Nordea Bank Finland plc, New York Branch as Bookrunner (the “$148 Million Credit Agreement”).*
10.5	Waiver Letter Agreement, dated as of May 31, 2016,  to the $253 Million Credit Agreement.*
10.6	Waiver Letter Agreement, dated as of May 31, 2016, to the $100 Million Credit Agreement*
10.7	Waiver Letter Agreement, dated as of May 31, 2016, to the $148 Million Credit Agreement*
10.8	Waiver Letter Agreement, dated as of June 3, 2016, to the $253 Million Credit Agreement.*
10.9	Waiver Letter Agreement, dated as of June 3, 2016, to the $100 Million Credit Agreement.*
10.10	Waiver Letter Agreement, dated as of June 3, 2016, to the $148 Million Credit Agreement.*

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10.11	Waiver Letter Agreement, dated as of June 8, 2016, to the $253 Million Credit Agreement.*
10.12	Waiver Letter Agreement, dated as of June 8, 2016, to the $100 Million Credit Agreement.*
10.13	Waiver Letter Agreement, dated as of June 8, 2016, to the $148 Million Credit Agreement.*
10.14	Second Supplemental Agreement to Secured Loan Facility Agreement, dated as of June 8, 2016, by and among Baltic Tiger Limited and Baltic Lion Limited as Borrowers, Genco Shipping & Trading Limited as New Guarantor and New Pledgor, DVB Bank SE and others as Lenders, and DVB Bank SE as Agent and Security Agent..*
10.15	Second Supplemental Agreement dated as of June 8, 2016, to Loan Facility Agreement dated as of June 8, 2016, by and among Baltic Hare Limited and Baltic Fox Limited as borrowers, Genco Shipping & Trading Limited as New Guarantor, Baltic Trading Limited as Pledgor, DVB Bank SE and others as Lenders, and DVB Bank SE as Agent and Security Agent.*
10.16	Waiver Letter Agreement, dated as of June 30, 2016, to the Supplemental Agreement dated as of July 14, 2015 to $16,800,000 Secured Loan Facility Agreement dated October 8, 2014, by and among Baltic Hornet Limited as Borrower, ABN AMRO Capital USA LLC and others as Lenders, ABN AMRO Capital USA LLC as Mandated Lead Arranger, Agent and Security Agent, ABN AMRO Bank N.V. Singapore Branch as Sinosure Agent, ABN AMRO Bank N.V. as Swap Provider, Baltic Trading Limited as Guarantor, Genco Shipping & Trading Limited as New Guarantor, Baltic Trading Limited as Pledgor and Baltic Wasp Limited as Other Borrower.*
10.17	Waiver Letter, dated as of June 30, 2016 to the Supplemental Agreement dated as of July 14, 2015 to $16,800,000 Secured Loan Facility Agreement, dated October 8, 2014, by and among Baltic Wasp Limited as Borrower, ABN AMRO Capital USA LLC and others as Lenders, ABN AMRO Capital USA LLC as Mandated Lead Arranger, Agent and Security Agent, ABN AMRO Bank N.V. Singapore Branch as Sinosure Agent, ABN AMRO Bank N.V. as Swap Provider, Baltic Trading Limited as Guarantor, Genco Shipping & Trading Limited as New Guarantor, Baltic Trading Limited as Pledgor and Baltic Hornet Limited as Other Borrower.*
10.18	Amended and Restated Commitment Letter, dated as of June 30, 2016, for up to $400,000,000 Credit Facility with Nordea Bank Finland plc, New York Branch, Skandinaviska EnskildaBanken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial, and BNP Paribas.*
10.19	Commitment Letter, dated as of June 30, 2016, for amendment to Facility Agreement, dated November 4, 2015, by and among the indirect subsidiaries of Genco Shipping & Trading Limited listed therein as borrowers, Genco Holdings Limited, the financial institutions listed therein as lenders, and Hayfin Services LLP, as agent and security agent.*
31.1	Certification of President pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.*
31.2	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.*
32.1	Certification of President pursuant to 18 U.S.C. Section 1350.*
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.*

81

101 The following materials from Genco Shipping & Trading Limited’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 (Unaudited), (ii) Condensed Consolidated Statements of Operations for the three amd six months ended June 30, 2016 and 2015 (Unaudited), (iii) Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2016 and 2015 (Unaudited), (iv) Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2016 and 2015 (Unaudited), (v) Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2016 and 2015 (Unaudited), and (vi) Notes to Condensed Consolidated Financial Statements (Unaudited).*

(*)	Filed with this report.
(1)	Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2014.
(2)	Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2014.

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EX-10.1

Exhibit 10.1

[On the letterhead of ABN AMRO Capital USA LLC]

To:        Genco Commodus Limited

Genco Maximus Limited

Genco Claudius Limited

Genco Hunter Limited

Genco Warrior Limited

Copy:    Genco Shipping & Trading Limited

07 April 2016

Dear Sirs

Secured loan agreement dated 7 April 2015 (the "Loan Agreement") made between Genco Commodus Limited,  Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited as borrowers (the "Borrowers"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC as arranger, ABN AMRO Capital USA LLC as agent (acting in that capacity, the "Agent") and ABN AMRO Capital USA LLC as security agent

1            Definitions

1.1         In this letter:

"Enforcement Action" means:

(a)          in relation to any Liabilities:

(i)the acceleration of any Liability or the making of any declaration that any Liabilities are due and payable or payable on demand;

(ii)any demand against any Group Member under any security, guarantee or surety provided of that Group Member;

(iii)the exercise of any right of set-off, account combination or payment netting against any Group Member in respect of any Liabilities other than ordinary netting under any swap or derivative contract; and

(iv)  the premature termination or close-out of any swap or derivative transaction under any swap or derivative contract entered into with any Group Member;

(b)          the taking of any steps to enforce or require the enforcement of any Encumbrance granted by any Group Member (including any arrest of any vessel or any other enforcement of any mortgage over any vessel or any other asset of any Group Members the crystallisation of any floating charge or redirecting the earnings of any vessel or the other assets of any Group

Member), except for any enforcement of assignment of insurances in relation to a total loss or other significant insured event; or

(c)          the petitioning or applying for any Insolvency Proceeding;

"Group" means the Parent and each of the Subsidiaries, and a "Group Member" means any of them;

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

"Insolvency Proceedings" means any bankruptcy, liquidation, reconstruction, winding up, dissolution, administration or reorganisation of any Group Member, or any of such Group Member's assets or a composition, compromise, assignment or arrangement with any creditor of any Group Member or any suspension of payments or moratorium of any indebtedness of any such Group Member, or any other insolvency proceedings or any analogous procedure or step in any jurisdiction (including the appointment of any liquidator, receiver, administrator, trustee or similar officer), including but not limited to, any chapter 11 cases in the United States of America;

"Liability" means any and all Financial Indebtedness of any Group Member in excess of $5,000,000;

"Other Credit Agreements" means any agreement entered into by any Group Member relating to Financial Indebtedness (other than the Loan Agreement, the Hornet Credit Facility and the Wasp Credit Facility);

"Termination Event" shall have the meaning given to it in paragraph 5.1 below; and

"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

1.2         All other terms and expressions used in this letter shall have the same meaning given to them in the Loan Agreement.

1.3         This letter is designated as a Finance Document.

2            Request

We refer to the Loan Agreement and to your request for a temporary waiver of the reduction of the Original Maximum Loan Amount (the "Reduction") which is scheduled to occur on the next Reduction Date, being on 7 April 2016, in accordance with the Reduction Profile pursuant to Clause 4.5.1 (Reduction of the Original Maximum Loan Amount) of the Loan Agreement for the period commencing on 7 April

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2016 through and including 11:59pm (New York time) on 30 May 2016 (the "Waiver Period").

3            Waiver and Conditions

We hereby agree to waive (the "Waiver") your compliance with, and any breach of, the Reduction, during the Waiver Period, subject to the following conditions being satisfied:

(a)          the Waiver shall apply only in relation to the Waiver Period; and

(b)          on the date of this letter, you provide us with a copy (with an original to follow) of a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Agent pursuant to section 1 (Security Parties) of Part I of Schedule 2 (Conditions Precedent) of the Loan Agreement, have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Security Party in question as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.

4            Amendment to Loan Agreement

In consideration of the agreement of the Agent (acting on the instructions of the Majority Lenders) to the Waiver, you hereby agree that for the duration of the Waiver Period the definition of "Debt Service Reserve" in the Loan Agreement shall be amended to read as follows:

""Debt Service Reserve" means:

(a)          for the period from 7 April 2015 up to and including 30 May 2016, a minimum amount of $3,241,127.80; and

(b)         at any other time, a minimum of $1,600,000, provided that if theBorrowers fail tomake a payment to give effect to the reduction in the Original Maximum Loan Amount required pursuant to Clause 4.5.1 (Reduction of Original Maximum Loan Amount) on or prior to 31 May 2016 the Debt Service Reserve shall be a minimum of $3,241,127.80.

in each case, reserved for use only towards payment for any shortfall in Earnings, provided always that the amount required shall be increased pro rata with each increase in the Commitments in accordance with Clause 2.2 (Increase).".

The Borrowers shall make a payment to give effect to the Reduction on or prior to 31 May 2016 (the "Reduction Long-Stop Date").  If the Borrowers fail to make a payment to give effect to the Reduction on or prior to the Reduction Long-Stop Date the Borrowers shall procure that on the Reduction Long-Stop Date the sum of $1,641,127.80 is immediately applied from the Earnings Account for m.v. "GENCO COMMODUS" in reduction of the Original Maximum Loan Amount and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make that

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transfer.  If the Borrowers fail to make a payment to give effect to the Reduction on or prior to the Reduction Long-Stop Date and fail to procure that the sum of $1,641,127.80 is so applied on the Reduction Long-Stop Date:

(a)such failure shall be an Event of Default; and

(b)the minimum Debt Service Reserve amount shall not be reduced to $1,600,000.

Except as expressly amended pursuant to this letter all other terms and conditions of the Finance Documents shall remain in full force and effect and nothing contained in this letter shall relieve the Borrowers or any other Security Party from any of its respective obligations under any such documents.

Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Loan Agreement made in this letter, as if all references in any of the Security Documents to the Loan Agreement are references to the Loan Agreement as amended by this letter.

The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement made in or pursuant to this letter.

5            Termination of Waiver

5.1         The Waiver Period shall terminate and the Waiver shall cease to apply automatically and with immediate effect if any event specified in 5.1(a) to (e) below occurs (each a "Termination Event"), unless such Termination Events are expressly waived by the Agent, acting on the instructions of the Majority Lenders:

(a)          an Event of Default has occurred;

(b)          you are in breach of any of your obligations under this letter;

(c)          any creditor takes Enforcement Action against any Group Member and such Enforcement Action is triggered by or triggers an event of default (however described in any other agreement relating to Financial Indebtedness of such Group Member) which is not waived or forborne;

(d)          any Group Member petitions or applies for any Insolvency Proceedings; or

(e)          any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility and other than any inter- company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross

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collateralisation of facilities to the same lender for security maintenance purposes).

5.2         After the termination of the Waiver, each of the Finance Parties shall be released from all of its obligations under this letter and may take any Enforcement Action after such termination in accordance with the terms of the Finance Documents.

5.3         In the event the Borrowers make a payment to give effect to the Reduction prior to the Reduction Long Stop Date this letter shall be of no further effect as from the date of such payment.

6Finance Parties' Rights

6.1         Nothing in this letter shall prevent the Finance Parties from taking any Enforcement Action after the Waiver Period or after the Waiver ceases to apply in respect of any Event of Default which has occurred or may occur during the Waiver Period or which occurs or continues after the termination of the Waiver, regardless of whether such Event of Default occurred prior to or during the Waiver Period.  Accordingly, this letter shall not constitute any waiver by the Finance Parties of any breach or default by any Group Member and the Finance Parties reserve all rights in relation thereto (the "Reservation"), except as otherwise expressly set out in this letter and subject only to the terms of this letter.

6.2         Neither the passing of time nor any inaction, action, omission, statement or discussion by, or on the part of, any Finance Party in relation to all matters referred to above or any other matter arising under the Finance Documents shall be taken in any way as constituting a waiver of, or as prejudicing or limiting, any of the rights, powers or remedies which that Finance Party may now, or hereafter, have under and pursuant to the Finance Documents or otherwise.

6.4         The Reservation is made without prejudice to, and without intention of amending, Clause 33 (Remedies and Waivers) of the Loan Agreement, the content of which is hereby expressly repeated and averred.

6.5         Nothing in this letter, any document or in any correspondence, meeting or discussion a Finance Party has had or may have with any Group Member in relation to (i) the matters related to the Reduction, (ii) any other Events of Default which occur or may occur after the date of this letter, (iii) the refinancing or restructuring of the Borrowers' Loan and other obligations under the Finance Documents or (iv) any other matters shall:

(a)         prejudice the position of the Finance Parties under the Finance Documents or be construed as a waiver of any Group Member's obligations under or pursuant to the Finance Document to which that Group Member is a party; or

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(b)         be deemed to constitute an amendment or waiver of any provision of the Loan Agreement, the Guarantee or any other Finance Document (other than clause 4 of this letter) or a commitment to amend, waive or restructure any provision in the Loan Agreement, the Guarantee or any other Finance Document.

Any such correspondence, meeting or discussion in each case shall be entirely without prejudice to the rights, powers and remedies of the Finance Parties under or in respect of the Loan Agreement, the Guarantee or any other Finance Document and all such rights, powers and remedies are expressly reserved.

7            Undertakings

7.1         During the Waiver Period, you shall promptly notify us if:

(i)a Termination Event occurs or is reasonably likely to occur; or

(ii)any Enforcement Action is commenced against a Group Member.

7.2         During the Waiver Period,you shall not pay any fee to any lender or other creditor in connection with any waiver, modification or amendment to any Other Credit Agreement unless the Agent (for the account of the Lenders) receives such fee at the same time and in the same amount.

7.3         During the Waiver Period you shall promptly notify us if any Group Member enters into any amendment or waiver in relation to any agreement in respect of any Financial Indebtedness of any Group Member and shall inform the Agent of the content of the amendment or waiver.

8            Continuing Security

You confirm that any Encumbrance created and/or any guarantee granted by the Security Parties in favour of any of the Finance Parties remains in full force and effect and is not in any way affected by this letter.

9            Counterparts and applicable law

9.1         This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.

9.2         This letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this letter by signing and returning a duplicate of this letter to us.

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Yours faithfully

/s/ Rajbir Talwar	/s/ R. Bisscheroux
Rajbir Talwar	R. Bisscheroux
Director	Director

For and on behalf of

ABN AMRO Capital USA LLC

(as Agent acting on the instructions of the Majority Lenders)

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Confirmed and agreed on 07 April 2016

for an on behalf of

/s/ Apostolos Zafolias

Genco Commodus Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Maximus Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Claudius Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Hunter Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Warrior Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Shipping & Trading Limited

(as Guarantor and Chargor)

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EX-10.10

Exhibit 10.10

EXECUTION COPY

NORDEA BANK FINLAND PLC	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
1211 Avenue of the Americas	Kungsträdgårdsgatan 8
New York, NY 10036	SE-106 40 Stockholm
USA	Sweden

June 3, 2016

Baltic Trading Limited

c/o Genco Shipping & Trading Limited

299 Park Avenue, 20th Floor

New York, NY 10171

Attention: John C. Wobensmith

Re:            Extension of Cure Period

To whom it may concern:

We refer to that certain (i) Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”) and (ii) letter agreement, dated April 12, 2016, executed by us and accepted and agreed to by the Borrower and the guarantors of the Borrower’s obligations under the Credit Agreement (the “Letter Agreement”). All terms not defined herein shall have the meaning given thereto in the Credit Agreement.

The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 31, 2016 pursuant to Section 9.03 of the Credit Agreement and the terms of the Letter Agreement (the “December 2015 Collateral Maintenance Shortfall”).

Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to June 8, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than (i) any indebtedness owed to the lenders as and when they fall due under the credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp, (ii) any indebtedness in connection with the waived scheduled payment originally  due in April under the Genco Existing ABN Amro Credit Agreement, (iii) any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business and (iv) the scheduled amortization payment to be made on June 6, 2016 in the approximate amount of US$375,000 under that certain US$22,000,000 secured loan agreement, dated as of August 30, 2013, by and among Baltic Hare Limited and Baltic Fox Limited, as borrowers, DVB Bank SE, as lender) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of

Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.

This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved. 

This letter agreement shall only be deemed effective when the Administrative Agent shall have received (i) a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent and (ii) confirmation from Genco (which may be given by email) that parallel waivers under the Genco Existing DB Credit Agreement and the Genco Existing Credit Agricole Credit Agreement (the “Parallel Waivers”) have been duly executed and made effective.  The effectiveness of the extension of the cure period granted herein shall be conditional upon the continuing effectiveness of the Parallel Waivers.  Other than the Parallel Waivers, there are no defaults or events of default that are required to be waived under any credit facility to which Genco or any of its subsidiaries are party prior to June 9, 2016.

Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or Event of Default (other than the December 2015 Collateral Maintenance Shortfall and other than as waived by the Parallel Waivers) under any credit agreement to which such Obligor is party (as such capitalized terms are defined in each respective credit agreement).

Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.

This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original. 

This letter agreement is a Credit Document.

[Signature Pages Follow]

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Very truly yours,

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,
as Administrative Agent and Lender
By:	/s/ Erik Havnvik
Name:	Erik Havnvik
Title:	Vice President
By:	/s/ Martin Lunder
Name:	Martin Lunder
Title:	Senior Vice President
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Lender
By:	/s/ David Sonnek
Name:	David Sonnek
Title:
By:	/s/ Helene Hellners
Name:	Helene Hellners
Title:

[Signature Page to Letter Agreement regarding Extension of Cure Period]

Accepted and Agreed:

Genco Shipping & Trading Limited
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	CFO
BALTIC TRADING LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	CFO
BALTIC BEAR LIMITED
BALTIC COUGAR LIMITED
BALTIC JAGUAR LIMITED
BALTIC LEOPARD LIMITED
BALTIC PANTHER LIMITED
BALTIC WOLF LIMITED
BALTIC BREEZE LIMITED
BALTIC COVE LIMITED
BALTIC WIND LIMITED
BALTIC MANTIS LIMITED
BALTIC SCORPION LIMITED
GENCO PIONEER LIMITED
GENCO PROGRESS LIMITED
GENCO LEADER LIMITED
GENCO WISDOM LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	CFO

[Signature Page to Letter Agreement regarding Extension of Cure Period]

EX-10.11

Exhibit 10.11

[On the letterhead of Deutsche Bank Luxembourg S.A.]

To:         Genco Shipping & Trading Limited

Copy:   Genco Lorraine Limited

Genco Pyrenees Limited

Genco Loire Limited

Genco Bourgogne Limited

Genco Picardy Limited

Genco Aquitaine Limited

Genco Normandy Limited

Genco Auvergne Limited

Genco Provence Limited

Genco Ardennes Limited

Genco Brittany Limited

Genco Languedoc Limited

Genco Rhone Limited

8 June 2016

Dear Sirs

US$253,000,000 secured loan agreement dated 20 August 2010 (as amended by a side letter dated 24 August 2010, as further amended by a waiver letter dated 21 December 2011, as further amended and restated on 1 August 2012, as further amended and restated on 9 July 2014 and as further amended, supplemented or restated from time to time, the “Loan Agreement”) made between (1) Genco Shipping & Trading Limited as borrower, (2) the Lenders (as defined therein), (3) Deutsche Bank AG Filiale Deutschlandgeschäft, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, (4) ourselves as agent for the Lenders, (5) BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as swap providers (the “Swap Providers”) and (vi) Deutsche Bank AG Filiale Deutschlandgeschäft as security agent for the Lenders and the Swap Providers and as bookrunner.

1            Definitions

1.1 All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Collateral Maintenance Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.

1.2 This Letter is designated as a Finance Document.

2            Further Extension of Collateral Maintenance Waiver Period

We refer to:

2.1         the Loan Agreement and to our letter to you dated 10 March 2016 (as amended, and/or supplemented from time to time, the “Collateral Maintenance Waiver Letter”) consenting to a temporary waiver of compliance with clause 10.10 (Additional Security) of the Loan Agreement (the “Collateral Maintenance Covenant”) and, as a consequence, the right of the Agent to request that the

Borrower comply with clause 10.10.1, 10.10.2 or 10.10.3 of the Loan Agreement in accordance with the Collateral Maintenance Covenant for the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 11 April 2016 (the “Original Collateral Maintenance Waiver Period”), your request for an extension of the Original Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 31 May 2016 (the “Amended Collateral Maintenance Waiver Period”), your request for an extension of the Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 3 June 2016 (the “Second Amended Collateral Maintenance Waiver Period”), and your request for an extension of the Second Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 8 June 2016 (the “Third Amended Collateral Maintenance Waiver Period”); and

2.2         your further request for an extension of the Third Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 10 June 2016 (the “Request”).

This Letter is supplemental to the terms of the Collateral Maintenance Waiver Letter.

3            Conditions and Amendment

3.1         We hereby agree to the Request, subject to the condition that prior to 16:00 hours (London time) on 8 June 2016, you provide us confirmation (which may be given by email) that the required lenders under the Metrostar Loan Agreement and the credit agreement dated as of December 31, 2014 among Baltic Trading Limited, the various lenders party thereto, Nordea Bank Finland PLC, New York Branch, and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, Nordea Bank Finland PLC, New York Branch, as administrative agent and security agent and Nordea Bank Finland PLC, New York Branch, as bookrunner (as amended to date, the “Nordea Loan Agreement”) have consented to waivers under the Metrostar Loan Agreement and the Nordea Loan Agreement on substantially similar terms to this letter (the “Metrostar and Nordea Letters”).

3.2         With effect from the date hereof the Collateral Maintenance Waiver Letter shall be further amended as follows:

(i) the term “Collateral Maintenance Waiver Period” shall mean “the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 10 June 2016”.

3.3         Save as expressly amended by this Letter, all other terms and conditions of the Collateral Maintenance Waiver Letter shall remain unaltered and in full force and effect.

4            Counterparts and Applicable Law

4.1         This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

4.2         This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

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Please confirm your agreement to the terms of this Letter by signing and returning a duplicate of this Letter to us.

Yours faithfully

/s/ Marco Kaster                   /s/ T. Schroeter

Marco Kaster                        T. Schroeter

For and on behalf of

Deutsche Bank Luxembourg S.A.

(as Agent acting on the instructions of the Majority Lenders)

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Confirmed and agreed on	8 June 2016
for and on behalf of
/s/ Apostolos Zafolias
Genco Shipping & Trading Limited
(as Borrower)
/s/ Apostolos Zafolias
Genco Lorraine Limited
Genco Pyrenees Limited
Genco Loire Limited
Genco Bourgogne Limited
Genco Picardy Limited
Genco Aquitaine Limited
Genco Normandy Limited
Genco Auvergne Limited
Genco Provence Limited
Genco Ardennes Limited
Genco Brittany Limited
Genco Languedoc Limited
Genco Rhone Limited
(as Collateral Owners and Guarantors)

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EX-10.12

Exhibit 10.12

To:         GENCO SHIPPING & TRADING LIMITED, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the “Borrower”) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)

For the attention of:

8 June 2016

Dear Sirs

Facility agreement dated 12 August 2010 made between (i) the Borrower, (ii) the banks and financial institutions listed in Schedule I thereto as Lenders (iii) the Guarantors listed in Schedule 2 thereto and (iv) Crédit Agricole Corporate and Investment Bank in its capacity both as Agent and Security Trustee (as amended and restated on 9 July 2014 and amended and/or restated from time to time) (the “Facility Agreement”).

1. BACKGROUND

(a)We refer to the letter dated 29 March 2016 from the Agent to the Borrower regarding a waiver of clause 16.1 of the Facility Agreement which was amended and extended pursuant to (i) a letter from the Agent to the Borrower dated 11 April 2016 (ii) a letter from the Agent to the Borrower dated 31 May 2016 and (iii) a letter from the Agent to the Borrower dated 3 June 2016 (the “Waiver Letter”).

(b)In accordance with the instructions of the Majority Lenders, the purpose of this letter (the “letter”) is to extend the waiver granted pursuant to the Waiver Letter.

2. Interpretation

2.1         Capitalised terms defined in the Facility Agreement and the Waiver Letter have the same meaning when used in this letter unless expressly defined in this letter, and:

“Effective Date” means the date on which we confirm to the Borrower that we have received an acknowledgement and agreement to the terms of this letter signed by each Obligor.

2.2         The provisions of clause 1.2 (Construction of certain terms) of the Facility Agreement apply to this letter as though they were set out in full in this letter with all necessary consequential changes and with references in that clause to the Facility Agreement being construed as references to this letter.

3.           CAPACITY

This letter is provided by us in our capacity as Agent under the Facility Agreement, acting (where required) on the instructions of the Majority Lenders pursuant to clause 26 (Variations and Waivers) of the Facility Agreement.

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4.           EXTENSION

4.1         With effect from the Effective Date the Security Cover Waiver Period referred to in the Waiver Letter shall be extended until the earlier of:

(a)17 June 2016 at 23:59 (New York time);

(b)the Security Cover Waiver being automatically terminated in accordance with paragraph 7 (Termination of Security Cover Waiver) of the Waiver Letter; and

(c)during the Security Cover Waiver Period, the date on which, any Group Member:

(i)           makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors other than:

(A)         any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility;

(B)         the approximately $1.65 million amortisation payment on 31 May 2016 under the $150 million Secured Loan Agreement dated as of April 7, 2015 between (amongst others) certain subsidiaries of the Borrower and ABN AMRO Capital USA LLC;

(C)         the $375,000 amortisation payment on 6 June 2016 under the $22 million secured loan agreement dated 30 August 2013 between (amongst others) Baltic Hare Limited and Baltic Fox Limited (as borrowers), DVB Bank SE (as lender, agent and security agent); and

(D)         any inter-company indebtedness by and among Group Members in the ordinary course of business; or

(ii)creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).

For the purposes of this letter:

“Affiliate” means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;

“Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary;

“Hornet Credit Facility” means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic

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Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

“Wasp Credit Facility” means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

4.2        All other terms of the Waiver Letter continue to apply and remain in full force and effect.

5.           Reservation of Rights

Save as expressly set out in this letter, this letter does not (and shall not be deemed to) constitute a waiver in respect of the provisions of any Finance Document or any breach thereof. Each Creditor Party reserves any right or remedy it has now or in the future in respect of any Default which arises from any circumstances and which is continuing as at the expiry of the Security Cover Waiver Period.

6.Confirmations

Without prejudice to the rights of any Creditor Party which have arisen on or before the Effective Date:

(a) each Creditor Party and each Obligor confirms that the Facility Agreement and Waiver Letter, as amended by this letter, remains in full force and effect on and after the Effective Date; and

(b) each Guarantor confirms that its guarantee and indemnity under clause 9 (Guarantee and Indemnity) of the Facility Agreement and its liabilities under the Security Documents to which it is a party shall have effect on and after the Effective Date in relation to the liabilities of each Obligor under the Facility Agreement as amended and restated under this letter.

7.           Representations and Warranties

As at the Effective Date, each Obligor represents and warrants to each Creditor Party that the repeating representations contained in clause 11.1 and 11.2 (Representations) of the Facility Agreement are true and correct.

8.           Designation and effect

This letter is a Finance Document and any breach of this letter shall constitute an Event of Default.

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9.           Third Party Rights

This letter does not confer any rights on any person or party (other than the signatories to this letter) under the Contracts (Rights of Third Parties) Act 1999.

10.         Counterparts

This letter may be executed in counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this letter.

11.         Governing Law and Jurisdiction

This letter and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or non-contractual nature, shall be governed by and construed in accordance with the law of England and Wales.  The courts of England and Wales shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter.

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SIGNATORIES

	)
SIGNED by	)	/s/ J. Duval
for and on behalf of CRÉDIT AGRICOLE	)	J. Duval
CORPORATE AND INVESTMENT BANK	)
as Agent and Security Agent and for and	)	/s/ Y. Le Gourieres
on behalf of the Majority Lenders as	)	Director Shipping & Offshore
defined in the Facility Agreement	)	Y. Le Gourieres

5

[On counterpart]

2016

We agree with the terms of this letter.

BORROWER

SIGNED by	)
for and on behalf of GENCO SHIPPING &	)	/s/ Apostolos Zafolias
TRADING LIMITED	)

GUARANTORS

SIGNED by	)
for and on behalf of GENCO BAY	)	/s/ Apostolos Zafolias
LIMITED	)

SIGNED by	)
for and on behalf of GENCO OCEAN	)	/s/ Apostolos Zafolias
LIMITED	)

SIGNED by	)
for and on behalf of GENCO AVRA	)	/s/ Apostolos Zafolias
LIMITED	)

SIGNED by	)
for and on behalf of GENCO MARE	)	/s/ Apostolos Zafolias
LIMITED	)

SIGNED by	)
for and on behalf of GENCO SPIRIT	)	/s/ Apostolos Zafolias
LIMITED	)

SIGNED by	)
for and on behalf of GENCO SUGAR	)	/s/ Apostolos Zafolias
LIMITED	)

6

SIGNED by	)
for and on behalf of GENCO PROSPERITY	)	/s/ Apostolos Zafolias
LIMITED	)

7

EX-10.13

Exhibit 10.13

EXECUTION COPY

NORDEA BANK FINLAND PLC	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
1211 Avenue of the Americas New York, NY 10036 USA	Kungsträdgårdsgatan 8 SE-106 40 Stockholm Sweden

June 8, 2016

Baltic Trading Limited

c/o Genco Shipping & Trading Limited

299 Park Avenue, 20th Floor

New York, NY 10171

Attention: John C. Wobensmith

Re:         Extension of Cure Period

To whom it may concern:

We refer to that certain (i) Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”) and (ii) letter agreement, dated April 12, 2016, executed by us and accepted and agreed to by the Borrower and the guarantors of the Borrower’s obligations under the Credit Agreement (the “Letter Agreement”). All terms not defined herein shall have the meaning given thereto in the Credit Agreement.

The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 31, 2016 pursuant to Section 9.03 of the Credit Agreement and the terms of the Letter Agreement (the “December 2015 Collateral Maintenance Shortfall”).

Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to June 9, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than (i) any indebtedness owed to the lenders as and when they fall due under the credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp, (ii) any indebtedness in connection with the waived scheduled payment originally due in April under the Genco Existing ABN Amro Credit Agreement, (iii) any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business and (iv) the scheduled amortization payment to be made on June 6, 2016 in the approximate amount of US$375,000 under that certain US$22,000,000 secured loan agreement, dated as of August 30, 2013, by and among Baltic Hare Limited and Baltic Fox Limited, as borrowers, DVB Bank SE, as lender) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of

Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.

This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved. 

This letter agreement shall only be deemed effective when the Administrative Agent shall have received (i) a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent and (ii) confirmation from Genco (which may be given by email) that parallel waivers under the Genco Existing DB Credit Agreement and the Genco Existing Credit Agricole Credit Agreement (the “Parallel Waivers”) have been duly executed and made effective.  The effectiveness of the extension of the cure period granted herein shall be conditional upon the continuing effectiveness of the Parallel Waivers.  Other than the Parallel Waivers, there are no defaults or events of default that are required to be waived under any credit facility to which Genco or any of its subsidiaries are party prior to June 10, 2016.

Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or Event of Default (other than the December 2015 Collateral Maintenance Shortfall and other than as waived by the Parallel Waivers) under any credit agreement to which such Obligor is party (as such capitalized terms are defined in each respective credit agreement).

Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.

This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original.

This letter agreement is a Credit Document.

[Signature Pages Follow]

2

Very truly yours,

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

as Administrative Agent and Lender

By:	/s/ Erik Havnvik
Name:	Erik Havnvik
Title:	Vice President

By:	/s/ Martin Lunder
Name:	Martin Lunder
Title:	Senior Vice President

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),

as Lender

By:	/s/ Micael Ljunggren
Name:	Micael Ljunggren
Title:

By:	/s/ Magnus Arve
Name:	Magnus Arve
Title:

[Signature Page to Letter Agreement regarding Extension of Cure Period]

Accepted and Agreed:

Genco Shipping & Trading Limited

By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer

BALTIC TRADING LIMITED

By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer

BALTIC BEAR LIMITED

BALTIC COUGAR LIMITED

BALTIC JAGUAR LIMITED

BALTIC LEOPARD LIMITED

BALTIC PANTHER LIMITED

BALTIC WOLF LIMITED

BALTIC BREEZE LIMITED

BALTIC COVE LIMITED

BALTIC WIND LIMITED

BALTIC MANTIS LIMITED

BALTIC SCORPION LIMITED

GENCO PIONEER LIMITED

GENCO PROGRESS LIMITED

GENCO LEADER LIMITED

GENCO WISDOM LIMITED

By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer

[Signature Page to Letter Agreement regarding Extension of Cure Period]

EX-10.14

Exhibit 10.14

F21.241

Second Supplemental Agreement to a Secured Loan Facility Agreement dated 3 December 2013 as amended and supplemented pursuant to a First Supplemental Agreement dated 7 April 2015 and a Supplemental Letter dated 22 December 2015.

Dated:            8 June 2016

(1)Baltic Tiger Limited
Baltic Lion Limited
(as Borrowers)

(2)          Genco Shipping & Trading Limited
(as New Guarantor and New Pledgor)

(3)          DVB Bank SE and others
(as Lenders)

(4)          DVB Bank SE
(as Agent)

(5)          DVB Bank SE
(as Security Agent)

Contents

		Page
1	Interpretation	2
2	Conditions	4
3	Representations	6
4	Amendments to Loan Agreement	6
5	Confirmations and Undertakings	10
6	Notices, Law and Jurisdiction	11
Schedule 1	The Lenders	12
Schedule 2	Effective Date Confirmation	13

Second Supplemental Agreement

Dated:         8 June2016

Between:

(1)         Baltic Tiger Limited (“Baltic Tiger”) and Baltic Lion Limited (“Baltic Lion”), each a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (together the “Borrowers” and each a “Borrower”) jointly and severally; and

(2)         Genco Shipping & Trading Limited, a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960, acting as guarantor and pledgor (the “NewGuarantor”); and

(3)         the banks listed in Schedule 1, each acting through its office at the address indicated against its name in Schedule 1 (together the“Lenders” and each a “Lender”); and

(4)         DVB Bank SE, acting as agent and arranger through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the “Agent”); and

(5)         DVB Bank SE, acting as security agent through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the “Security Agent”).

Supplemental to a secured loan agreement dated 3 December 2013 as amended and supplemented by a first supplemental agreement dated 7 April 2015 and a supplemental letter dated 22 December 2015 (together, the “Loan Agreement”) made between (amongst others) the Borrowers, the Lenders, the Agent and the Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance to the Borrowers its respective Commitment of an aggregate amount not exceeding forty four million Dollars ($44,000,000).

Whereas:

(A)At the date of this Second Supplemental Agreement the outstanding amount of the Loan is thirty seven million eight hundred and twelve thousand five hundred Dollars ($37,812,500).

(B)The aggregate of the Fair Market Value of the Vessels and the value of any additional security for the time being provided to the Security Agent pursuant to clause 10.13 (Additional security) of the Loan Agreement should, at all times, not be less than one hundred and twenty five per cent (125%) of the amount of the Loan outstanding as required pursuant to clause 10.13 (Additional security) of the Loan Agreement. If a shortfall is to arise, the Borrowers and the New Guarantor are required to, within thirty (30) days of the Agent’s request, at the Borrowers’ option:

Page 1

(1)pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or

(2) give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion; or

(3) prepay the Loan in the amount of the shortfall.

(C)         In order to avoid a potential breach of clause 10.13 (Additional security) of the Loan Agreement, the Borrowers have agreed to procure that additional security is provided to the Security Agent pursuant to clause 10.13.2 (Additional security) of the Loan Agreement and for this purpose the Security Parties and the Security Agent have agreed to amend the Loan Agreement and the Security Documents pursuant to the terms and subject to the conditions contained in this Second Supplemental Agreement.

It is agreed that:

1Interpretation

1.1In this Second Supplemental Agreement:

“Additional Security Documents” means this Second Supplemental Agreement, the Collateral Guarantees, the Second Mortgages, the Second Assignments, the Co- Assureds Assignments and any other agreement or document which may at any time be executed by any person as additional security for the payment of all or any part of the Indebtedness.

“Baltic Fox” means Baltic Fox Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

“Baltic Fox Guarantee” means a guarantee and indemnity to be granted by Baltic Fox in favour of the Security Agent in form and substance acceptable to the Security Agent.

“Baltic Fox Second Assignment” means a second priority deed of assignment of the Insurances in respect of the Baltic Fox Vessel to be granted by Baltic Fox in favour of the Security Agent in form and substance acceptable to the Security Agent.

“Baltic Fox Second Mortgage” means a second preferred Marshall Islands mortgage over the Baltic Fox Vessel to be granted by Baltic Fox, as owner of the Baltic Fox Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.

“Baltic Fox Vessel” means the motor vessel “BALTIC FOX” registered in the ownership of Baltic Fox under the laws and flag of the Republic of the Marshall Islands with IMO number 9397248 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Fox Vessel if on shore.

Page 2

“BalticHare” means Baltic Hare Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

“Baltic Hare Second Assignment” means a second priority deed of assignment of the Insurances in respect of the Baltic Hare Vessel to be granted by Baltic Hare in favour of the Security Agent in form and substance acceptable to the Security Agent.

“Baltic Hare Guarantee” means a guarantee and indemnity to be granted by Baltic Hare in favour of the Security Agent in form and substance acceptable to the Security Agent.

“Baltic Hare Second Mortgage” means a second preferred Marshall Islands mortgage over the Baltic Hare Vessel to be granted by Baltic Hare, as owner of the Baltic Hare Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.

“BalticHare Vessel” means the motor vessel “BALTIC HARE” registered in the ownership of Baltic Hare under the laws and flag of the Republic of the Marshall Islands with IMO number 9397236 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Hare Vessel if on shore.

“Co-Assureds Assignments” means the assignments of Insurances in respect to the Collateral Vessels to be granted by each co-assured in the relevant Collateral Vessel’s Insurances in favour of the Security Agent in form and substance acceptable to the Security Agent.

“Collateral Guarantees” means together the Baltic Fox Guarantee and the Baltic Hare Guarantee.

“Collateral Owners” means together Baltic Fox and Baltic Hare.

“Collateral Vessels” means together the Baltic Fox Vessel and the Baltic Hare Vessel.

“Effective Date” means the date on which the Agent confirms to the Borrowers in writing substantially in the form set out in Schedule 2 that all of the conditions referred to in Clause 2.1 have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall have occurred but which the Agent shall otherwise give promptly.

“Finance Parties” means the Agent, the Security Agent and the Lenders.

“Second Supplemental Agreement” means the agreement herein contained.

“Second Assignments” means together the Baltic Fox Second Assignment and the Baltic Hare Second Assignment.

“Second Mortgages” means together the Baltic Fox Second Mortgage and the Baltic Hare Second Mortgage.

Page 3

“Security Parties” means all parties to this Second Supplemental Agreement other than the Finance Parties.

1.2          All words and expressions defined in the Loan Agreement shall have the same meaning when used in this Second Supplemental Agreement unless the context otherwise requires, and clause 1.2 of the Loan Agreement shall apply to the interpretation of this Second Supplemental Agreement as if it is set out in full.

1.3The Agent and the Borrowers hereby designate this Second Supplemental Agreement as a Finance Document.

1.4 All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Second Supplemental Agreement shall, unless otherwise expressly provided, be entered into, made or given by them jointly and severally.

2  Conditions

2.1As conditions for the agreement of the Finance Parties to the request specified in Recital (C) above and for the effectiveness of Clause 4, the Borrowers shall deliver or cause to be delivered to or to the order of the Agent the following documents and evidence:

2.1.1 an original duly notarised certificate from a duly authorised officer of each Security Party (a) confirming that none of the corporate documents delivered to the Agent pursuant to the Loan Agreement have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the relevant Security Party as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified, (b) if applicable, certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Security Party;

2.1.2      an original duly notarised certificate from a duly authorised officer of each Collateral Owner (a) attaching copies of the constitutional documents of the relevant Collateral Owner together with such other evidence as the Agent may reasonably require that each Collateral Owner is duly incorporated in its country of  incorporation and remains in existence with power to enter into, and perform its obligations under, the Additional Security Documents to which it is to become a party, (b) certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Collateral Owner;

2.1.3      an original, duly notarised resolution of the directors and a resolution of the shareholders of each Borrower and each Collateral Owner (together, where appropriate, with signed waivers of notice of any directors’ or shareholders’ meetings) approving, and authorising or ratifying the execution of the Additional Security Documents to which the relevant Borrower and Collateral Owner is a party and any document to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;

Page 4

2.1.4      if required, an original notarially attested and legalised power of attorney of each Borrower and each Collateral Owner under which the Additional Security Documents to which the relevant Borrower  and Collateral Owner is a party and any document are to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;

2.1.5      a certificate of good standing in respect of each Security Party and the Collateral Owners;

2.1.6      the Additional Security Documents, together with all other documents required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients;

2.1.7      certificate(s) of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) at each Collateral Vessel’s existing port of registry confirming that each Collateral Vessel is on the Effective Date owned by the relevant Collateral Owner and free of registered Encumbrances save for a first priority mortgage in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, and the relevant Second Mortgage;

2.1.8      evidence that each Collateral Vessel is insured in the manner required by the Additional Security Documents and that letters of undertaking will be issued in the manner required by the Additional Security Documents, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent;

2.1.9      confirmation satisfactory to the Agent that all legal opinions required by the Agent will be given substantially in the form required by the Agent;

2.1.10    evidence that any process agent pursuant to the relevant Additional Security Documents have accepted their appointment as agent for service of process in relation to any proceedings before the English courts in connection with the Additional Security Documents and any other documents required by it; and

2.1.11     a copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by any of the Additional Security Documents or for the validity and enforceability of any of the Additional Security Documents.

2.2         The Borrowers undertake to deliver or to cause to be delivered to the Agent on, or as soon as practicable after, the Effective Date:

2.2.1      letters of undertaking in respect of the Insurances as required by the Additional Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties;

Page 5

2.2.2 the legal opinions specified in Clause 2.1.9, duly executed; and

2.2.3the process agent acceptance letter referred to in Clause 2.1.10, duly executed.

2.3An agreement by the Finance Parties of the delivery of the documents and evidence required by Clauses 2.1 and 2.2 at later date shall not be taken as a waiver of the Agent’s right to require production of all the documents and evidence required by Clauses 2.1 and 2.2.

2.4All documents and evidence delivered to the Agent pursuant to Clauses 2.1 and 2.2 shall:

2.4.1      be in form and substance acceptable to the Agent;

2.4.2      be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and

2.4.3      if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.

3            Representations

Each of the representations contained in clause 11 of the Loan Agreement shall be deemed repeated by the Borrowers at the date of this Second Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents include this Second Supplemental Agreement.

4            Amendments to Loan Agreement and Security Documents

With effect from the Effective Date:

4.1         The definitions contained in Clause 1.1 (other than the definition of “Effective Date”, “Finance Paties”, “Second Supplemental Agreement”and “Security Parties”) of this Second Supplemental Agreement shall be added to clause 1.1 of the Loan Agreement in alphabetical order;

4.2         the following definitions shall be added in clause 1.1 of the Loan Agreement in alphabetical order:

4.2.1      “Collateral Owners’ Indebtedness” means the indebtedness of the Collateral Owners to the Lenders under the Collateral Owners Loan Agreement;

4.2.2      “Collateral Owners Loan Agreement” means a loan facility agreement dated 30 August 2013 made between the banks listed in schedule 1 to such loan agreement (as lenders), the Agent (as agent and arranger), the Security Agent (as security agent) and the Collateral Owners (as joint and several borrowers), as amended, supplemented, novated or replaced from time to time;

4.2.3      “Second Supplemental Agreement” means the second supplemental agreement to this agreement dated        June 2016 entered into between

Page 6

the Borrowers, the New Guarantor, the Lenders, the Agent and the Security Agent; and

4.2.4      “Security Cover Ratio” means the ratio of the aggregate of (i) the Fair Market Value of the Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)), (ii) the Fair Market Value of the Collateral Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)) less the Collateral Owners’ Indebtedness or any other indebtedness secured by first priority security over the Collateral Vessels and (iii) the value of any additional security (such value to be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent in its discretion (in all other cases)) for the time being provided to the Security Agent under Clause 10.13 (Additional security) to the amount of the Loan outstanding;

4.3   where the context so admits, all references to the term “Mortgage” (however defined) in the Loan Agreement and the Security Documents, shall be read and construed as including the plural of such term or as referring to each “Mortgage”, as if they were references to each Mortgage in respect of each Vessel and to each Second Mortgage in respect of each Collateral Vessel;

4.4   the definition of “Security Documents” set forth in clause 1.1 of the Loan Agreement and clause 10.1 of the Loan Agreement shall be construed to include the Additional Security Documents;

4.5   the definition of “Security Parties” set forth in clause 1.1 of the Loan Agreement shall be construed to include the Collateral Owners;

4.6   reference to the term “Vessel” and “Vessels” in clause 10.14 (Fair Market Value determination) of the Loan Agreement shall be read and construed as including the Collateral Vessels;

4.7   the following sub-clause 1.2.11 shall be added in clause 1.2 of the Loan Agreement:

“a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation.”;

4.8   the following sub-clause 1.4 (Contractual recognition of bail-in) shall be added in clause 1 (Definitions and interpretation) of the Loan Agreement:

“1.4Contractual recognition of bail-in

1.4.1       In this Clause 1.4:

“Bail-In Action” means the exercise of any Write-down and Conversion Powers.

“Bail-In Legislation” means:

Page 7

(a)         in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

(b)          in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway.

“EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

“Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers.

“Write-down and Conversion Powers” means:

(a)          in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

(b)         in relation to any other applicable Bail-In Legislation:

(i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii) any similar or analogous powers under that Bail-In Legislation.”

1.4.2      Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the

Page 8

Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

(a)any Bail-In Action in relation to any such liability, including (without limitation):

(i)a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

(ii)a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

(iii)a cancellation of any such liability; and

(b)a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.”;

4.9 clause 10.13 of the Loan Agreement shall be deleted and replaced as follows:

“10.13  Additional security  If at any time during the Facility Period the Security Cover Ratio is less than one hundred and twenty five cent (125%), the Borrowers shall and will procure that the New Guarantor shall, within thirty (30) days of the Agent’s request, at the Borrowers’ option:

10.13.1  pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or

10.13.2  give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion, it being agreed that security over Fleet Vessels shall, in the Security Agent’s discretion acting reasonably, be acceptable additional security; or

10.13.3  prepay the Loan in the amount of the shortfall and any such prepayment under this Clause 10.13.3 shall be applied in prepayment of the remaining Repayment Instalments (including the Balloon Amount) on a pro rata basis.

Clauses 5.3 (Reborrowing), 6.2 (Voluntary prepayment of Loan) and 6.4 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 10.13 and the value of any additional security provided shall be determined as stated above”; and

In addition to the foregoing, the Borrowers shall at all times maintain cash security in the amount of $500,000 in the aggregate in their Earnings Accounts as additional security for the Loan.  Such cash security provided pursuant to the preceding sentence shall be in addition to, and shall not be deemed to have been

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made pursuant to Clauses 10.13.1 or 10.13.2, nor shall such cash collateral be deemed  to be included in any calculation of the first paragraph of this Clause 10.13”.

4.10       clause 11.1.23 of the Loan Agreement shall be deleted and be replaced as follows:

“11.1.23   Ranking and effectiveness There are no Encumbrances (other than Permitted Encumbrances) affecting any of the assets of the Borrowers and the security constituted by the Security Documents is in each case valid, effective security ranking first in priority other than the Additional Security Documents which may be ranking second in priority to Encumbrances created in connection with the Collateral Owners Loan Agreement.”;

4.11       clause 13.1.19 of the Loan Agreement shall be deleted and be replaced as follows:

“13.1.19 Notice of termination   The New Guarantor or a Collateral Owner give notice to the Security Agent to determine their obligations under the New Guarantee or the relevant Collateral Guarantee respectively.”;

4.11       clause 18.2.3 (Addresses) of the Loan Agreement shall be deleted and be replaced as follows:

“18.2.3   in the case of the Agent and the Security Agent:-

DVB Bank SE
Park House
6th Floor
London EC2M 7EB
England

Fax No: +44 207 256 4352

Email:  TLS.London@dvbbank.com

and with a simultaneous copy to:

DVB Transport (US) LLC

Attn: Jurek Bochner / Christiane Lombardi

609 Fifth Avenue; Fifth Floor; New York, NY 10017

New York, NY 10017 (USA)

Fax: +1 212-588 0424

Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com“; and

4.12       all references in the Loan Agreement and Security Documents to the name of Vessel A as “BALTIC TIGER” shall be construed to refer to the Vessel’s A new name “GENCO TIGER”.

All other terms and conditions of the Loan Agreement and the Security Documents shall remain unaltered and in full force and effect.

5            Confirmations and Undertakings

5.1         Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Loan Agreement made in this Second

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Supplemental Agreement, as if all references in any of the Security Documents to the Loan Agreement are references to the Loan Agreement as amended and supplemented by this Second Supplemental Agreement.

5.2         The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement made in or pursuant to this Second Supplemental Agreement.

6            Notices, Law and Jurisdiction

The provisions of clauses 18 and 23 of the Loan Agreement shall apply to this Second Supplemental Agreement as if they are set out in full and as if (a) references to each Party are references to each party to this Second Supplemental Agreement, (b) references to the Finance Documents include this Second Supplemental Agreement and (c) references to a Borrower are references to each Security Party.

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Schedule 1

The Lenders

Names

DVB BANK SE $44,000,000

Platz der Republik 6

D-60325 Frankfurt am Main

Federal Republic of Germany

Email: TM.Amsterdam@dvbbank.com marked for the attention of Transaction and Loan Services

for the purposes of Clause 18 (Notices) of the Loan Agreement with a copy to

DVB Transport (US) LLC

Attn: Jurek Bochner / Christiane Lombardi

609 Fifth Avenue; Fifth Floor; New York, NY 10017

New York, NY 10017 (USA)

Fax: +1 212-588 0424

Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com

Page 12

Schedule 2

Effective Date Confirmation

To:	BALTIC TIGER LIMITED & BALTIC LION LIMITED, each of
	Trust Company Complex
	Ajeltake Road
	Ajeltake Island
	Majuro
	Marshall Islands
	MH 96960

We, DVB BANK SE, refer to the second supplemental agreement dated [            ] 2016 (the “Supplemental Agreement”) relating to a secured loan agreement dated 3 December 2013 as amended and supplemented by a first supplemental agreement dated 7 April 2015 and a supplemental letter dated 22 December 2015 (together, the “Loan Agreement”) made between (amongst others) you as the as the Borrowers, the banks listed in it as the Lenders, ourselves as the Agent and ourselves as the Security Agent in respect of a loan to you from the Lenders of up to $44,000,000.

We hereby confirm that all conditions precedent referred to in Clause 2.1 of the Supplemental Agreement have been satisfied.  In accordance with Clauses 1.1 and 4 of the Supplemental Agreement the Effective Date is the date of this confirmation and the amendments to the Loan Agreement are now effective.

Dated:[        ] 2016        

Signed:
	for and on behalf of
	DVB Bank SE

Page 13

In witness of which the parties to this Second Supplemental Agreement have executed this Second Supplemental Agreement as a deed the day and year first before written.

Page 14

Signed and delivered as	)
a Deed by	)
Baltic Tiger Limited	)
acting by Apostolos Zafolias	)	/s/ Apostolos Zafolias
its duly authorised attorney-in-fact	)
in the presence of:	)
Witness signature:/s/ Peter Allen
Name:       Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171
Signed and delivered as	)
a Deed by	)
Baltic Lion Limited	)
acting by Apostolos Zafolias	)	/s/ Apostolos Zafolias
its duly authorised attorney-in-fact	)
in the presence of:	)
Witness signature: /s/ Peter Allen
Name:      Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171
Signed and delivered as	)
a Deed by	)
Genco Shipping & Trading Limited
acting by Apostolos Zafolias	)
its duly authorised attorney-in-fact	)	/s/ Apostolos Zafolias
in the presence of:	)
Witness signature:/s/ Peter Allen
Name:       Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171

Page 15

Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as a Lender)	)
acting by	)	/s/ Vikki Madias
its duly authorised attorney-in-fact	)
in the presence of:	)
Witness signature:/s/ Neil Stocco
Name:       Neil Stocco
Address:   One Battery Park Plaza
NY, NY 10004
Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as Agent)	)
acting by	)	/s/ Vikki Madias
its duly authorised attorney-in-fact	)
in the presence of:	)
Witness signature: /s/ Neil Stocco
Name:       Neil Stocco
Address:   One Battery Park Plaza
NY, NY 10004
Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as Security Agent)	)
acting by	)	/s/ Vikki Madias
its duly authorised attorney-in-fact	)
in the presence of:	)
Witness signature: /s/ Neil Stocco
Name:        Neil Stocco
Address:    One Battery Park Plaza
NY, NY 10004

Page 16

EX-10.15

Exhibit 10.15

F21.240

Second Supplemental Agreement to a Secured Loan Facility Agreement dated 30 August 2013 as amended and supplemented pursuant to a First Supplemental Agreement dated 13 July 2015 and a Supplemental Letter dated 22 December 2015.

Dated:          8 June 2016

(1)	Baltic Hare Limited
	Baltic Fox Limited
	(as Borrowers)
(2)	Genco Shipping & Trading Limited
	(as New Guarantor)
(3)	Baltic Trading Limited
	(as Pledgor)
(4)	DVB Bank SE and others
	(as Lenders)
(5)	DVB Bank SE
	(as Agent)
(6)	DVB Bank SE
	(as Security Agent)

Contents

		Page
1	Interpretation	2
2	Conditions	4
3	Representations	6
4	Amendments to Loan Agreement	6
5	Confirmations and Undertakings	10
6	Notices, Law and Jurisdiction	11
Schedule 1	The Lenders	12
Schedule 2	Effective Date Confirmation	13

Second Supplemental Agreement

Dated:         8June2016

Between:

(1)         Baltic Hare Limited ("Baltic Hare") and Baltic Fox Limited ("Baltic Fox"), each a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (together the "Borrowers" and each a "Borrower") jointly and severally; and

(2)         Genco Shipping & Trading Limited, a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (the "NewGuarantor"); and

(3)         Baltic Trading Limited, a company incorporated according to the law of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (the "Pledgor"); and

(4)the banks listed in Schedule 1, each acting through its office at the address indicated against its name in Schedule 1 (together the"Lenders" and each a "Lender"); and

(5)         DVB Bank SE, acting as agent and arranger through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the "Agent"); and

(6)         DVB Bank SE, acting as security agent through its office at Platz der Republik 6, D-60325 Frankfurt am Main, Federal Republic of Germany (in that capacity the "Security Agent").

Supplemental to a secured loan agreement dated 30 August 2013 as amended and supplemented by a first supplemental agreement dated 13 July 2015 and a supplemental letter dated 22 December 2015 (together, the "Loan Agreement") made between (amongst others) the Borrowers, the Lenders, the Agent and the Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance to the Borrowers its respective Commitment of an aggregate amount not exceeding twenty two million Dollars ($22,000,000).

Whereas:

(A)At the date of this Second Supplemental Agreement the outstanding amount of the Loan is eighteen million two hundred and fifty thousand Dollars ($18,250,000).

(B)The aggregate of the Fair Market Value of the Vessels and the value of any additional security for the time being provided to the Security Agent pursuant to clause 10.13 (Additional security) of the Loan Agreement should, at all times, not be less than one hundred and ten per cent (110%) of the amount of the Loan outstanding as required pursuant to clause 10.13 (Additional security) of the Loan Agreement.  If a shortfall is to arise, the Borrowers and the New Guarantor are required to, within thirty (30) days of the Agent's request, at the Borrowers' option:

Page 1

(1)pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or

(2)give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion; or

(3)prepay the Loan in the amount of the shortfall.

(C)In order to avoid a potential breach of clause 10.13 (Additional security) of the Loan Agreement, the Borrowers have agreed to procure that additional security is provided to the Security Agent pursuant to clause 10.13.2 (Additional security) of the Loan Agreement and for this purpose the Security Parties and the Security Agent have agreed to amend the Loan Agreement and the Security Documents pursuant to the terms and subject to the conditions contained in this Second Supplemental Agreement.

It is agreed that:

1             Interpretation

1.1          In this Second Supplemental Agreement:

"Additional Security Documents" means this Second Supplemental Agreement, the Collateral Guarantees, the Second Mortgages, the Second Assignments, the Co- Assureds Assignments and any other agreement or document which may at any time be executed by any person as additional security for the payment of all or any part of the Indebtedness.

"Baltic Lion" means Baltic Lion Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

"Baltic Lion Guarantee" means a guarantee and indemnity to be granted by Baltic Lion in favour of the Security Agent in form and substance acceptable to the Security Agent.

"Baltic Lion Second Assignment" means a second priority deed of assignment of the Insurances in respect of the Baltic Lion Vessel to be granted by Baltic Lion in favour of the Security Agent in form and substance acceptable to the Security Agent.

"Baltic Lion Second Mortgage" means a second preferred Marshall Islands mortgage over the Baltic Lion Vessel to be granted by Baltic Lion, as owner of the Baltic Owner Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.

"Baltic Lion Vessel" means the motor vessel "BALTIC LION" registered in the ownership of Baltic Lion under the laws and flag of the Republic of the Marshall Islands with IMO number 9593464 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Lion Vessel if on shore.

Page 2

"BalticTiger" means Baltic Tiger Limited, a company incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

"Baltic Tiger Second Assignment" means a second priority deed of assignment of the Insurances in respect of the Baltic Tiger Vessel to be granted by Baltic Tiger in favour of the Security Agent in form and substance acceptable to the Security Agent.

"Baltic Tiger Guarantee" means a guarantee and indemnity to be granted by Baltic Tiger in favour of the Security Agent in form and substance acceptable to the Security Agent.

"Baltic Tiger Second Mortgage" means a second preferred Marshall Islands mortgage over the Baltic Tiger Vessel to be granted by Baltic Tiger, as owner of the Baltic Tiger Vessel, in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, in form and substance acceptable to the Security Agent.

"BalticTiger Vessel" means the motor vessel "GENCO TIGER" registered in the ownership of Baltic Tiger under the laws and flag of the Republic of the Marshall Islands with IMO number 9593452 together with all her engines, machinery, boats, tackle, outfit, fuels, spares, consumable and other stores, belongings and appurtenances, whether on board or ashore, including any which may in the future be put on board or may in the future be intended to be used for the Baltic Tiger Vessel if on shore.

"Co-Assureds Assignments" means the assignments of Insurances in respect to the Collateral Vessels to be granted by each co-assured in the relevant Collateral Vessel's Insurances in favour of the Security Agent in form and substance acceptable to the Security Agent.

"Collateral Guarantees" means together the Baltic Tiger Guarantee and the Baltic Lion Guarantee.

"Collateral Owners" means together Baltic Tiger and Baltic Lion.

"Collateral Vessels" means together the Baltic Tiger Vessel and the Baltic Lion Vessel.

"Effective Date" means the date on which the Agent confirms to the Borrowers in writing substantially in the form set out in Schedule 2 that all of the conditions referred to in Clause 2.1 have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall have occurred but which the Agent shall otherwise give promptly.

"Finance Parties" means the Agent, the Security Agent and the Lenders.

"Second Supplemental Agreement" means the agreement herein contained.

"Second Assignments" means together the Baltic Tiger Second Assignment and the Baltic Lion Second Assignment.

"Second Mortgages" means together the Baltic Tiger Second Mortgage and the Baltic Lion Second Mortgage.

Page 3

"Security Parties" means all parties to this Second Supplemental Agreement other than the Finance Parties.

1.2         All words and expressions defined in the Loan Agreement shall have the same meaning when used in this Second Supplemental Agreement unless the context otherwise requires, and clause 1.2 of the Loan Agreement shall apply to the interpretation of this Second Supplemental Agreement as if it is set out in full.

1.3         The Agent and the Borrowers hereby designate this Second Supplemental Agreement as a Finance Document.

1.4         All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Second Supplemental Agreement shall, unless otherwise expressly provided, be entered into, made or given by them jointly and severally.

2            Conditions

2.1          As conditions for the agreement of the Finance Parties to the request specified in Recital (C) above and for the effectiveness of Clause 4, the Borrowers shall deliver or cause to be delivered to or to the order of the Agent the following documents and evidence:

2.1.1      an original duly notarised certificate from a duly authorised officer of each Security Party (a) confirming that none of the corporate documents delivered to the Agent pursuant to the Loan Agreement have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the relevant Security Party as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified, (b) if applicable, certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Security Party;

2.1.2      an original duly notarised certificate from a duly authorised officer of each Collateral Owner (a) attaching copies of the constitutional documents of the relevant Collateral Owner together with such other evidence as the Agent may reasonably require that each Collateral Owner is duly incorporated in its country of  incorporation and remains in existence with power to enter into, and perform its obligations under, the Additional Security Documents to which it is to become a party, (b) certifying that each document relating to it specified in Clauses 2.1.3 and 2.1.4 (if applicable) is correct, complete and in full force and (c) setting out the names of the directors and officers and details of sharecapital of each Collateral Owner;

2.1.3      an original, duly notarised resolution of the directors and a resolution of the shareholders of each Borrower and each Collateral Owner (together, where appropriate, with signed waivers of notice of any directors' or shareholders' meetings) approving, and authorising or ratifying the execution of the Additional Security Documents to which the relevant Borrower and Collateral Owner is a party and any document to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;

Page 4

2.1.4      if required, an original notarially attested and legalised power of attorney of each Borrower and each Collateral Owner under which the Additional Security Documents to which the relevant Borrower  and Collateral Owner is a party and any document are to be executed by that Borrower and Collateral Owner pursuant to this Second Supplemental Agreement;

2.1.5      a certificate of good standing in respect of each Security Party and the Collateral Owners;

2.1.6      the Additional Security Documents, together with all other documents required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients;

2.1.7      certificate(s) of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) at each Collateral Vessel’s existing port of registry confirming that each Collateral Vessel is on the Effective Date owned by the relevant Collateral Owner and free of registered Encumbrances save for a first priority mortgage in favour of the Security Agent, as trustee for and on behalf of the Finance Parties, and the relevant Second Mortgage;

2.1.8      evidence that each Collateral Vessel is insured in the manner required by the Additional Security Documents and that letters of undertaking will be issued in the manner required by the Additional Security Documents, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent;

2.1.9      confirmation satisfactory to the Agent that all legal opinions required by the Agent will be given substantially in the form required by the Agent;

2.1.10    evidence that any process agent pursuant to the relevant Additional Security Documents have accepted their appointment as agent for service of process in relation to any proceedings before the English courts in connection with the Additional Security Documents and any other documents required by it; and

2.1.11    a copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by any of the Additional Security Documents or for the validity and enforceability of any of the Additional Security Documents.

2.2         The Borrowers undertake to deliver or to cause to be delivered to the Agent on, or as soon as practicable after, the Effective Date:

2.2.1      letters of undertaking in respect of the Insurances as required by the Additional Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties;

Page 5

2.2.2      the legal opinions specified in Clause 2.1.9, duly executed; and

2.2.3      the process agent acceptance letter referred to in Clause 2.1.10, duly executed.

2.3         An agreement by the Finance Parties of the delivery of the documents and evidence required by Clauses 2.1 and 2.2 at later date shall not be taken as a waiver of the Agent's right to require production of all the documents and evidence required by Clauses 2.1 and 2.2.

2.4         All documents and evidence delivered to the Agent pursuant to Clauses 2.1 and 2.2 shall:

2.4.1      be in form and substance acceptable to the Agent;

2.4.2      be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and

2.4.3      if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.

3            Representations

Each of the representations contained in clause 11 of the Loan Agreement shall be deemed repeated by the Borrowers at the date of this Second Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents include this Second Supplemental Agreement.

4Amendments to Loan Agreement

With effect from the Effective Date:

4.1         The definitions contained in Clause 1.1 (other than the definition of "Effective Date", "Finance Paties", "Second Supplemental Agreement"and "Security Parties") of this Second Supplemental Agreement shall be added to clause 1.1 of the Loan Agreement in alphabetical order;

         the following definitions shall be added in clause 1.1 of the Loan Agreement in alphabetical order:

    "Collateral Owners’ Indebtedness" means the indebtedness of the Collateral Owners to the Lenders under the Collateral Owners Loan Agreement;

   ""Collateral Owners Loan Agreement" means a loan facility agreement dated 3 December 2013 made between the banks listed in schedule 1 to such loan agreement (as lenders), the Agent (as agent and arranger), the Security Agent (as security agent) and the Collateral Owners (as joint and several borrowers), as amended, supplemented, novated or replaced from time to time;

   ""Second Supplemental Agreement" means the second supplemental agreement to this agreement dated June 2016 entered into between

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the Borrowers, the New Guarantor, the Pledgor, the Lenders, the Agent and the Security Agent; and

    ""Security Cover Ratio" means the ratio of the aggregate of (i) the Fair Market Value of the Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)), (ii) the Fair Market Value of the Collateral Vessels (as determined in accordance with Clause 10.14 (Fair Market Value determination)) less the Collateral Owners’ Indebtedness or any other indebtedness secured by first priority security over the Collateral Vessels and (iii) the value of any additional security (such value to be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent in its discretion (in all other cases)) for the time being provided to the Security Agent under this Clause 10.13 to the amount of the Loan outstanding;

         where the context so admits, all references to the term "Mortgage" (however defined) in the Loan Agreement and the Security Documents, shall be read and construed as including the plural of such term or as referring to each "Mortgage", as if they were references to each Mortgage in respect of each Vessel and to each Second Mortgage in respect of each Collateral Vessel;

         the definition of "Security Documents" set forth in clause 1.1 of the Loan Agreement and clause 10.1 of the Loan Agreement shall be construed to include the Additional Security Documents;

         the definition of "Security Parties" set forth in clause 1.1 of the Loan Agreement shall be construed to include the Collateral Owners;

         reference to the term "Vessel" and "Vessels" in clause 10.14 (Fair Market Value determination) of the Loan Agreement shall be read and construed as including the Collateral Vessels;

         the following sub-clause 1.2.11 shall be added in clause 1.2 of the Loan Agreement:

"a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation.";

4.8         the following sub-clause 1.4 (Contractual recognition of bail-in) shall be added in clause 1 (Definitions and interpretation) of the Loan Agreement:

"1.4        Contractual recognition of bail-in

1.4.1       In this Clause 1.4:

"Bail-In Action" means the exercise of any Write-down and Conversion Powers.

"Bail-In Legislation" means:

Page 7

(a)          in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

b          in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

"EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

"Write-down and Conversion Powers" means:

(a)          in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

(b)          in relation to any other applicable Bail-In Legislation:

(i)any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii)any similar or analogous powers under that Bail-In Legislation."

1.4.2       Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the

Page 8

Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

(a)any Bail-In Action in relation to any such liability, including (without limitation):

(i)a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

(ii)a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

(iii)a cancellation of any such liability; and

(b)a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.";

         clause 10.13 of the Loan Agreement shall be deleted and replaced as follows:

"10.13 Additional security  If the Security Cover Ratio is less than (a) one hundred and thirty per cent (130%) during the period commencing on the Signing Date and ending on 12 July 2015 or (b) one hundred and ten per cent (110%) during the period commencing on 13 July 2015 and ending on 30 June 2016 or (c) one hundred and twenty five per cent (125%) during the period commencing on 01 July 2016 and throughout the remainder of the Facility Period, the Borrowers shall and will procure that the New Guarantor shall, within thirty (30) days of the Agent's request, at the Borrowers' option:

10.13.1  pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the Indebtedness; or

10.13.2  give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion, it being agreed that security over Fleet Vessels shall, in the Security Agent's discretion acting reasonably, be acceptable additional security; or

10.13.3  prepay the Loan in the amount of the shortfall and any such prepayment under this Clause 10.13.3 shall be applied in prepayment of the remaining Repayment Instalments (including the Balloon Amount) on a pro rata basis.

Clauses 5.3 (Reborrowing), 6.2 (Voluntary prepayment of Loan) and 6.4 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 10.13 and the value of any additional security provided shall be determined as stated above.";

Page 9

       clause 11.1.23 of the Loan Agreement shall be deleted and be replaced as follows:

"11.1.23   Ranking and effectiveness There are no Encumbrances (other than Permitted Encumbrances) affecting any of the assets of the Borrowers and the security constituted by the Security Documents is in each case valid, effective security ranking first in priority other than the Additional Security Documents which may be ranking second in priority to Encumbrances created in connection with the Collateral Owners Loan Agreement.";

       clause 13.1.19 of the Loan Agreement shall be deleted and be replaced as follows:

"13.1.19   Notice of termination   The New Guarantor or a Collateral Owner give notice to the Security Agent to determine their obligations under the New Guarantee or the relevant Collateral Guarantee respectively."; and

4.11        clause 18.2.3 (Addresses) of the Loan Agreement shall be deleted and be replaced as follows:

"18.2.3   in the case of the Agent and the Security Agent:-

DVB Bank SE

Park House

6th Floor

London EC2M 7EB

England

Fax No: +44 207 256 4352

Email:  TLS.London@dvbbank.com

and with a simultaneous copy to:

DVB Transport (US) LLC

Attn: Jurek Bochner / Christiane Lombardi

609 Fifth Avenue; Fifth Floor; New York, NY 10017

New York, NY 10017 (USA)

Fax: +1 212-588 0424

Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com".

All other terms and conditions of the Loan Agreement and the Security Documents shall remain unaltered and in full force and effect.

5Confirmations and Undertakings

5.1         Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Loan Agreement made in this Second Supplemental Agreement, as if all references in any of the Security Documents to the Loan Agreement are references to the Loan Agreement as amended and supplemented by this Second Supplemental Agreement.

5.2         The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement made in or pursuant to this Second Supplemental Agreement.

Page 10

6   Notices, Law and Jurisdiction

The provisions of clauses 18 and 23 of the Loan Agreement shall apply to this Second Supplemental Agreement as if they are set out in full and as if (a) references to each Party are references to each party to this Second Supplemental Agreement, (b) references to the Finance Documents include this Second Supplemental Agreement and (c) references to a Borrower are references to each Security Party.

Page 11

Schedule 1

The Lenders

Names

DVB BANK SE $22,000,000

Platz der Republik 6

D-60325 Frankfurt am Main

Federal Republic of Germany

Email: TM.Amsterdam@dvbbank.com marked for the attention of Transaction and Loan Services

for the purposes of Clause 18 (Notices) of the Loan Agreement with a copy to

DVB Transport (US) LLC

Attn: Jurek Bochner / Christiane Lombardi

609 Fifth Avenue; Fifth Floor; New York, NY 10017

New York, NY 10017 (USA)

Fax: +1 212-588 0424

Email: Jurek.Bochner@dvbbank.com / Christiane.Lombardi@dvbbank.com

Page 12

Schedule 2

Effective Date Confirmation

To:	BALTIC HARE LIMITED & BALTIC FOX LIMITED, each of
	Trust Company Complex
	Ajeltake Road
	Ajeltake Island
	Majuro
	Marshall Islands
	MH 96960

We, DVB BANK SE, refer to the second supplemental agreement dated  [            ] 2016 (the "Supplemental Agreement") relating to a secured loan agreement dated 30 August 2013 as amended and supplemented by a first supplemental agreement dated 13 July 2015 and a supplemental letter dated 22 December 2015 (together, the "Loan Agreement") made between (amongst others) you as the as the Borrowers, the banks listed in it as the Lenders, ourselves as the Agent and ourselves as the Security Agent in respect of a loan to you from the Lenders of up to $22,000,000.

We hereby confirm that all conditions precedent referred to in Clause 2.1 of the Supplemental Agreement have been satisfied.  In accordance with Clauses 1.1 and 4 of the Supplemental Agreement the Effective Date is the date of this confirmation and the amendments to the Loan Agreement are now effective.

Dated: [        ] 2016        

Signed:
	for and on behalf of
	DVB Bank SE

Page 13

In witness of which the parties to this Second Supplemental Agreement have executed this Second Supplemental Agreement as a deed the day and year first before written.

Signed and delivered as	)
a Deed by	)
Baltic Hare Limited	)
acting by Apostolos Zafolias	)
its duly authorised attorney-in-fact	)	/s/ Apostolos Zafolias
in the presence of:	)
Witness signature:/s/ Peter Allen
Name:       Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171
Signed and delivered as	)
a Deed by	)
Baltic Fox Limited	)
acting by Apostolos Zafolias	)
its duly authorised attorney-in-fact	)	/s/ Apostolos Zafolias
in the presence of:	)
Witness signature: /s/ Peter Allen
Name:      Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171
Signed and delivered as	)
a Deed by	)
Genco Shipping & Trading Limited
acting by Apostolos Zafolias	)
its duly authorised attorney-in-fact	)	/s/ Apostolos Zafolias
in the presence of:	)
Witness signature:/s/ Peter Allen
Name:       Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171

Page 14

Signed and delivered as	)
a Deed by	)
Baltic Trading Limited	)
acting by Apostolos Zafolias	)
its duly authorised attorney-in-fact	)	/s/ Apostolos Zafolias
in the presence of:	)
Witness signature: /s/ Peter Allen
Name:       Peter Allen
Address:   299 Park Avenue, 12th Floor
New York, NY 10171
Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as a Lender)	)
acting by	)
its duly authorised attorney-in-fact	)	/s/ Vikki Madias
in the presence of:	)
Witness signature:/s/ Neil Stocco
Name:       Neil Stocco
Address:   One Battery Park Plaza
NY, NY 10004
Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as Agent)	)
acting by	)
its duly authorised attorney-in-fact	)	/s/ Vikki Madias
in the presence of:	)
Witness signature: /s/ Neil Stocco
Name:       Neil Stocco
Address:   One Battery Park Plaza
NY, NY 10004

Page 15

Signed and delivered as	)
a Deed by Vikki Madias	)
DVB Bank SE (as Security Agent)	)
acting by	)
its duly authorised attorney-in-fact	)	/s/ Vikki Madias
in the presence of:	)
Witness signature: /s/ Neil Stocco
Name:        Neil Stocco
Address:    One Battery Park Plaza
NY, NY 10004

Page 16

EX-10.16

Exhibit 10.16

ABN AMRO Capital USA LLC

100 Park Avenue

17th Floor

New York

NY 10017, USA

To:	Baltic Hornet Limited
Copy:	Genco Shipping & Trading Limited
	Baltic Trading Limited
	Baltic Wasp Limited

30 June 2016

Dear Sirs

Secured loan agreement dated 8 October 2014  (as amended and supplemented by a first supplemental agreement dated 14 July 2015 and a further supplemental letter dated 31 December 2015, the "Loan Agreement") made between Baltic Hornet Limited as borrower (the "Borrower"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC, as MLA, ABN AMRO Capital USA LLC, as agent (acting in that capacity, the "Agent"), ABN AMRO Capital USA LLC, as security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider

1 Definitions

1.1         In this letter:

"AmendedCommitment Letter" means the amended and restated commitment letter dated 30 June 2016 in relation to the Combined Credit Facility.

"Amended Commitment Letter Effective Date" means the date on which all of the conditions contained in clause 9 (Effectiveness) of the Amended Commitment Letter have been satisfied.

"AmendedEquity Commitment Letters" means the amended or amended and restated commitment letters of Affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to provide in the aggregate at least $62,500,000 of the Equity Contribution on or prior to 30 September 2016.

"Closing Date" means the earlier of (i) the date on which the loan agreement evidencing the Combined Credit Facility is entered into and (ii) 30 September 2016.

"Combined Credit Facility" means the senior secured term loan facility in the aggregate principal amount of up to $400 million to be entered into between, inter alia, the Parent (as borrower), ABN AMRO Capital USA LLC and others (as mandated lead arrangers) and the lenders listed therein (as lenders).

"Enforcement Action" means:

(a)          in relation to any Liabilities:

(i)           the acceleration of any Liability or the making of any declaration that any Liabilities are due and payable or payable on demand;

(ii)          any demand against any Group Member under any security, guarantee or surety provided of that Group Member;

(iii)         the exercise of any right of set-off, account combination or payment netting against any Group Member in respect of any Liabilities other than ordinary netting under any swap or derivative contract; and

(iv)         the premature termination or close-out of any swap or derivative transaction under any swap or derivative contract entered into with any Group Member;

(b)          the taking of any steps to enforce or require the enforcement of any Encumbrance granted by any Group Member in any collateral under the Loan Agreement, the Wasp Credit Facility or the Other Credit Agreements (including arrest of the relevant vessel or other enforcement of the relevant mortgage, the crystallisation of any floating charge or redirecting the earnings of the relevant vessel or the other assets of any Group Member), except for any enforcement of assignment of insurances in relation to a total loss or other significant insured event; or  

(c)          the petitioning or applying for any Insolvency Proceeding.

"Equity Contribution" means the contribution of at least $125,000,000 in gross cash proceeds by certain existing shareholders of and other investors in the Parent in exchange for common or preferred equity interests in the Parent (which preferred equity interests shall (a) not mature, be mandatorily redeemable or redeemable at the option of the holders thereof pursuant to a sinking fund obligation or otherwise (except as a result of a conversion into common shares of the Parent), prior to the first anniversary of the Maturity Date, (b) provide that all dividends in respect thereof shall, at the option of the Parent, be payable in kind and (c) be otherwise reasonably satisfactory in form and substance to the Finance Parties) (it being understood that such common or preferred equity interest may be issued together with options or warrants exercisable for common or qualified preferred equity interests in the Parent).

"Group" means the Parent and each of the Subsidiaries, and a "Group Member" means any of them.

"Hayfin Credit Agreement" means the facility agreement for up to $100,000,000, dated as of 4 November 2015, by and among Genco Holdings Limited, as holdco, each of the entities listed in schedule 1 part I thereto, as joint and several borrowers, the financial institutions party thereto from time to time, as lenders and Hayfin Services LLP, as agent and security agent (as amended, restated, supplemented and/or modified from time to time).

2

"Insolvency Proceedings" means any bankruptcy, liquidation, reconstruction, winding up, dissolution, administration or reorganisation of any Group Member, or any of such Group Member's assets or a composition, compromise, assignment or arrangement with any creditor of any Group Member or any suspension of payments or moratorium of any indebtedness of any such Group Member, or any other insolvency proceedings or any analogous procedure or step in any jurisdiction (including the appointment of any liquidator, receiver, administrator, trustee or similar officer), including but not limited to, any chapter 11 cases in the United States of America.

"Liability" means any and all Financial Indebtedness of any Group Member in excess of $5,000,000.

"Maturity Date" means the date falling on the fifth anniversary of the Closing Date.

"Maximum Hayfin Prepayment Amount" means the prepayment under the Hayfin Credit Agreement as contemplated in the Amended Commitment Letter which shall not exceed the remainder of (a) $5,000,000 minus (b) any mandatory prepayment made under the Hayfin Credit Agreement on and after the Amended Commitment Letter Effective Date prior to the Closing Date.

"Other Credit Agreements" means any agreement entered into by any Group Member relating to Financial Indebtedness (including the Combined Credit Facility).

"Parent" means Genco Shipping & Trading Limited, a company incorporated under the laws of the Marshall Islands with its principal place of business at 299 Park Avenue, 12th Floor, New York, New York 10171.

"Termination Event" shall have the meaning given to it in paragraph 5.1 below.

"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

1.2          All other terms and expressions used in this letter shall have the same meaning given to them in the Loan Agreement.

1.3 This letter is designated as a Finance Document.

2Request

We refer to the Loan Agreement and to your request for a waiver of compliance with clause 10.14 (Additional Security) of the Loan Agreement pursuant to which the aggregate Fair Market Value of the Vessel and the Other Vessel (as determined in accordance with Clause 10.15 (Fair Market Value determination) of the Loan Agreement) and the value of additional security being provided to the Security Agent is more than 135% of the aggregate of (i) the amount of the Loan then outstanding

3

and (ii) the amount of the Other Loan outstanding, for the period commencing on 30 June 2016 through and including 11:59 p.m. (New York City time) on 30 September 2016 (the "Waiver Period").

3Waiver and Conditions

We hereby agree to waive your compliance with, and any breach of, clause 10.14 (Additional Security) of the Loan Agreement (the "Waiver"), during the Waiver Period, subject to the following conditions being satisfied:

(a)          the Waiver shall apply only in relation to the Waiver Period;

(b)          the Amended Equity Commitment Letters are executed and delivered by each party thereto; and

(c)          on the date of this letter, you provide us with a copy (with an original to follow) of a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Agent pursuant to section 1 (Security Parties) of Part I of Schedule 2 (Conditions Precedent) of the Loan Agreement, have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Security Party in question as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.

4            Termination of Waiver

4.1         The Waiver Period shall terminate and the Waiver shall cease to apply automatically and with immediate effect if any event specified in paragraph 4.1(a) to (j) below occurs (each a "Termination Event"), unless such Termination Events are expressly waived by the Agent, acting on the instructions of the Majority Lenders:

(a)          an Event of Default has occurred which has not been waived or forborne;

(b)          the occurrence of an event of default under any Other Credit Agreements which are not otherwise waived or forborne;

(c)          you are in breach of any of your obligations under this letter;

(d)          any creditor takes Enforcement Action against any Group Member and such Enforcement Action is triggered by or triggers an event of default (however described in any other agreement relating to Financial Indebtedness of such Group Member) which is not waived or forborne;

(e)          any Group Member makes a payment, repayment or prepayment (other than (i) any scheduled interest and amortization payments to be made on or prior to 11:59 p.m. (New York City time) on 30 September 2016, (ii) any mandatory prepayment pursuant to a sale, disposition or a total loss of a vessel, (iii) any payment under the Hayfin Credit Agreement up to the Maximum Hayfin Prepayment Amount and (iv) any other payment, repayment or prepayment otherwise approved or consented to by the Agent) of any principal of a loan or

4

advance under any of Loan Agreement, the Wasp Credit Facility or any Other Credit Agreements or creates any security or give any guarantee or other commitment or credit support (or procures or allows any of its affiliates to do so) in favour of any lender or creditor of any Group Member;

(f)          on or prior to 11:59 p.m. (New York City time) on 15 August 2016, (a) no purchase agreement satisfactory in form and substance to the Finance Parties has been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Parent, providing for the issuance of equity interests in the Parent in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) the Parent has not filed a registration statement relating to sale of equity securities of the Parent for an amount not less than $125,000,000;

(g)          the cash and cash equivalents of the Parent and its Subsidiaries are less than $25,000,000;

(h)          any of the Amended Equity Commitment Letters cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder, unless (a) a purchase agreement satisfactory in form and substance to the Finance Parties shall have been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Borrower, providing for the issuance of equity interests in the Borrower in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) in the event that the Parent determines it is necessary in connection with the termination of its efforts to complete a private placement to terminate any of the Amended Equity Commitment Letters, it may do so, so long as within five business days after such termination (x) it files a registration statement for a public offering for gross cash proceeds to the Borrower of at least $125,000,000, (y) it certifies to the Finance Parties that it has obtained oral indications of interest from affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to purchase an aggregate of at least $62,500,000 in such offering and (z) such affiliates shall have confirmed in writing their respective indications of interest to the Finance Parties;

(i)          any indication of interest described in paragraph 4.1(h) above shall be denied, disaffirmed or decreased, the consequence of which shall be that the indications of interest shall be for an aggregate amount of less than $62,500,000; or

(j)          any commitment letters (as amended and/or restated from time to time) or waivers or consent letters in relation to any Other Credit Agreements cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder.

4.2         After the termination of the Waiver, each of the Finance Parties shall be released from all of its obligations under this letter and may take any

5

Enforcement Action after such termination in accordance with the terms of the Finance Documents.

4.3         If the Amended Commitment Letter Effective Date does not occur on or before 30 June 2016, this letter and the Amended Commitment Letter shall terminate with immediate effect.

5            Finance Parties' Rights

5.1         Nothing in this letter shall prevent the Finance Parties from taking any Enforcement Action after the Waiver Period or after the Waiver ceases to apply in respect of any Event of Default which has occurred or may occur during the Waiver Period or which occurs or continues after the termination of the Waiver, regardless of whether such Event of Default occurred prior to or during the Waiver Period.  Accordingly, this letter shall not constitute any waiver by the Finance Parties of any breach or default by any Group Member and the Finance Parties reserve all rights in relation thereto (the "Reservation"), except as otherwise expressly set out in this letter and subject only to the terms of this letter.

5.2         Neither the passing of time nor any inaction, action, omission, statement or discussion by, or on the part of, any Finance Party in relation to all matters referred to above or any other matter arising under the Finance Documents shall be taken in any way as constituting a waiver of, or as prejudicing or limiting, any of the rights, powers or remedies which that Finance Party may now, or hereafter, have under and pursuant to the Finance Documents or otherwise.

5.3         The Reservation is made without prejudice to, and without intention of amending, Clause 33 (Remedies and Waivers) of the Loan Agreement, the content of which is hereby expressly repeated and averred.

5.4         Nothing in this letter, any document or in any correspondence, meeting or discussion a Finance Party has had or may have with any Group Member in relation to (i) the matters related to the Waiver, (ii) any other Events of Default which occur or may occur after the date of this letter, (iii) the refinancing or restructuring of the Borrowers' Loan and other obligations under the Finance Documents or (iv) any other matters shall, except as otherwise expressly provided in this letter:

(a)          prejudice the position of the Finance Parties under the Finance Documents or be construed as a waiver of any Group Member's obligations under or pursuant to the Finance Document to which that Group Member is a party; or

(b)          be deemed to constitute an amendment or waiver of any provision of the Loan Agreement, the Guarantee or any other Finance Document (other than clause 4 of this letter) or a commitment to amend, waive or restructure any provision in the Loan Agreement, the Guarantee or any other Finance Document.

6

Any such correspondence, meeting or discussion in each case shall be entirely without prejudice to the rights, powers and remedies of the Finance Parties under or in respect of the Loan Agreement, the Guarantee or any other Finance Document and all such rights, powers and remedies are expressly reserved.

6            Undertakings, Representations and Warranties

6.1         During the Waiver Period, you shall promptly notify us if:

(i) a Termination Event occurs or is reasonably likely to occur; or

(ii) any Enforcement Action is commenced against a Group Member.

6.2         During the Waiver Period, no Security Party shall enter into any waiver, modification or amendment to any Other Credit Agreement (other than the Hayfin Credit Agreement) which grants more favourable provisions or treatment to the lenders or financiers thereunder unless each of the Finance Parties receives the benefit of such more favourable provisions as soon as reasonably practicable thereafter and on the same terms.

6.3         During the Waiver Period you shall promptly notify us if any Group Member enters into any amendment or waiver in relation to any agreement in respect of any Financial Indebtedness of any Group Member and shall inform the Agent of the content of the amendment or waiver.

6.4         During the Waiver Period, the Borrower undertakes that except to the extent subject to the Waiver it will not use any actions taken by any Lender in connection with the Loan Agreement as a basis to assert any claims or defences of any kind or nature against any Lender in connection with its respective rights and remedies under any Finance Document, including without limitation any Lender’s rights to take enforcement actions, and the Borrower hereby waives any and all such claims or defences.

6.5         During the Waiver Period, the Borrower undertakes to provide weekly updates of progress with respect to the transactions related to the Equity Contribution and the Parent and its Subsidiaries’ financial performance, including without limitation, their consolidated cash balances and projected cash position on a monthly basis until 30 September 2016.

6.6         During the Waiver Period, the Borrower undertakes and acknowledges that the Lenders are entitled to receive, have received and may continue to receive information regarding the Group under or in connection with the Finance Documents.  The Security Parties agree that nothing in this letter shall in any way impede, impair, limit or restrict any Lender’s rights to obtain and use such information in any manner and for any purpose permitted under the Finance Documents.

6.7         The Borrower hereby represents and warrants that (a) the representations and warranties of the Security Parties set forth in the each of the Finance Documents are true and correct in all material respects on and as of the date

7

hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (b) after giving effect to the Waiver, no event has occurred and is continuing which constitutes a default or Event of Default under any Finance Document or which could reasonably be expected to lead to an Event of Default.

6.8         The Security Parties affirm all of their obligations under each Finance Document as modified hereby and agree that this letter shall not operate to reduce or discharge their obligations under any Finance Document.

7            Continuing Security

You confirm that any Encumbrance created and/or any guarantee granted by the Security Parties in favour of any of the Finance Parties remains in full force and effect and is not in any way affected by this letter.

8            Counterparts and applicable law

8.1         This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.

8.2         This letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this letter by signing and returning a duplicate of this letter to us.

Yours faithfully
/s/ Rajbir Talwar	/s/ J.D. Kalverkamp
Rajbir Talwar	J. D. Kalverkamp
	Country Executive

For and on behalf of

ABN AMRO Capital USA LLC

(as Agent acting on the instructions of the Majority Lenders)

8

Confirmed and agreed on 30 June 2016

for an on behalf of

/s/ Apostolos Zafolias

Baltic Hornet Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Shipping & Trading Limited

(as Guarantor)

/s/ Apostolos Zafolias

Baltic Trading Limited

(as Pledgor)

/s/ Apostolos Zafolias

Baltic Wasp Limited

(as Other Borrower)

9

EX-10.17

Exhibit 10.17

ABN AMRO Capital USA LLC

100 Park Avenue

17th Floor

New York

NY 10017, USA

To:	Baltic Wasp Limited
Copy:	Genco Shipping & Trading Limited
	Baltic Trading Limited
	Baltic Hornet Limited

30 June 2016

Dear Sirs

Secured loan agreement dated 8 October 2014  (as amended and supplemented by a first supplemental agreement dated 14 July 2015 and a further supplemental letter dated 31 December 2015, the "Loan Agreement") made between Baltic Wasp Limited as borrower (the "Borrower"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC, as MLA, ABN AMRO Capital USA LLC, as agent (acting in that capacity, the "Agent"), ABN AMRO Capital USA LLC, as security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider

1        Definitions

1.1     In this letter:

"AmendedCommitment Letter" means the amended and restated commitment letter dated 30 June 2016 in relation to the Combined Credit Facility.

"Amended Commitment Letter Effective Date" means the date on which all of the conditions contained in clause 9 (Effectiveness) of the Amended Commitment Letter have been satisfied.

"AmendedEquity Commitment Letters" means the amended or amended and restated commitment letters of Affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to provide in the aggregate at least $62,500,000 of the Equity Contribution on or prior to 30 September 2016.

"Closing Date" means the earlier of (i) the date on which the loan agreement evidencing the Combined Credit Facility is entered into and (ii) 30 September 2016.

"Combined Credit Facility" means the senior secured term loan facility in the aggregate principal amount of up to $400 million to be entered into between, inter alia, the Parent (as borrower), ABN AMRO Capital USA LLC and others (as mandated lead arrangers) and the lenders listed therein (as lenders).

"Enforcement Action" means:

(a)          in relation to any Liabilities:

(i)           the acceleration of any Liability or the making of any declaration that any Liabilities are due and payable or payable on demand;

(ii)         any demand against any Group Member under any security, guarantee or surety provided of that Group Member;

(iii)        the exercise of any right of set-off, account combination or payment netting against any Group Member in respect of any Liabilities other than ordinary netting under any swap or derivative contract; and

(iv)         the premature termination or close-out of any swap or derivative transaction under any swap or derivative contract entered into with any Group Member;

(b)          the taking of any steps to enforce or require the enforcement of any Encumbrance granted by any Group Member in any collateral under the Loan Agreement, the Hornet Credit Facility or the Other Credit Agreements (including arrest of the relevant vessel or other enforcement of the relevant mortgage, the crystallisation of any floating charge or redirecting the earnings of the relevant vessel or the other assets of any Group Member), except for any enforcement of assignment of insurances in relation to a total loss or other significant insured event; or  

(c)          the petitioning or applying for any Insolvency Proceeding.

"Equity Contribution" means the contribution of at least $125,000,000 in gross cash proceeds by certain existing shareholders of and other investors in the Parent in exchange for common or preferred equity interests in the Parent (which preferred equity interests shall (a) not mature, be mandatorily redeemable or redeemable at the option of the holders thereof pursuant to a sinking fund obligation or otherwise (except as a result of a conversion into common shares of the Parent), prior to the first anniversary of the Maturity Date, (b) provide that all dividends in respect thereof shall, at the option of the Parent, be payable in kind and (c) be otherwise reasonably satisfactory in form and substance to the Finance Parties) (it being understood that such common or preferred equity interest may be issued together with options or warrants exercisable for common or qualified preferred equity interests in the Parent).

"Group" means the Parent and each of the Subsidiaries, and a "Group Member" means any of them.

"Hayfin Credit Agreement" means the facility agreement for up to $100,000,000, dated as of 4 November 2015, by and among Genco Holdings Limited, as holdco, each of the entities listed in schedule 1 part I thereto, as joint and several borrowers, the financial institutions party thereto from time to time, as lenders and Hayfin Services LLP, as agent and security agent (as amended, restated, supplemented and/or modified from time to time).

2

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

"Insolvency Proceedings" means any bankruptcy, liquidation, reconstruction, winding up, dissolution, administration or reorganisation of any Group Member, or any of such Group Member's assets or a composition, compromise, assignment or arrangement with any creditor of any Group Member or any suspension of payments or moratorium of any indebtedness of any such Group Member, or any other insolvency proceedings or any analogous procedure or step in any jurisdiction (including the appointment of any liquidator, receiver, administrator, trustee or similar officer), including but not limited to, any chapter 11 cases in the United States of America.

"Liability" means any and all Financial Indebtedness of any Group Member in excess of $5,000,000.

"Maturity Date" means the date falling on the fifth anniversary of the Closing Date.

"Maximum Hayfin Prepayment Amount" means the prepayment under the Hayfin Credit Agreement as contemplated in the Amended Commitment Letter which shall not exceed the remainder of (a) $5,000,000 minus (b) any mandatory prepayment made under the Hayfin Credit Agreement on and after the Amended Commitment Letter Effective Date prior to the Closing Date.

"Other Credit Agreements" means any agreement entered into by any Group Member relating to Financial Indebtedness (including the Combined Credit Facility).

"Parent" means Genco Shipping & Trading Limited, a company incorporated under the laws of the Marshall Islands with its principal place of business at 299 Park Avenue, 12th Floor, New York, New York 10171.

"Termination Event" shall have the meaning given to it in paragraph 5.1 below.

1.2          All other terms and expressions used in this letter shall have the same meaning given to them in the Loan Agreement.

1.3         This letter is designated as a Finance Document.

2Request

We refer to the Loan Agreement and to your request for a waiver of compliance with clause 10.14 (Additional Security) of the Loan Agreement pursuant to which the aggregate Fair Market Value of the Vessel and the Other Vessel (as determined in accordance with Clause 10.15 (Fair Market Value determination) of the Loan Agreement) and the value of additional security being provided to the Security Agent is more than 135% of the aggregate of (i) the amount of the Loan then outstanding

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and (ii) the amount of the Other Loan outstanding, for the period commencing on 30 June 2016 through and including 11:59 p.m. (New York City time) on 30 September 2016 (the "Waiver Period").

3Waiver and Conditions

We hereby agree to waive your compliance with, and any breach of, clause 10.14 (Additional Security) of the Loan Agreement (the "Waiver"), during the Waiver Period, subject to the following conditions being satisfied:

(a)          the Waiver shall apply only in relation to the Waiver Period;

(b)          the Amended Equity Commitment Letters are executed and delivered by each party thereto; and

(c)          on the date of this letter, you provide us with a copy (with an original to follow) of a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Agent pursuant to section 1 (Security Parties) of Part I of Schedule 2 (Conditions Precedent) of the Loan Agreement, have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Security Party in question as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.

4Termination of Waiver

4.1         The Waiver Period shall terminate and the Waiver shall cease to apply automatically and with immediate effect if any event specified in paragraph 4.1(a) to (j) below occurs (each a "Termination Event"), unless such Termination Events are expressly waived by the Agent, acting on the instructions of the Majority Lenders:

(a)          an Event of Default has occurred which has not been waived or forborne;

(b)          the occurrence of an event of default under any Other Credit Agreements which are not otherwise waived or forborne;

(c)          you are in breach of any of your obligations under this letter;

(d)          any creditor takes Enforcement Action against any Group Member and such Enforcement Action is triggered by or triggers an event of default (however described in any other agreement relating to Financial Indebtedness of such Group Member) which is not waived or forborne;

(e)          any Group Member makes a payment, repayment or prepayment (other than (i) any scheduled interest and amortization payments to be made on or prior to 11:59 p.m. (New York City time) on 30 September 2016, (ii) any mandatory prepayment pursuant to a sale, disposition or a total loss of a vessel, (iii) any payment under the Hayfin Credit Agreement up to the Maximum Hayfin Prepayment Amount and (iv) any other payment, repayment or prepayment otherwise approved or consented to by the Agent) of any principal of a loan or

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advance under any of Loan Agreement, the Hornet Credit Facility or any Other Credit Agreements or creates any security or give any guarantee or other commitment or credit support (or procures or allows any of its affiliates to do so) in favour of any lender or creditor of any Group Member;

(f)          on or prior to 11:59 p.m. (New York City time) on 15 August 2016, (a) no purchase agreement satisfactory in form and substance to the Finance Parties has been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Parent, providing for the issuance of equity interests in the Parent in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) the Parent has not filed a registration statement relating to sale of equity securities of the Parent for an amount not less than $125,000,000;

(g)          the cash and cash equivalents of the Parent and its Subsidiaries are less than $25,000,000;

(h)          any of the Amended Equity Commitment Letters cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder, unless (a) a purchase agreement satisfactory in form and substance to the Finance Parties shall have been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Borrower, providing for the issuance of equity interests in the Borrower in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) in the event that the Parent determines it is necessary in connection with the termination of its efforts to complete a private placement to terminate any of the Amended Equity Commitment Letters, it may do so, so long as within five business days after such termination (x) it files a registration statement for a public offering for gross cash proceeds to the Borrower of at least $125,000,000, (y) it certifies to the Finance Parties that it has obtained oral indications of interest from affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to purchase an aggregate of at least $62,500,000 in such offering and (z) such affiliates shall have confirmed in writing their respective indications of interest to the Finance Parties;

(i)          any indication of interest described in paragraph 4.1(h) above shall be denied, disaffirmed or decreased, the consequence of which shall be that the indications of interest shall be for an aggregate amount of less than $62,500,000; or

(j)          any commitment letters (as amended and/or restated from time to time) or waivers or consent letters in relation to any Other Credit Agreements cease to be in full force and effect or any party thereto denies or disaffirms their obligations thereunder.

4.2         After the termination of the Waiver, each of the Finance Parties shall be released from all of its obligations under this letter and may take any

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Enforcement Action after such termination in accordance with the terms of the Finance Documents.

4.3         If the Amended Commitment Letter Effective Date does not occur on or before 30 June 2016, this letter and the Amended Commitment Letter shall terminate with immediate effect.

5Finance Parties' Rights

5.1         Nothing in this letter shall prevent the Finance Parties from taking any Enforcement Action after the Waiver Period or after the Waiver ceases to apply in respect of any Event of Default which has occurred or may occur during the Waiver Period or which occurs or continues after the termination of the Waiver, regardless of whether such Event of Default occurred prior to or during the Waiver Period.  Accordingly, this letter shall not constitute any waiver by the Finance Parties of any breach or default by any Group Member and the Finance Parties reserve all rights in relation thereto (the "Reservation"), except as otherwise expressly set out in this letter and subject only to the terms of this letter.

5.2         Neither the passing of time nor any inaction, action, omission, statement or discussion by, or on the part of, any Finance Party in relation to all matters referred to above or any other matter arising under the Finance Documents shall be taken in any way as constituting a waiver of, or as prejudicing or limiting, any of the rights, powers or remedies which that Finance Party may now, or hereafter, have under and pursuant to the Finance Documents or otherwise.

5.3         The Reservation is made without prejudice to, and without intention of amending, Clause 33 (Remedies and Waivers) of the Loan Agreement, the content of which is hereby expressly repeated and averred.

5.4         Nothing in this letter, any document or in any correspondence, meeting or discussion a Finance Party has had or may have with any Group Member in relation to (i) the matters related to the Waiver, (ii) any other Events of Default which occur or may occur after the date of this letter, (iii) the refinancing or restructuring of the Borrowers' Loan and other obligations under the Finance Documents or (iv) any other matters shall, except as otherwise expressly provided in this letter:

(a)          prejudice the position of the Finance Parties under the Finance Documents or be construed as a waiver of any Group Member's obligations under or pursuant to the Finance Document to which that Group Member is a party; or

(b)          be deemed to constitute an amendment or waiver of any provision of the Loan Agreement, the Guarantee or any other Finance Document (other than clause 4 of this letter) or a commitment to amend, waive or restructure any provision in the Loan Agreement, the Guarantee or any other Finance Document.

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Any such correspondence, meeting or discussion in each case shall be entirely without prejudice to the rights, powers and remedies of the Finance Parties under or in respect of the Loan Agreement, the Guarantee or any other Finance Document and all such rights, powers and remedies are expressly reserved.

6Undertakings, Representations and Warranties

6.1         During the Waiver Period, you shall promptly notify us if:

(i)        a Termination Event occurs or is reasonably likely to occur; or

(ii)       any Enforcement Action is commenced against a Group Member.

6.2         During the Waiver Period, no Security Party shall enter into any waiver, modification or amendment to any Other Credit Agreement (other than the Hayfin Credit Agreement) which grants more favourable provisions or treatment to the lenders or financiers thereunder unless each of the Finance Parties receives the benefit of such more favourable provisions as soon as reasonably practicable thereafter and on the same terms.

6.3         During the Waiver Period you shall promptly notify us if any Group Member enters into any amendment or waiver in relation to any agreement in respect of any Financial Indebtedness of any Group Member and shall inform the Agent of the content of the amendment or waiver.

6.4         During the Waiver Period, the Borrower undertakes that except to the extent subject to the Waiver it will not use any actions taken by any Lender in connection with the Loan Agreement as a basis to assert any claims or defences of any kind or nature against any Lender in connection with its respective rights and remedies under any Finance Document, including without limitation any Lender’s rights to take enforcement actions, and the Borrower hereby waives any and all such claims or defences.

6.5         During the Waiver Period, the Borrower undertakes to provide weekly updates of progress with respect to the transactions related to the Equity Contribution and the Parent and its Subsidiaries’ financial performance, including without limitation, their consolidated cash balances and projected cash position on a monthly basis until 30 September 2016.

6.6         During the Waiver Period, the Borrower undertakes and acknowledges that the Lenders are entitled to receive, have received and may continue to receive information regarding the Group under or in connection with the Finance Documents.  The Security Parties agree that nothing in this letter shall in any way impede, impair, limit or restrict any Lender’s rights to obtain and use such information in any manner and for any purpose permitted under the Finance Documents.

6.7         The Borrower hereby represents and warrants that (a) the representations and warranties of the Security Parties set forth in the each of the Finance Documents are true and correct in all material respects on and as of the date

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hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (b) after giving effect to the Waiver, no event has occurred and is continuing which constitutes a default or Event of Default under any Finance Document or which could reasonably be expected to lead to an Event of Default.

6.8         The Security Parties affirm all of their obligations under each Finance Document as modified hereby and agree that this letter shall not operate to reduce or discharge their obligations under any Finance Document.

7Continuing Security

You confirm that any Encumbrance created and/or any guarantee granted by the Security Parties in favour of any of the Finance Parties remains in full force and effect and is not in any way affected by this letter.

8Counterparts and applicable law

8.1         This letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.

8.2         This letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this letter by signing and returning a duplicate of this letter to us.

Yours faithfully

/s// Rajbir Talwar	/s/ J.D. Kalverkamp
Rajbir Talwar	J.D. Kalverkamp
	Country Executive

For and on behalf of

ABN AMRO Capital USA LLC

(as Agent acting on the instructions of the Majority Lenders)

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Confirmed and agreed on 30 June 2016

for an on behalf of

/s/ Apostolos Zafolias

Baltic Wasp Limited

(as a Borrower)

/s/ Apostolos Zafolias

Genco Shipping & Trading Limited

(as Guarantor)

/s/ Apostolos Zafolias

Baltic Trading Limited

(as Pledgor)

/s/ Apostolos Zafolias

Baltic Hornet Limited

(as Other Borrower)

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EX-10.18

Exhibit 10.18

EXECUTION VERSION

NORDEA BANK FINLAND PLC,	SKANDINAVISKA ENSKILDA	DVB BANK SE
NEW YORK BRANCH	BANKEN AB (PUBL)	Platz der Republik 6
1211 Avenue of the Americas, 23rd	Kungsträdgårdsgatan 8,	0325 Frankfurt, Germany
Floor	106 40, Stockholm, Sweden
New York, New York 10036
ABN AMRO CAPITAL USA LLC	CRÉDIT AGRICOLE	DEUTSCHE BANK AG
100 Park Avenue, 24th Floor	CORPORATE AND	FILIALE
New York, New York 10017	INVESTMENT BANK	DEUTSCHLANDGESCHÄFT
	9 quai du Président Paul Doumer	Adolphsplatz 7
	92920 Paris, France	D-20457 Hamburg, Germany

CRÉDIT INDUSTRIEL ET	BNP PARIBAS
COMMERCIAL	16 rue du Hanovre
520 Madison Avenue,	75002 Paris, France
New York, New York 10022

CONFIDENTIAL

June 30, 2016

Genco Shipping & Trading Limited

299 Park Avenue

New York, NY 10171-0002

Attention: John C. Wobensmith

Re:Amended and Restated Commitment Letter – up to $400,000,000 Credit Facility

Ladies and Gentlemen:

You have informed Nordea Bank Finland plc, New York Branch (“Nordea”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), DVB Bank SE (“DVB”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Deutsche Bank AG Filiale Deutschlandgeschäft (“DB”), Crédit Industriel et Commercial (“CIC”) and BNP Paribas (“BNPP” and together with Nordea, SEB, DVB, ABN, CA-CIB, DB and CIC, the “Mandated Lead Arrangers”, “we” or “us”) that Genco Shipping & Trading Limited, a company incorporated in the Republic of the Marshall Islands (the “Borrower” and, together with its subsidiaries, the “Group”), intends to refinance certain existing indebtedness of the Borrower and its subsidiaries pursuant to the Existing Credit Facilities (as defined in the Summary of Indicative Terms and Conditions attached hereto as Schedule I (the “Term Sheet”)) with the proceeds of a senior secured term loan facility in the aggregate principal amount of up to $400,000,000 (the “Credit Facility”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Term Sheet.

Please note that those matters that are not covered (i) herein (this commitment letter, together with the Term Sheet, the “Commitment Letter”), (ii) in the arrangement fee letter

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dated as of June 8, 2016 among the Mandated Lead Arrangers and the Borrower (the “Arrangement Fee Letter”), (iii) in the agency fee letter dated as of June 8, 2016 between Nordea and the Borrower (such agency fee letter, together with the Arrangement Fee Letter, the “Fee Letters”) or (iv) in the ABN side letter dated as of June 8, 2016 among the Mandated Lead Arrangers and the Borrower (such side letter, together with the Commitment Letter and the Fee Letters, the “Commitment Documents”) are subject to mutual agreement of the parties hereto or thereto, as applicable.  The terms and conditions of the Commitment Documents may be modified only in writing signed by each of the parties hereto or thereto, as applicable.  Notwithstanding the foregoing, the parties hereto agree that the Commitment Documents set forth in clauses (ii), (iii) and (iv) above shall be deemed to have been amended as of the date hereof to refer to this amended and restated Commitment Letter. 

1.           Commitment.

Subject to the terms and conditions set forth in the Commitment Documents, each of Nordea, SEB, DVB, ABN, CA-CIB, DB, CIC and BNPP (each an “Lender” and together, the “Lenders”), is pleased to confirm its (or its affiliate’s) commitment to provide the portion of the Credit Facility set out below (the “Commitments”):

Lender	Commitment
SEB	$	105,718,816.06
DVB	$	86,506,765.22
Nordea	$	63,983,645.09
ABN	$	48,848,243.22
CA-CIB	$	41,257,162.85
DB	$	24,378,400.42
CIC	$	17,356,770.53
BNPP	$	11,950,196.62
Total	$	400,000,000.00

In addition, subject to the terms and conditions set forth in the Commitment Documents (a) each Mandated Lead Arranger is pleased to confirm its agreement to act as a lead arranger and bookrunner for the Credit Facility and (b) Nordea is pleased to confirm its commitment to act as sole administrative agent (in such capacity, the “Administrative Agent”), collateral agent (in such capacity, the “Collateral Agent”) and co-ordinator (in such capacity, the “Co-ordinator”) for the Credit Facility. The Co-ordinator, Mandated Lead Arrangers, Lenders, Administrative Agent and Collateral Agent are herein collectively referred to as the “Commitment Parties”.

The obligations of the Commitment Parties under this Commitment Letter are several but not joint.  No Commitment Party is responsible for the obligations of any other Commitment Party.  The failure by a Commitment Party to exercise any rights hereunder shall not prejudice the rights of any other Commitment Party hereunder.

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Each Lender reserves the right, in its sole discretion, to assign its commitment hereunder to any of its affiliates, and any office or branch of any of its affiliates, as it deems appropriate to consummate the transactions contemplated hereby.

2.           Titles and Roles.

The parties hereto understand and agree, between themselves, that each Mandated Lead Arranger shall be entitled to receive league table credit for acting as a Mandated Lead Arranger.

You agree that no other agents, co-agents or arrangers will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letters) will be paid in connection with the Credit Facility unless the Co-ordinator shall so agree, although the Co-ordinator shall be permitted to designate (after consultation with you) one or more Lenders as agents, co-agents or co-arrangers, as the case may be, with respect to the Credit Facility, which Lenders shall have such titles as may be determined by the Co-ordinator (after consultation with you).

3.           Other Services.

Subject to confidentiality limitations, nothing contained herein shall limit or preclude any Mandated Lead Arranger or any of its affiliates from carrying on any business with, providing banking or other financial services to, or from participating in any capacity, including as an equity investor, in any party whatsoever, including, without limitation, any competitor, supplier or customer of you or any of your affiliates, or any other party that may have interests different than or adverse to such parties.

You acknowledge and agree that each Mandated Lead Arranger: (a) may be providing debt financing, equity capital or other services (including financial advisory services) to other companies with which you or your affiliates may have conflicting interests regarding the Transactions and otherwise; (b) may act, without violation of its contractual obligations to you, as it deems appropriate with respect to such other companies; and (c) has no obligation in connection with the Transactions to use, or to furnish to you or your affiliates or subsidiaries, confidential information obtained from other companies or entities.  The Mandated Lead Arrangers shall use confidential information obtained from you or your affiliates by virtue of the Transactions or its other relationships with you solely for the purpose contemplated by this Commitment Letter and shall not furnish any such information to any other companies or entities except as permitted hereby or under the terms of the definitive Credit Documentation. 

In connection with all aspects of the Transactions, you acknowledge and agree that: (a) the Credit Facility and any related arranging or other services contemplated in this Commitment Letter is an arm’s-length commercial transaction between you and your affiliates, on the one hand, and the Mandated Lead Arrangers, on the other hand, and you are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the Credit Facility; (b) in connection with the process leading to the Credit Facility, each Mandated Lead Arranger is and has been acting solely as a principal and not as a financial advisor, agent or fiduciary, for you or any of your affiliates, stockholders, creditors or employees or any other party; (c) the Mandated Lead Arrangers have not assumed nor will they, singly or together, assume an advisory, agency or fiduciary responsibility in your or your affiliates’ favor with

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respect to any of the Transactions or the process leading thereto (irrespective of whether any Mandated Lead Arranger has advised or is currently advising you or your affiliates on other matters) and the Mandated Lead Arrangers have no obligation to you or your affiliates with respect to the Transactions except those obligations expressly set forth in this Commitment Letter; (d) the Mandated Lead Arrangers and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from yours and your affiliates and the Mandated Lead Arrangers shall not have any obligation to disclose any of such interests; and (e) the Mandated Lead Arrangers have not provided any legal, accounting, regulatory or tax advice with respect to any of the Transactions and you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate.  You hereby waive and release, to the fullest extent permitted by law, any claims that you may have as of the date hereof against each of the Mandated Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty.

Each Mandated Lead Arranger reserves the right to employ the services of its affiliates in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to its affiliates certain fees payable to such Mandated Lead Arranger in such manner as it and its affiliates may agree in their sole direction.  You acknowledge that the Mandated Lead Arrangers may share with any of their respective affiliates, and such affiliates may share with such Mandated Lead Arranger, any information related to the Transactions, you and the Borrowers (and your and their respective affiliates), or any of the matters contemplated hereby.  You also acknowledge that the Mandated Lead Arrangers do not have any obligation to use in connection with the Credit Facility, or to furnish to you, confidential information obtained by them from any third party.

4.           Representations and Warranties; Information.

Until the Closing Date, you agree to actively assist and cooperate (and to use your commercially reasonable efforts to cause all necessary persons to assist and cooperate) with the Mandated Lead Arrangers in connection with the Credit Facility.  Such assistance shall include, without limitation, providing any Mandated Lead Arranger and any Lenders, promptly upon request, with all information reasonably deemed necessary by any Mandated Lead Arranger or any Lender to successfully consummate the Credit Facility, including, but not limited to, projections and all information prepared by you or your affiliates or advisors relating to the Credit Facility.

The Commitments shall automatically terminate if you, prior to the Closing Date, make any payment, repayment or prepayment (other than (i) any scheduled interest and  amortization payments to be made on or prior to September 30, 2016, (ii) any mandatory prepayment pursuant to a sale, disposition or a total loss of a vessel, (iii)  any payment under the Hayfin Credit Agreement up to the Maximum Hayfin Prepayment Amount (it being understood that any such payment will reduce the Maximum Hayfin Prepayment Amount) and (iv) any other payment, repayment or prepayment otherwise approved or consented to by the Required Lenders (as defined in the Term Sheet)) of any principal of a loan or advance under any of the Existing Credit Facilities or Other Credit Agreements or create any security or give any guarantee or other commitment or credit support (or procure or allow any of your affiliates to do so) in favor of any lender or creditor of any member of the Group.

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You represent, warrant and covenant that to the best of your knowledge (i) no written information which has been or is hereafter furnished by you or on your behalf in connection with the Group or the Credit Facility and (ii) no other information given at information meetings and supplied or approved by you (such written information and other information being referred to herein collectively as the “Information”), in each case taken as a whole and as supplemented from time to time contained (or, in the case of Information furnished after the date hereof, will contain), as of the time it was (or hereafter is) furnished, any misstatement of fact or omitted (or will omit) as of such time to state any fact necessary to make the statements therein taken as a whole not materially misleading, in the light of the circumstances under which they were (or hereafter are) made; provided that, with respect to Information consisting of statements, estimates and projections regarding the future performance of the Group (collectively, the “Projections”), no representation, warranty or covenant is made other than that the Projections have been (and, in the case of Projections furnished after the date hereof, will be) prepared in good faith based on assumptions believed to be reasonable at the time of preparation thereof, it being understood that any such financial projections are subject to significant uncertainties and contingencies, many of which are beyond your control, and that no assurance can be given that any particular financial projections will be realized, that actual results may differ significantly from the projected results and that such differences may be material.  You agree to supplement the Information and the Projections from time to time until the date of the borrowing under the Credit Facility, as reasonably appropriate, so that the representations and warranties in the preceding sentence remain correct.  You understand that, in providing its commitment hereunder, each of the Mandated Lead Arrangers will use and rely on the Information and the Projections without independent verification thereof.

5.           Conditions Precedent.

Each Mandated Lead Arranger’s and Lender’s willingness to provide its Commitment hereunder is subject to the satisfaction or waiver of the following: (a) compliance by you with the terms of the Commitment Letter and the Fee Letters; (b) since December 31, 2015, there not occurring or becoming known to the Mandated Lead Arrangers any condition or circumstance, which the Mandated Lead Arrangers or the Required Lenders (as defined in the Term Sheet) shall determine has had, or could reasonably be expected to have, a material adverse effect on the Transactions or on the business, property, assets, condition (financial or otherwise) or prospects of (x) the Collateral Vessels (as defined in the Term Sheet), (y) the Borrowers and the Guarantors (as defined in the Term Sheet) taken as a whole or (z) the Group taken as a whole (each, a “Material Adverse Effect”); (c) the Mandated Lead Arrangers not becoming aware (whether as a result of their due diligence analyses and review or otherwise) after the date hereof of any information not previously known to the Mandated Lead Arrangers which is materially negative information with respect to the Transactions or the business, property, assets, condition (financial or otherwise) or prospects of the Collateral Vessels, the Borrowers and the Guarantors taken as a whole, or the Group taken as a whole, or which is inconsistent in a material adverse manner with any such information or other matter disclosed to the Mandated Lead Arrangers prior to the date hereof, whether prior to or after the date of the making of any initial loans under the Credit Facility; (d) the negotiation, execution and delivery of a definitive credit agreement evidencing the Credit Facility (together with related financing and security documentation, the “Credit Documentation”) by the Borrower and each Guarantor reflecting and consistent with the terms and conditions set forth in the Term Sheet and otherwise reasonably satisfactory to the Borrower and the Lenders and the satisfaction or waiver of the other conditions precedent

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contained therein; (e) the completion of the “onboarding” process described in the last paragraph of the Term Sheet under the heading “IMPORTANT NOTICE” to the satisfaction of each lender; and (f) the other conditions set forth or referred to in the Conditions Precedent section of the Term Sheet.  Failure to satisfy the conditions set forth in this paragraph on or prior to 11:59 p.m., New York City time, on September 30, 2016 shall result in an automatic termination of this Commitment Letter and the Commitments of each Lender set forth herein.

6.           Expenses; Indemnification.

To induce the Commitment Parties to issue this Commitment Letter and, if relevant, to commence their coordination of the syndication efforts with you, you hereby agree that all fees and expenses (including the reasonable fees, value-added tax and expenses of counsels to the Mandated Lead Arrangers (including counsels to the Mandated Lead Arrangers identified in the Term Sheet and any local counsel in any relevant jurisdiction, it being acknowledged that the Mandated Lead Arrangers and Lenders shall, in the aggregate, use the same counsel) and consultants and travel expenses) of the Commitment Parties and their respective affiliates arising in connection with this Commitment Letter and in connection with the Credit Facility and other transactions described herein (including in connection with our due diligence) shall be for your account (and that you shall from time to time upon request from the Commitment Parties reimburse them and their affiliates for all such fees and expenses paid by them), whether or not all or any portion of the Credit Facility is made available or definitive Credit Documentation is executed.  You further agree to indemnify and hold harmless the Commitment Parties and each other agent or co-agent (if any) designated by Co-ordinator with respect to the Credit Facility (each, an “Agent”), each Lender and their respective affiliates and each director, officer, employee, representative and agent thereof (each, an “Indemnified Person”) from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims, losses, damages, liabilities or expenses of any kind or nature whatsoever which may be incurred by or asserted against or involve any Agent, any Lender or any other such Indemnified Person as a result of or arising out of or in any way related to or resulting from the Credit Facility or this Commitment Letter and, upon demand, to pay and reimburse each Agent, each Lender and each other Indemnified Person for any reasonable legal or other out-of-pocket expenses incurred in connection with investigating, defending or preparing to defend any such action, suit, proceeding (including any inquiry or investigation) or claim (whether or not any Agent, any Lender or any other such Indemnified Person is a party to any action or proceeding out of which any such expenses arise); provided,  however, that you shall not have to indemnify any Indemnified Person against any loss, claim, damage, expense or liability (i) to the extent same resulted from the gross negligence or willful misconduct of the respective Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (ii) to the extent resulting from any dispute not involving an act or omission by you or any of your affiliates and solely among Indemnified Persons (other than any claims against any Agent solely in its capacity as Mandated Lead Arranger, Administrative Agent, Co-ordinator, arranger or other similar role under the Credit Facility).  This Commitment Letter is issued for your benefit only and no other person or entity may rely thereon.  Neither the Agents nor any other Indemnified Person shall be responsible or liable to you or any other person for (x) any determination made by it pursuant to this Commitment Letter in the absence of gross negligence or willful misconduct on the part of such person (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (y) any consequential, indirect or punitive damages which may be alleged as a result of this Commitment Letter or the financing

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contemplated hereby. You also agree that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort, or otherwise) to you or your affiliates or to your or their respective equity holders or creditors arising out of, related to or in connection with any aspect of the Credit Facility, except to the extent such liability is determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Person’s gross negligence or willful misconduct.  No Indemnified Person shall be liable to you, your affiliates or any other person for any damages arising from the use by others of materials obtained by electronic means, except to the extent resulting from the gross negligence or willful misconduct of such Indemnified Person (or any of its related parties) in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction. 

You shall not, without the prior written consent of each Indemnified Person affected thereby (which consent will not be unreasonably withheld), settle any threatened or pending claim or action that would give rise to the right of any Indemnified Person to claim indemnification hereunder unless such settlement (x) includes a full and unconditional release of all liabilities arising out of such claim or action against such Indemnified Person and (y) does not include any statement as to or an admission of fault, culpability or failure to act by or on behalf of any Indemnified Person.

7.           Confidentiality.

You agree that this Commitment Letter is for your confidential use only and that, unless each of us has otherwise consented, neither its existence nor the terms hereof will be disclosed by you to any person or entity other than your officers, directors (including observers at your board of director meetings), employees, accountants, attorneys and other advisors, and then only on a “need to know” basis in connection with the transactions contemplated hereby and on a confidential basis. Notwithstanding the foregoing, following your acceptance of the provisions hereof and your return of an executed counterpart of this Commitment Letter and the related Fee Letters to us as provided below (i) you may make public disclosure of the existence and amount of the commitments hereunder and of the identity of any Agent and Mandated Lead Arranger and of the terms of the Term Sheet and (ii) you may make such other public disclosure of the terms and conditions hereof as, and to the extent, you are required by law, regulation, compulsory legal process or as requested by a governmental authority or pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, in the opinion of your counsel, to make.  If this Commitment Letter is not accepted by you as provided below, please immediately return this Commitment Letter and any Fee Letter (and any copies hereof) to the undersigned.

8.           Waivers.

Subject to the terms and conditions set forth herein (a) from and after the Commitment Letter Effective Date (as defined below), until the occurrence of a Waiver Termination Event (as defined below), except in respect of a Change of Control Trigger Event as defined in Schedule II (which waivers of such Change of Control Trigger Event shall continue indefinitely), each Lender, in its capacity as a lender and/or agent under the applicable Existing Credit Facilities hereby agrees to waive compliance with those covenants and other provisions under the Existing Credit Facilities and related security documents and guarantees (collectively, the “Existing Credit Documentation”) expressly identified in Schedule II to this Commitment

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Letter (the “Specified Covenants”) and (b) from and after August 31, 2016 until the occurrence of a Waiver Termination Event (such period, the “Liquidity Waiver Period”), each Lender, in its capacity as a lender and/or agent under the Existing Credit Facilities to which it is a party hereby agrees, notwithstanding anything to the contrary set forth in the Existing Credit Facilities, that the amount of cash and cash equivalents required to comply with the Specified Liquidity Covenants (as defined in Schedule II) shall be the remainder of (x) the amount per vessel (howsoever defined) set forth in the applicable Existing Credit Facilities minus (y) the amount up to $250,000 per vessel (howsoever defined in the applicable Existing Credit Facilities) which amount in this clause (y) shall only be permitted to be withdrawn by the Group during the Liquidity Waiver Period to pay expenses then due and payable to the extent that the making of such payment would result in the Group having less than the sum of (A) $41,250,000 of cash and cash equivalents (being the sum of the required amounts under all Specified Liquidity Covenants in the aggregate under the Existing Credit Facilities and similar covenants under the Other Credit Agreements) and (B) the amount of the Debt Service Reserve (as defined in Existing Facility VI); provided that (i) an officer of the Company sends an email to the deposit account banks certifying the aggregate amount of expenses to be paid and the pro rata per account amount to be withdrawn, (ii) the Group shall be required to continue to comply with all cash management and other requirements under the Existing Credit Facilities with respect to prepayments and deposit of earnings and (iii) in no event shall the Group be entitled to withdraw more than $10,000,000 in the aggregate during the Liquidity Waiver Period pursuant to clause (y) above.

For purposes hereof, “Waiver Termination Event” shall mean the earliest to occur of the following:

(i)          11:59 p.m., New York City time, on September 30, 2016;

(ii)         the date on which any member of the Group shall make a payment, repayment or prepayment (other than (i) any scheduled interest and amortization payments to be made on or prior to 11:59 p.m., New York City time, on September 30, 2016, (ii) any mandatory prepayment pursuant to a sale, disposition or a total loss of a vessel, (iii) any payment under the Hayfin Credit Agreement up to the Maximum Hayfin Prepayment Amount  and (iv) any other payment, repayment or prepayment otherwise approved or consented to by the Co-ordinator) of any principal of a loan or advance under any of the Existing Credit Facilities or Other Credit Agreements or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its affiliates to do so) in favor of any lender or creditor of any member of the Group;

(iii)        the occurrence of any event of default under any Existing Credit Facility or Other Credit Agreement that is not otherwise waived or subject to a forbearance;

(iv)        any enforcement action in respect of collateral or acceleration of obligations is taken under any Existing Credit Facility or Other Credit Agreement;

(v)         11:59 p.m., New York City time, on August 15, 2016, unless on or prior to such date, (a) a purchase agreement satisfactory in form and substance to the Mandated Lead Arrangers shall have been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Borrower, providing for the issuance of equity interests in the Borrower in exchange for aggregate gross cash proceeds of not less than $125,000,000, (b) the Borrower has filed a

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registration statement relating to sale of equity securities of the Borrower for an amount not less than $125,000,000, or (c) the Closing Date shall have occurred;

(vi)         the cash and cash equivalents of the Borrower and its subsidiaries shall be less than $25,000,000;

(vii)        any of the Equity Commitment Letters shall cease to be in full force and effect or any party thereto shall deny or disaffirm such party’s obligations thereunder, unless (a) a purchase agreement satisfactory in form and substance to the Mandated Lead Arrangers shall have been executed and delivered by affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC and other equity investors in the Borrower, providing for the issuance of equity interests in the Borrower in exchange for aggregate gross cash proceeds of not less than $125,000,000 or (b) in the event the Borrower determines it is necessary in connection with the termination of its efforts to complete a private placement to terminate the Equity Commitment Letters, it may do so, so long as in each case within five business days after such termination (x) it files a registration statement for a public offering for gross cash proceeds to the Borrower of at least $125,000,000, (y) it certifies to the Mandated Lead Arrangers that it has obtained oral indications of interest from affiliates of Apollo Global Management LLC, Centerbridge Partners L.P. and Strategic Value Partners, LLC to purchase an aggregate of at least $62,500,000 in such offering and (z) such affiliates shall have confirmed in writing their respective indications of interest to the Mandated Lead Arrangers; and

(viii)      any indication of interest described in the preceding clause (vii)(b) shall be denied, disaffirmed or decreased, the consequence of which shall be that the indications of interest shall be for an aggregate amount of less than $62,500,000.

Upon the occurrence of the Waiver Termination Event the waiver of the Specified Covenants shall automatically terminate without the requirement of any demand, presentment, protest or motion of any kind, all of which are hereby waived by the Borrower.

The Borrower hereby agrees that, upon the occurrence of the Waiver Termination Event, the Lenders may at any time, or from time to time, in their sole and absolute discretion, exercise against any obligor under any Existing Credit Document (and its properties) any or all of their rights, remedies, powers and privileges under any and all, as the case may be, the Existing Credit Documents or any other instrument or agreement referred therein, under applicable law or otherwise, with respect to any Specified Covenant, any Waiver Termination Event or any other event of default or event that could reasonably be expected to lead to an event of default that the Lenders may become aware of hereafter or that may occur from time to time hereafter, all of which rights, remedies, powers and privileges are fully reserved by each Lender.

The waiver of the Specified Covenants on the terms set forth in this Section 8 (the “Waiver”) shall be effective only to the extent specifically set forth herein and the Debtors acknowledge and agree that nothing in this Commitment Letter, including the Waiver, and no actions undertaken by any Lender in connection herewith or in connection with the Credit Facility shall in any way (a) be construed as a waiver of any payments required to be made under any Existing Credit Document (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of any Lender under any Existing Credit Document to demand compliance by any obligor thereunder with all terms and conditions of such Existing Credit

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Document, except as specifically modified or waived by the Waiver, (c) be deemed a waiver of any transaction or future action on the part of any obligor under any Existing Credit Document requiring any Lenders’ or the required Lenders’ consent or approval under such Existing Credit Document (except as contemplated by the Waiver), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, any Lender’s (under its capacity as administrative agent, the security agent or the lenders under any Existing Credit Document) exercise of any rights or remedies under such Existing Credit Document, including without limitation rights to take enforcement actions, whether arising as a consequence of any event of default or event which could reasonably be excepted to lead to an event of default, which may now exist or otherwise, under any Existing Credit Document, all such rights and remedies hereby being expressly reserved.

The Borrower further agrees that except to the extent subject to the Waiver set forth herein (y) it will not use the existence of this Commitment Letter or any Fee Letter or any actions taken by any Lender in connection with the Credit Facility as a basis to assert any claims or defenses of any kind or nature against any Lender in connection with its respective rights and remedies under any Existing Credit Document, including without limitation any Lender’s rights to take enforcement actions, and (z) they hereby waive any and all such claims or defenses.

The Borrower further agrees to provide weekly updates of its progress with respect to the transactions related to the Equity Contribution, and the Borrower and its Subsidiaries’ financial performance, including without limitation, their consolidated cash balances and projected cash position on a monthly basis until September 30, 2016.

The Borrower further acknowledges that the Lenders are entitled to receive, have received and may continue to receive information regarding the Group under or in connection with the Existing Credit Documents.  The Debtors agree that nothing in this Commitment Letter shall in any way impede, impair, limit or restrict any Lender’s rights to obtain and use such information in any manner and for any purpose permitted under the Existing Credit Documents.

The Borrower hereby represents and warrants that after giving effect to this Commitment Letter (i) the representations and warranties of the obligors set forth in the each of the Existing Credit Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) after giving effect to the Waiver, no event has occurred and is continuing which constitutes a default or event of default under any Existing Credit Document or which could reasonably be expected to lead to an event of default.

The Borrower (a) affirms all of its obligations under each Existing Credit Document as modified hereby and (b) agrees that this Commitment Letter and all documents executed in connection herewith do not operate to reduce or discharge its obligations any Existing Credit Document.

9.           Effectiveness.

Each Mandated Lead Arranger’s and Lender’s willingness to provide its Commitment and each of the Waivers hereunder shall not be effective until the date (the “Commitment Letter Effective Date”) on which each of the following conditions is satisfied:

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(a)          This Commitment Letter and the related Fee Letters are executed and delivered by each party thereto (including the Borrower); and

(b)          The Administrative Agent shall have received true and correct copies of an amendment to or an amendment and restatement of each of (i) the letter agreement, dated as of June 8, 2016, between Apollo Capital Management, L.P. and the Borrower (the “Apollo Equity Commitment Letter”), (ii) the letter agreement, dated as of June 7, 2016, among the affiliates of Centerbridge Partners L.P. listed on Exhibit A therein and the Borrower (the “Centerbridge Equity Commitment Letter”) and (iii) the letter agreement, dated as of June 8, 2016, among the affiliates of Strategic Value Partners, LLC party thereto and the Borrower (together with the Apollo Equity Commitment Letter and the Centerbridge Equity Commitment Letter, the “Equity Commitment Letters”), each of which shall (x) extend the termination date of the Commitment (as defined in the applicable Equity Commitment Letter) to not earlier than September 30, 2016 and (y) be otherwise on terms and conditions satisfactory to the Lenders.

If the Commitment Effective Date does not occur on or before June 30, 2016, this Commitment Letter (including, without limitation, the Waiver) shall terminate.

Upon the occurrence of the Commitment Letter Effective Date, this Commitment Letter shall amend, restate and supersede and replace in its entirety the Commitment Letter dated June 8, 2016 among the Mandated Lead Arrangers and you, and such prior Commitment Letter shall be of no further force or effect.

10.           Survival, etc.

The terms set forth in this Commitment Letter with respect to expense reimbursement, indemnification, confidentiality, waiver of jury trial, waiver of punitive damages and governing law shall survive any termination of this Commitment Letter regardless of whether any definitive form of documentation shall be executed and delivered.

The Commitment Documents (and your rights and obligations hereunder and thereunder) shall not be assignable by you to any person or entity without the prior written consent of each party hereto (and any purported assignment without such consent shall be null and void).  The Commitment Documents may not be amended or waived except by an instrument in writing signed by you and us.  Each of the Commitment Documents may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed signature page of any Commitment Document by facsimile or electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart hereof or thereof, as the case may be.  The Commitment Documents shall be governed by, and construed in accordance with, the laws of the State of New York.  The Commitment Documents set forth the entire agreement between the parties as to the matters set forth herein and supersedes all prior communications, written or oral, with respect to the matters herein.

EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED BY THIS COMMITMENT LETTER OR THE FEE LETTERS.  YOU HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW

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YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS COMMITMENT LETTER, THE FEE LETTERS OR ANY MATTERS CONTEMPLATED HEREBY OR THEREBY.

***

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Very truly yours,
NORDEA BANK FINLAND PLC, NEW YORK BRANCH
By	/s/ Erik Havnvik
	Name:	Erik Havnvik
	Title:	Vice President
By	/s/ Martin Lunder
	Name:	Martin Lunder
	Title:	Senior Vice President

Signature page to Genco Amended and Restated Commitment Letter

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
By:	/s/Arne Juell-Skielse
	Name:	Arne Juell-Skielse
	Title:
By:	/s/ Olof Kajerdt
	Name:	Olof Kajerdt
	Title:

Signature page to Genco Amended and Restated Commitment Letter

DVB BANK SE
By:	/s/ Wijnand Botman
	Name:	Wijnand Botman
	Title:	Vice President
By:	Natacha Bloom
	Name:	Natacha Bloom
	Title:	Vice President

Signature page to Genco Amended and Restated Commitment Letter

ABN AMRO CAPITAL USA LLC
By:	/s/ Rajbir Talwar
	Name:	Rajbir Talwar
	Title:	Director
By:	/s/ R. Bisscheroux
	Name:	R. Bisscheroux
	Title:	Exec. Director

Signature page to Genco Amended and Restated Commitment Letter

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
By:	/s/ Y. Le Gourieres
	Name:	Y. Le Gourieres
	Title:	Director
By:	/s/ Irina Benimovich
	Name:	Irina Benimovich
	Title:	Senior Associate

Signature page to Genco Amended and Restated Commitment Letter

DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT
By:	/s/ Bastian Duhmert
	Name:	Bastian Duhmert
	Title:
By:	/s/ Kerstin Seefeld
	Name:	Kerstin Seefeld
	Title:

Signature page to Genco Amended and Restated Commitment Letter

CRÉDIT INDUSTRIEL ET COMMERCIAL
By:	/s/ Andrew McKuin
	Name:	Andrew McKuin
	Title:	Managing Director
By:	/s/ Adrienne Molloy
	Name:	Adrienne Molloy
	Title:	Managing Director

Signature page to Genco Amended and Restated Commitment Letter

BNP PARIBAS
By:	/s/ E. Dulcire
	Name:	E. Dulcire
	Title:	Director
By:	/s/ Jean Philippe Poirier
	Name:	Jean Philippe Poirier
	Title:

Signature page to Genco Amended and Restated Commitment Letter

Agreed to and Accepted this

30 day of June, 2016:

GENCO SHIPPING & TRADING LIMITED

By :	/s/ Apostolos Zafolias
	Name:	Apostolos Zafolias
	Title:	CFO

Signature page to Genco Amended and Restated Commitment Letter

SCHEDULE II

Specified Covenants/Provisions

Facility	Specified Covenant/Provision (Section or Clause reference refer to Sections or Clauses in the applicable Facility or, where indicated, the applicable guaranty related to such Facility )
Existing Facility I	Clauses 10.13, 12.2.2(a), 12.2.2(b); Change of Control Trigger Event; Clauses 6.8(a) and 6.8(b) of the related Guarantee and Indemnity by Borrower to DVB Bank SE
Existing Facility II	Clauses 10.13, 12.2.2(a), 12.2.2(b); Change of Control Trigger Event; Clauses 6.8(a) and 6.8(b) of the related Guarantee and Indemnity by Borrower to DVB Bank SE
Existing Facility III	Clauses 12.2(d), 12.2(m), 16.1; Change of Control Trigger Event
Existing Facility IV	Sections 8.07(a) (except with respect to the requirement set forth in the second proviso thereto), 8.07(c), 8.07(d); Change of Control Trigger Event
Existing Facility V	Clauses 10.10, 12.2.1(b), clause (f) of the conditions set forth in that certain letter agreement dates 30 April 2015 from Deutsche Bank Luxembourg S.A. as agent to the Borrower (setting forth the Leverage Ratio referred to therein); Change of Control Trigger Event
Existing Facility VI	Clauses 17.14, 20.2(a), 20.2(b), Change of Control Trigger Event; Clauses 8.1, 8.2.1 and 8.2.2 of the related Guarantee by Borrower in favor of ABN Amro Capital USA LLC

As used herein:

“Change of Control Trigger Event” means the occurrence of a Change of Control (as defined in each Facility) that may be deemed to occur as a result of Apollo Global Management LLC, Centerbridge Partners L.P. and/or Strategic Value Partners, LLC and/or entities affiliated with any of them, communicating with Borrower or among themselves or entering into agreements with Borrower or among themselves with respect to the acquiring, holding, voting or disposing of shares of the capital stock of Borrower, in each case in connection with the Equity Contribution, which in turn may cause them to be considered a “group” as such term is used in Section 13(d)(3) of the U.S. Securities Exchange Act of 1934 that would beneficially own shares representing more than 30% of the outstanding voting or economic equity interests in Borrower.

“Specified Liquidity Covenant” means, (i) with respect to Existing Facility I, Clause 12.2.1, (ii) with respect to Existing Facility II, Clause 12.2.1, (iii) with respect to Existing Facility III, Clause 10.2(c), (iv) with respect to Existing Facility IV, the requirement set forth in the second proviso to Clause 8.07(a), (v) with respect to Existing Facility V, Clause 12.2.1(a), and (vi) with respect to Existing Facility VI, Clause 20.1.

EX-10.19

Exhibit 10.19

29 June 2016

Genco Shipping & Trading Limited. (“Genco”)

Attn:  John Wobensmith, New York, NY, 10022

Re:        Term sheet in respect of a supplemental agreement (the "Supplemental Agreement") to the Facility Agreement dated 4 November 2015 (as amended, supplemented or modified, the "Facility Agreement") to be made between each of the entities party thereto as Borrowers (each, a “Borrower” and collectively, the “Borrowers”), Genco Holding Limited, as Guarantor, the financial institutions party thereto as lenders (together, the "Lenders"), Hayfin Services LLP as agent of the Finance Parties (the “Agent”) and Hayfin Services LLP as security agent.

Dear Mr Wobensmith,

We are pleased to submit herewith a committed term sheet (the "Term Sheet") in respect of the Supplemental Agreement which will be arranged by the Agent, subject to documentation acceptable to the Lenders, a closing on or before September 30, 2016 and each of the other conditions set out herein.

All words and expressions defined in the Facility Agreement and the Term Sheet shall have the same meaning when used in this Commitment Letter (as defined below) unless otherwise defined herein or the context otherwise requires.

Please note that those matters which are not covered herein (this commitment letter, together with the Term Sheet, the “Commitment Letter”) are subject to mutual agreement of the parties hereto or thereto, as applicable.  The terms and conditions of the Commitment Letter may be modified only in writing signed by each of the parties hereto or thereto, as applicable.

In countersigning this letter where indicated below, you hereby make the representations and warranties set out in paragraphs (a) to (c) of Clause 19.11 (No misleading information) of the Facility Agreement as if reference to “Relevant Documents” therein includes this letter.

The Finance Parties' willingness to enter into the Supplemental Agreement is subject to the satisfaction or waiver of the following:

(a)          compliance by you with the terms of the Commitment Letter;

(b)          since 31 December 2015, there not occurring or becoming known to the Finance Parties any condition or circumstance which the Finance Parties shall determine has had, or could reasonably be expected to have, a material adverse effect on the Equity Raise, and the amendment and/or refinancing of the Group’s loan facilities or on the business, property,

1

assets, condition (financial or otherwise) or prospects of (x) the Vessels, (y) the Borrowers and Holdco taken as a whole or (z) the Group taken as a whole;

(c)          the negotiation, execution and delivery of the Supplemental Agreement by the Borrower and Holdco reflecting and consistent with the terms and conditions set forth in the Term Sheet and otherwise reasonably satisfactory to the Borrower and the Finance Parties and the satisfaction or waiver of the other conditions precedent contained therein;

(d)          the execution and delivery of the definitive documentation by all parties thereto applicable to the Group’s other financings reflecting and consistent with the terms and conditions set forth in the term sheets relating thereto;

(e)          the representation made by you above relating to paragraphs (a) to (c) of Clause 19.11 of the Facility Agreement being correct and not misleading in any material respect at all times after the date hereof and until the entry into the Supplemental Agreement;

(f)          no Event of Default or Amendment Termination Event (as defined below) continuing at any time from the date hereof to the date upon which the Supplemental Agreement is entered into; and

(g)         our satisfaction with the matters described in paragraphs (ii)-(v) (inclusive) of “Conditions Precedent” of the term sheet for your proposed new $400 million senior secured credit facility (in addition to the required satisfaction of the Administrative Agent and Lenders described therein)

Failure to satisfy the conditions set forth in the above paragraphs (a) to (g) on or prior to 11:59 p.m., New York City time, on September 30, 2016 shall enable the Agent (acting on the instructions of the Majority Lenders) to immediately terminate the commitment provided herein in respect of the Term Sheet and the Supplemental Agreement by notifying Genco in writing.  Termination of the commitment letters in respect of any of the Group’s other financings shall result in automatic termination of the commitment provided herein in respect of the Term Sheet and the Supplemental Agreement..

Please note that, for the avoidance of doubt, the entering by the Finance Parties into the Supplemental Agreement requires prior receipt of satisfactory legal opinions and legal documentation.

The Finance Parties' willingness to enter into the Supplemental Agreement shall not be effective until the date on which the Commitment Letter has been executed and delivered by each party thereto (the “Commitment Letter Effective Date”):

Subject to  the terms and conditions set forth herein from and after the Commitment Letter Effective Date, until the occurrence of the Amendment Termination Event (as defined below) except in  respect of a Change of Control Trigger Event (as defined below) (which waiver of such Change of Control Trigger Event shall continue indefinitely), the Lenders hereby agree as follows:

(a)          to waive Clause 21.1(b)(i) of the Facility Agreement and Clause 8.1(b)(i) of the Parent Guarantee; so long as the Cash and Cash Equivalents of Genco and its subsidiaries shall be at least $25,000,000;

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(b)          to waive Clause 21.1(b)(ii) of the Facility Agreement and Clause 8.1(b)(ii) of the Parent Guarantee;

(c)          to amend  Clause 26.1 of the Facility Agreement to change all references to “140%” therein  to “120%”; and

(d)          waive a Change of Control Trigger Event constituting a Change of Control.

For purposes hereof, “Amendment Termination Event” shall mean the earliest to occur of the following:

(i)     11:59 p.m., New York City time, on September 30, 2016;

(ii)    the occurrence of any Event of Default under the Facility Agreement that is not otherwise waived or subject to a forbearance;

(iii)   any event of default (howsoever defined) occurs under any documentation evidencing the Group’s other financings (which has not otherwise been waived or which is not the subject of a forbearance preventing any creditor from taking any enforcement or acceleration action in relation to that event of default) or the termination of any waiver or forbearance with respect to any event of default (howsoever defined) granted thereunder;

(iv)   failure by you to comply with any provision of the Commitment Letter; or

(v)    any enforcement action in respect of collateral or acceleration of obligations is taken under any of the other credit facilities  evidencing the Group’s other financings.

Upon the occurrence of the Amendment Termination Event the amendment or waivers as applicable, provided herein shall automatically terminate (other than with respect to the waiver of the Change of Control Trigger Event) without the requirement of any demand, presentment, protest or motion of any kind, all of which are hereby waived  by Genco (on behalf of itself, Holdco and the Borrowers).

As used herein, “Change of Control Trigger Event” means the occurrence of a Change of Control that may be deemed to occur as a result of Apollo Global Management LLC, Centerbridge Partners L.P. and/or Strategic Value Partners, LLC and/or entities affiliated with any of them, communicating with Genco or among themselves or entering into agreements with Genco or among themselves with respect to the acquiring, holding, voting or disposing of shares of capital stock of Genco, in each case for the purposes of the Equity Raise (as defined in the Term Sheet), which in turn may cause them to be considered a “group” as such term is used in Section 12(d)(3) of the U.S. Securities Exchange Act of 1934 that would beneficially own shares  representing more than 30% of the outstanding voting or economic equity interests in Genco.

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By countersigning this letter where indicated below, you agree that (i) any vessels which are not encumbered in favour of any of the Group’s finance providers as at the date of this letter (“Unencumbered Vessels”) shall not be provided as security in favour of any such finance providers (whether directly or indirectly) or any other person, (ii) all proceeds from the sale of any Unencumbered Vessel (“Sales Proceeds”) shall be deposited into an account of Genco with a bank which is not also a provider of finance to any member of the Group and which shall not be subject to any Security in favour of any person (including any finance provider) nor subject to any rights of set off (other than rights of set-off arising by operation of law) in favour of any finance provider or other creditor and from which no withdrawals shall be permitted without the consent of the Agent, other than to finance the Group’s working capital requirements and (iii) you shall not (and shall procure that each member of the Group shall not) directly or indirectly make any payment under or in connection with any of the Group’s existing credit facilities nor cure any collateral maintenance shortfalls or equivalent with respect to any such credit facilities with Sales Proceeds .

If the Commitment Letter Effective Date does not occur on or before 29 June 2016, this Commitment Letter shall terminate.

This Commitment Letter and any non-contractual obligations arising from or in connection with it shall in all respects be governed by and interpreted in accordance with English law.

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We look forward to working with you on this transaction. Should you have any queries on our proposal, please feel free to contact us.

Yours sincerely,

For and on behalf of HayFin Services LLP	For and on behalf of HayFin Services LLP
in its capacity as Agent	in its capacity as Security Agent
/s/ Stephen Bourne	/s/ Stephen Bourne

Accepted and agreed to as of the date first above written:

For and on behalf of Genco Shipping & Trading Limited.

/s/ Apostolos Zafolias

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EX-10.2

Exhibit 10.2

[On the letterhead of Deutsche Bank Luxembourg S.A.]

To:        Genco Shipping & Trading Limited

Copy:   Genco Lorraine Limited

Genco Pyrenees Limited

Genco Loire Limited

Genco Bourgogne Limited

Genco Picardy Limited

Genco Aquitaine Limited

Genco Normandy Limited

Genco Auvergne Limited

Genco Provence Limited

Genco Ardennes Limited

Genco Brittany Limited

Genco Languedoc Limited

Genco Rhone Limited

11 April 2016

Dear Sirs

US$253,000,000 secured loan agreement dated 20 August 2010 (as amended by a side letter dated 24 August 2010, as further amended by a waiver letter dated 21 December 2011, as further amended and restated on 1 August 2012, as further amended and restated on 9 July 2014 and as further amended, supplemented or restated from time to time, the "Loan Agreement") made between (1) Genco Shipping & Trading Limited as borrower, (2) the Lenders (as defined therein), (3) Deutsche Bank AG Filiale Deutschlandgeschäft, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, (4) ourselves as agent for the Lenders, (5) BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as swap providers (the "Swap Providers") and (vi) Deutsche Bank AG Filiale Deutschlandgeschäft as security agent for the Lenders and the Swap Providers and as bookrunner.

1            Definitions

1.1         All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Collateral Maintenance Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.

1.2         This Letter is designated as a Finance Document.

2            Extension of Collateral Maintenance Waiver Period

We refer to:

2.1         the Loan Agreement and to our letter to you dated 10 March 2016 (the "Collateral Maintenance Waiver Letter") consenting to a temporary waiver of compliance with clause 10.10 (Additional Security) of the Loan Agreement (the "Collateral Maintenance Covenant") and, as a consequence, the right of the Agent to request

that the Borrower comply with clause 10.10.1, 10.10.2 or 10.10.3 of the Loan Agreement in accordance with the Collateral Maintenance Covenant for the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 11 April 2016 (the "Original Collateral Maintenance Waiver Period"); and

2.2         your request for an extension of the Original Collateral Maintenance Waiver Period through and including 11:59pm (New York time) on 31 May 2016 (the "Request").

This Letter is supplemental to the terms of the Collateral Maintenance Waiver Letter.

3            Conditions and Amendment

3.1         We hereby agree to the Request, subject to the condition that you provide us with the Borrower's and each Collateral Owner's monthly cash position reports on 11 May 2016, as of the end of the prior month.

3.2         With effect from the date hereof the Collateral Maintenance Waiver Letter shall be amended as follows:

(i)the term "Collateral Maintenance Waiver Period" shall mean "the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 31 May 2016"; and

(ii)the following sub-paragraph shall be inserted at paragraph 5.1 as follows:

"(f) during the Collateral Maintenance Waiver Period any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility and other than any inter-company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).

Where:

"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;

"Holding Company" means means, in relation to a person, any other person in respect of which it is a Subsidiary;

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

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"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider."

3.3         Save as expressly amended by this Letter, all other terms and conditions of the Collateral Maintenance Waiver Letter shall remain unaltered and in full force and effect.

4            Counterparts and Applicable Law

4.1         This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

4.2         This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this Letter by signing and returning a duplicate of this Letter to us.

Yours faithfully

/s/ M. Kaster                /s/ T. Schroeter

For and on behalf of

Deutsche Bank Luxembourg S.A.

(as Agent acting on the instructions of the Majority Lenders)

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Confirmed and agreed on	11 April 2016
for and on behalf of
/s/ Apostolos Zafolias
Genco Shipping & Trading Limited
(as Borrower)
/s/ Apostolos Zafolias
Genco Lorraine Limited
Genco Pyrenees Limited
Genco Loire Limited
Genco Bourgogne Limited
Genco Picardy Limited
Genco Aquitaine Limited
Genco Normandy Limited
Genco Auvergne Limited
Genco Provence Limited
Genco Ardennes Limited
Genco Brittany Limited
Genco Languedoc Limited
Genco Rhone Limited
(as Collateral Owners and Guarantors)

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EX-10.3

Exhibit 10.3

To:         GENCO SHIPPING & TRADING LIMITED, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the “Borrower”) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)

For the attention of:

11 April 2016

Dear Sirs

Facility agreement dated 12 August 2010 made between (i) the Borrower, (ii) the banks and financial institutions listed in Schedule I thereto as Lenders (iii) the Guarantors listed in Schedule 2 thereto and (iv) Crédit Agricole Corporate and Investment Bank in its capacity both as Agent and Security Trustee (as amended and restated on 9 July 2014 and amended and/or restated from time to time) (the "Facility Agreement").

1.           BACKGROUND

(a)         We refer to the letter dated 29 March 2016 from the Agent to the Borrower regarding a waiver of clause 16.1 of the Facility Agreement (the "Waiver Letter").

(b)         We refer to the email dated 5 April 2016 from the Borrower to the Agent requesting an extension to the waiver granted pursuant to the Waiver Letter.

(c)         In accordance with the instructions of the Majority Lenders, the purpose of this letter (the "letter") is to extend the waiver granted pursuant to the Waiver Letter.

2.           Interpretation

2.1         Capitalised terms defined in the Facility Agreement and the Waiver Letter have the same meaning when used in this letter unless expressly defined in this letter, and:

"Effective Date" means the date on which we confirm to the Borrower that we have received an acknowledgement and agreement to the terms of this letter signed by each Obligor.

2.2         The provisions of clause 1.2 (Construction of certain terms) of the Facility Agreement apply to this letter as though they were set out in full in this letter with all necessary consequential changes and with references in that clause to the Facility Agreement being construed as references to this letter.

3.           Capacity

This letter is provided by us in our capacity as Agent under the Facility Agreement, acting (where required) on the instructions of the Majority Lenders pursuant to clause 26 (Variations and Waivers) of the Facility Agreement.

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4.           EXTENSION

4.1         With effect from the Effective Date the Security Cover Waiver Period referred to in the Waiver Letter shall be extended until the earlier of:

(a)         31 May 2016 at 23:59 (New York time);

(b)         the Security Cover Waiver being automatically terminated in accordance with paragraph 7 (Termination of Security Cover Waiver) of the Waiver Letter; and   

(c)         during the Security Cover Waiver Period, the date on which, any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility and other than any inter-company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).

For the purposes of this letter:

"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;

"Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary;

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

4.2         All other terms of the Waiver Letter continue to apply and remain in full force and effect.

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5.           Reservation of Rights

Save as expressly set out in this letter, this letter does not (and shall not be deemed to) constitute a waiver in respect of the provisions of any Finance Document or any breach thereof. Each Creditor Party reserves any right or remedy it has now or in the future in respect of any Default which arises from any circumstances and which is continuing as at the expiry of the Security Cover Waiver Period.

6.           Confirmations

Without prejudice to the rights of any Creditor Party which have arisen on or before the Effective Date:

(a)          each Creditor Party and each Obligor confirms that the Facility Agreement and Waiver Letter, as amended by this letter, remains in full force and effect on and after the Effective Date; and

(b)          each Guarantor confirms that its guarantee and indemnity under clause 9 (Guarantee and Indemnity) of the Facility Agreement and its liabilities under the Security Documents to which it is a party shall have effect on and after the Effective Date in relation to the liabilities of each Obligor under the Facility Agreement as amended and restated under this letter.

7.Representations and Warranties

As at the Effective Date, each Obligor represents and warrants to each Creditor Party that the repeating representations contained in clause 11.1 and 11.2 (Representations) of the Facility Agreement are true and correct.

8.Designation and effect

This letter is a Finance Document and any breach of this letter shall constitute an Event of Default.

9.Third Party Rights

This letter does not confer any rights on any person or party (other than the signatories to this letter) under the Contracts (Rights of Third Parties) Act 1999.

10.Counterparts

This letter may be executed in counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this letter.

11.Governing Law and Jurisdiction

This letter and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or non-contractual nature, shall be governed by and

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construed in accordance with the law of England and Wales.  The courts of England and Wales shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter.

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SIGNATORIES

	)
SIGNED by	)
for and on behalf of CRÉDIT AGRICOLE	)	/s/ Jerome Duval
CORPORATE AND INVESTMENT BANK	)	Jerome Duval
as Agent and Security Agent and for and	)
on behalf of the Majority Lenders as	)	/s/ Eden Rahman
defined in the Facility Agreement	)	Eden Rahman

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[On counterpart]

11 April 2016

We agree with the terms of this letter.

BORROWER

SIGNED by	)
for and on behalf of GENCO SHIPPING &	)	/s/ Apostolos Zafolias
TRADING LIMITED	)
GUARANTORS
SIGNED by	)
for and on behalf of GENCO BAY	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO OCEAN	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO AVRA	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO MARE	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SPIRIT	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SUGAR	)	/s/ Apostolos Zafolias
LIMITED	)

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SIGNED by	)
for and on behalf of GENCO PROSPERITY	)	/s/ Apostolos Zafolias
LIMITED	)

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EX-10.4

Exhibit 10.4

EXECUTION COPY

NORDEA BANK FINLAND PLC	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
1211 Avenue of the Americas	Kungsträdgårdsgatan 8
New York, NY 10036	SE-106 40 Stockholm
USA	Sweden

April 12, 2016

Baltic Trading Limited

c/o Genco Shipping & Trading Limited

299 Park Avenue, 20th Floor

New York, NY 10171

Attention: John C. Wobensmith

Re:            Extension of Cure Period

To whom it may concern:

We refer to that certain Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”).  All terms not defined herein shall have the meaning given thereto in the Credit Agreement.

The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 14, 2016 pursuant to Section 9.03 of the Credit Agreement (the “December 2015 Collateral Maintenance Shortfall”).

Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to May 31, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp and other than any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.

This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

This letter agreement shall only be deemed effective when the Administrative Agent shall have received a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent.

Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default (other than the December 2015 Collateral Maintenance Shortfall) or Event of Default.

Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.

This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original.

This letter agreement is a Credit Document.

[Signature Pages Follow]

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Very truly yours,

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,
as Administrative Agent and Lender
By:	/s/ Erik Havnvik
Name:	Eric Havnvik
Title:	Vice President
By:	/s/ Martin Lunder
Name:	Martin Lunder
Title:	Senior Vice President
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Lender
By:	/s/Arne Juell-Skielse
Name:	Arne Juell-Skielse
Title:
By:	/s/Magnus Arve
Name:	Magnus Arve
Title:

[Signature Page to Letter Agreement regarding Extension of Cure Period]

Accepted and Agreed:

Genco Shipping & Trading Limited
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer
BALTIC TRADING LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer
BALTIC BEAR LIMITED
BALTIC COUGAR LIMITED
BALTIC JAGUAR LIMITED
BALTIC LEOPARD LIMITED
BALTIC PANTHER LIMITED
BALTIC WOLF LIMITED
BALTIC BREEZE LIMITED
BALTIC COVE LIMITED
BALTIC WIND LIMITED
BALTIC MANTIS LIMITED
BALTIC SCORPION LIMITED
GENCO PIONEER LIMITED
GENCO PROGRESS LIMITED
GENCO LEADER LIMITED
GENCO WISDOM LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer

[Signature Page to Letter Agreement regarding Extension of Cure Period]

EX-10.5

Exhibit 10.5

[On the letterhead of Deutsche Bank Luxembourg S.A.]

To:      Genco Shipping & Trading Limited

Copy:  Genco Lorraine Limited

Genco Pyrenees Limited

Genco Loire Limited

Genco Bourgogne Limited

Genco Picardy Limited

Genco Aquitaine Limited

Genco Normandy Limited

Genco Auvergne Limited

Genco Provence Limited

Genco Ardennes Limited

Genco Brittany Limited

Genco Languedoc Limited

Genco Rhone Limited

31 May 2016

Dear Sirs

US$253,000,000 secured loan agreement dated 20 August 2010 (as amended by a side letter dated 24 August 2010, as further amended by a waiver letter dated 21 December 2011, as further amended and restated on 1 August 2012, as further amended and restated on 9 July 2014 and as further amended, supplemented or restated from time to time, the "Loan Agreement") made between (1) Genco Shipping & Trading Limited as borrower, (2) the Lenders (as defined therein), (3) Deutsche Bank AG Filiale Deutschlandgeschäft, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, (4) ourselves as agent for the Lenders, (5) BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as swap providers (the "Swap Providers") and (vi) Deutsche Bank AG Filiale Deutschlandgeschäft as security agent for the Lenders and the Swap Providers and as bookrunner.

1            Definitions

1.1         All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Collateral Maintenance Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.

1.2         This Letter is designated as a Finance Document.

2           Further Extension of Collateral Maintenance Waiver Period

We refer to:

2.1         the Loan Agreement and to our letter to you dated 10 March 2016 (as amended, and/or supplemented from time to time, the "Collateral Maintenance Waiver Letter") consenting to a temporary waiver of compliance with clause 10.10 (Additional Security) of the Loan Agreement (the "Collateral Maintenance Covenant") and, as a consequence, the right of the Agent to request that the

Borrower comply with clause 10.10.1, 10.10.2 or 10.10.3 of the Loan Agreement in accordance with the Collateral Maintenance Covenant for the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 11 April 2016 (the "Original Collateral Maintenance Waiver Period") and your request for an extension of the Original Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 31 May 2016 (the "Amended Collateral Maintenance Waiver Period"); and

2.2         your further request for an extension of the Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 3 June 2016 (the "Request").

This Letter is supplemental to the terms of the Collateral Maintenance Waiver Letter.

3            Conditions and Amendment

3.1         We hereby agree to the Request, subject to the condition that prior to 10:00 hours (London time) on 1 June 2016, you provide us confirmation (which may be given by email) that the required lenders under the Metrostar Loan Agreement and the credit agreement dated as of December 31, 2014 among Baltic Trading Limited, the various lenders party thereto, Nordea Bank Finland PLC, New York Branch, and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, Nordea Bank Finland PLC, New York Branch, as administrative agent and security agent and Nordea Bank Finland PLC, New York Branch, as bookrunner (as amended to date, the "Nordea Loan Agreement") have consented to waivers under the Metrostar Loan Agreement and the Nordea Loan Agreement on substantially similar terms to this letter (the "Metrostar and Nordea Letters").

3.2         With effect from the date hereof the Collateral Maintenance Waiver Letter shall be further amended as follows:

(i)          the term "Collateral Maintenance Waiver Period" shall mean "the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 3 June 2016";

(ii)         the following sub-paragraph shall be inserted at paragraph 5.1 as follows:

"(g) during the Collateral Maintenance Waiver Period the waivers under the Metrostar and Nordea Letters are  terminated, revoked or otherwise ceases to be effective (unless otherwise extended).";

(iii)        sub-paragraph (f) of paragraph 5.1 is amended by replacing the first parenthetical therein with the following:

"(other than any Indebtedness owed to the lenders as and when they fall due under the ABN Revolving Credit Facility, the Hornet Credit Facility or the Wasp Credit Facility and other than any inter-company indebtedness by and among Group Members in the ordinary course of business)"; and

(iv)        sub-paragraph (f) of paragraph 5.1 is further amended by adding the following definition after the definition of Affiliate:

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“ABN Revolving Credit Facility” means the Loan Agreement, dated as of 7 April 2015, by and among Genco Commodus Limited, Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited, as borrowers, ABN AMRO Capital USA LLC, as arranger, facility agent and security agent and the banks and financial institutions party thereto, as lenders."

3.3         Save as expressly amended by this Letter, all other terms and conditions of the Collateral Maintenance Waiver Letter shall remain unaltered and in full force and effect.

4            Counterparts and Applicable Law

4.1         This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

4.2         This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this Letter by signing and returning a duplicate of this Letter to us.

Yours faithfully

/s/ M. Sinn-Conrad                   /s/ T. Schroeter

     M. Sinn-Conrad                        T. Schroeter

For and on behalf of

Deutsche Bank Luxembourg S.A.

(as Agent acting on the instructions of the Majority Lenders)

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Confirmed and agreed on	31 May 2016
for and on behalf of
/s/ Apostolos Zafolias
Genco Shipping & Trading Limited
(as Borrower)
/s/ Apostolos Zafolias
Genco Lorraine Limited
Genco Pyrenees Limited
Genco Loire Limited
Genco Bourgogne Limited
Genco Picardy Limited
Genco Aquitaine Limited
Genco Normandy Limited
Genco Auvergne Limited
Genco Provence Limited
Genco Ardennes Limited
Genco Brittany Limited
Genco Languedoc Limited
Genco Rhone Limited
(as Collateral Owners and Guarantors)

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EX-10.6

Exhibit 10.6

To:       GENCO SHIPPING & TRADING LIMITED, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the “Borrower”) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)

For the attention of:

31 May 2016

Dear Sirs

Facility agreement dated 12 August 2010 made between (i) the Borrower, (ii) the banks and financial institutions listed in Schedule I thereto as Lenders (iii) the Guarantors listed in Schedule 2 thereto and (iv) Crédit Agricole Corporate and Investment Bank in its capacity both as Agent and Security Trustee (as amended and restated on 9 July 2014 and amended and/or restated from time to time) (the "Facility Agreement").

1.BACKGROUND

(a)          We refer to the letter dated 29 March 2016 from the Agent to the Borrower regarding a waiver of clause 16.1 of the Facility Agreement which was amended and extended pursuant to a letter from the Agent to the Borrower dated 11 April 2016 (the "Waiver Letter").

(b)          In accordance with the instructions of the Majority Lenders, the purpose of this letter (the "letter") is to extend the waiver granted pursuant to the Waiver Letter.

2.Interpretation

2.1         Capitalised terms defined in the Facility Agreement and the Waiver Letter have the same meaning when used in this letter unless expressly defined in this letter, and:

"Effective Date" means the date on which we confirm to the Borrower that we have received an acknowledgement and agreement to the terms of this letter signed by each Obligor.

2.2         The provisions of clause 1.2 (Construction of certain terms) of the Facility Agreement apply to this letter as though they were set out in full in this letter with all necessary consequential changes and with references in that clause to the Facility Agreement being construed as references to this letter.

3.Capacity

This letter is provided by us in our capacity as Agent under the Facility Agreement, acting (where required) on the instructions of the Majority Lenders pursuant to clause 26 (Variations and Waivers) of the Facility Agreement.

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4.EXTENSION

4.1         With effect from the Effective Date the Security Cover Waiver Period referred to in the Waiver Letter shall be extended until the earlier of:

(a)          3 June 2016 at 23:59 (New York time);

(b)          the Security Cover Waiver being automatically terminated in accordance with paragraph 7 (Termination of Security Cover Waiver) of the Waiver Letter; and

(c)          during the Security Cover Waiver Period, the date on which, any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility, the approximately $1.65 million amortisation payment on 31 May 2016 under the $150 million Secured Loan Agreement dated as of April 7, 2015 between, amongst others, certain subsidiaries of the Borrower and ABN AMRO Capital USA LLC, and other than any inter-company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).

For the purposes of this letter:

"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;

"Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary;

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

4.2         All other terms of the Waiver Letter continue to apply and remain in full force and effect.

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5.Reservation of Rights

Save as expressly set out in this letter, this letter does not (and shall not be deemed to) constitute a waiver in respect of the provisions of any Finance Document or any breach thereof. Each Creditor Party reserves any right or remedy it has now or in the future in respect of any Default which arises from any circumstances and which is continuing as at the expiry of the Security Cover Waiver Period.

6.Confirmations

Without prejudice to the rights of any Creditor Party which have arisen on or before the Effective Date:

(a)          each Creditor Party and each Obligor confirms that the Facility Agreement and Waiver Letter, as amended by this letter, remains in full force and effect on and after the Effective Date; and

(b)          each Guarantor confirms that its guarantee and indemnity under clause 9 (Guarantee and Indemnity) of the Facility Agreement and its liabilities under the Security Documents to which it is a party shall have effect on and after the Effective Date in relation to the liabilities of each Obligor under the Facility Agreement as amended and restated under this letter.

7.Representations and Warranties

As at the Effective Date, each Obligor represents and warrants to each Creditor Party that the repeating representations contained in clause 11.1 and 11.2 (Representations) of the Facility Agreement are true and correct.

8.Designation and effect

This letter is a Finance Document and any breach of this letter shall constitute an Event of Default.

9.Third Party Rights

This letter does not confer any rights on any person or party (other than the signatories to this letter) under the Contracts (Rights of Third Parties) Act 1999.

10.Counterparts

This letter may be executed in counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this letter.

11.Governing Law and Jurisdiction

This letter and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or non-contractual nature, shall be governed by and construed in accordance with the law of England and Wales.  The courts of England and Wales shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter.

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SIGNATORIES

SIGNED by	)	/s/ Eden Rahman
for and on behalf of CRÉDIT AGRICOLE	)	Eden Rahman
CORPORATE AND INVESTMENT BANK	)	Vice President
as Agent and Security Agent and for and	)	/s/Irina Benimovich
on behalf of the Majority Lenders as	)	Irina Benimovich
defined in the Facility Agreement	)	Senior Associate

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[On counterpart]

May 31, 2016

We agree with the terms of this letter.

BORROWER
SIGNED by	)
for and on behalf of GENCO SHIPPING &	)	/s/ Apostolos Zafolias
TRADING LIMITED	)
GUARANTORS
SIGNED by	)
for and on behalf of GENCO BAY	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO OCEAN	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO AVRA	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO MARE	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SPIRIT	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SUGAR	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO PROSPERITY	)	/s/ Apostolos Zafolias
LIMITED	)

5

EX-10.7

Exhibit 10.7

EXECUTION COPY

NORDEA BANK FINLAND PLC	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
1211 Avenue of the Americas	Kungsträdgårdsgatan 8
New York, NY 10036	SE-106 40 Stockholm
USA	Sweden

May 31, 2016

Baltic Trading Limited

c/o Genco Shipping & Trading Limited

299 Park Avenue, 20th Floor

New York, NY 10171

Attention: John C. Wobensmith

Re:            Extension of Cure Period

To whom it may concern:

We refer to that certain (i) Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”) and (ii) letter agreement, dated April 12, 2016, executed by us and accepted and agreed to by the Borrower and the guarantors of the Borrower’s obligations under the Credit Agreement (the “Letter Agreement”). All terms not defined herein shall have the meaning given thereto in the Credit Agreement.

The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 31, 2016 pursuant to Section 9.03 of the Credit Agreement and the terms of the Letter Agreement (the “December 2015 Collateral Maintenance Shortfall”).

Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to June 1, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than (i) any indebtedness owed to the lenders as and when they fall due under the credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp, (ii) any indebtedness in connection with the waived scheduled payment originally  due in April under the Genco Existing ABN Amro Credit Agreement and (iii) any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security

maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.

This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

This letter agreement shall only be deemed effective when the Administrative Agent shall have received (i) a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent and (ii) confirmation from Genco (which may be given by email) that parallel waivers under the Genco Existing DB Credit Agreement and the Genco Existing Credit Agricole Credit Agreement (the “Parallel Waivers”) have been duly executed. Other than the Parallel Waivers, there are no defaults or events of default that are required to be waived under any credit facility to which Genco or any of its subsidiaries are party prior to June 4, 2016.

Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or Event of Default (other than the December 2015 Collateral Maintenance Shortfall and other than as waived by the Parallel Waivers) under any credit agreement to which such Obligor is party (as such capitalized terms are defined in each respective credit agreement).

Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.

This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original.

This letter agreement is a Credit Document.

[Signature Pages Follow]

2

Very truly yours,

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,
as Administrative Agent and Lender
By:	/s/ Martin Lunder
Name:	Martin Lunder
Title:	Senior Vice President
By:	/s/ Erik Havnvik
Name:	Erik Havnvik
Title:	Vice President
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Lender
By:	/s/ Arne Juell-Skielse
Name:	Arne Juell-Skielse
Title:
By:	/s/ Olof Kajerdt
Name:	Olof Kajerdt
Title:

[Signature Page to Second Letter Agreement regarding Extension of Cure Period]

Accepted and Agreed:

Genco Shipping & Trading Limited
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer
BALTIC TRADING LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer
BALTIC BEAR LIMITED
BALTIC COUGAR LIMITED
BALTIC JAGUAR LIMITED
BALTIC LEOPARD LIMITED
BALTIC PANTHER LIMITED
BALTIC WOLF LIMITED
BALTIC BREEZE LIMITED
BALTIC COVE LIMITED
BALTIC WIND LIMITED
BALTIC MANTIS LIMITED
BALTIC SCORPION LIMITED
GENCO PIONEER LIMITED
GENCO PROGRESS LIMITED
GENCO LEADER LIMITED
GENCO WISDOM LIMITED
By:	/s/ Apostolos Zafolias
Name:	Apostolos Zafolias
Title:	Chief Financial Officer

[Signature Page to Second Letter Agreement regarding Extension of Cure Period]

EX-10.8

Exhibit 10.8

[On the letterhead of Deutsche Bank Luxembourg S.A.]

To:      Genco Shipping & Trading Limited

Copy:  Genco Lorraine Limited

Genco Pyrenees Limited

Genco Loire Limited

Genco Bourgogne Limited

Genco Picardy Limited

Genco Aquitaine Limited

Genco Normandy Limited

Genco Auvergne Limited

Genco Provence Limited

Genco Ardennes Limited

Genco Brittany Limited

Genco Languedoc Limited

Genco Rhone Limited

3 June 2016

Dear Sirs

US$253,000,000 secured loan agreement dated 20 August 2010 (as amended by a side letter dated 24 August 2010, as further amended by a waiver letter dated 21 December 2011, as further amended and restated on 1 August 2012, as further amended and restated on 9 July 2014 and as further amended, supplemented or restated from time to time, the "Loan Agreement") made between (1) Genco Shipping & Trading Limited as borrower, (2) the Lenders (as defined therein), (3) Deutsche Bank AG Filiale Deutschlandgeschäft, BNP Paribas, Credit Agricole Corporate and Investment Bank, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, (4) ourselves as agent for the Lenders, (5) BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ) as swap providers (the "Swap Providers") and (vi) Deutsche Bank AG Filiale Deutschlandgeschäft as security agent for the Lenders and the Swap Providers and as bookrunner.

1            Definitions

1.1         All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Collateral Maintenance Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.

1.2         This Letter is designated as a Finance Document.

2            Further Extension of Collateral Maintenance Waiver Period

We refer to:

2.1         the Loan Agreement and to our letter to you dated 10 March 2016 (as amended, and/or supplemented from time to time, the "Collateral Maintenance Waiver Letter") consenting to a temporary waiver of compliance with clause 10.10 (Additional Security) of the Loan Agreement (the "Collateral Maintenance Covenant") and, as a consequence, the right of the Agent to request that the

Borrower comply with clause 10.10.1, 10.10.2 or 10.10.3 of the Loan Agreement in accordance with the Collateral Maintenance Covenant for the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 11 April 2016 (the "Original Collateral Maintenance Waiver Period"), your request for an extension of the Original Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 31 May 2016 (the "Amended Collateral Maintenance Waiver Period") and your request for an extension of the Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 3 June 2016 (the "Second Amended Collateral Maintenance Waiver Period"); and

2.2         your further request for an extension of the Second Amended Collateral Maintenance Waiver Period through to and including 11:59pm (New York time) on 8 June 2016 (the "Request").

This Letter is supplemental to the terms of the Collateral Maintenance Waiver Letter.

3            Conditions and Amendment

3.1         We hereby agree to the Request, subject to the condition that prior to 10:00 hours (London time) on 6 June 2016, you provide us confirmation (which may be given by email) that the required lenders under the Metrostar Loan Agreement and the credit agreement dated as of December 31, 2014 among Baltic Trading Limited, the various lenders party thereto, Nordea Bank Finland PLC, New York Branch, and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers, Nordea Bank Finland PLC, New York Branch, as administrative agent and security agent and Nordea Bank Finland PLC, New York Branch, as bookrunner (as amended to date, the "Nordea Loan Agreement") have consented to waivers under the Metrostar Loan Agreement and the Nordea Loan Agreement on substantially similar terms to this letter (the "Metrostar and Nordea Letters").

3.2         With effect from the date hereof the Collateral Maintenance Waiver Letter shall be further amended as follows:

(i)          the term "Collateral Maintenance Waiver Period" shall mean "the fiscal quarter ending 31 December 2015 through and including 11:59pm (New York time) on 8 June 2016";

(ii)         the following sub-paragraph shall be inserted at paragraph 5.1 as follows:

"(g) during the Collateral Maintenance Waiver Period the waivers under the Metrostar and Nordea Letters are  terminated, revoked or otherwise ceases to be effective (unless otherwise extended).";

(iii)        sub-paragraph (f) of paragraph 5.1 is amended by replacing the first parenthetical therein with the following:

"(other than any Indebtedness owed to the lenders as and when they fall due under the ABN Revolving Credit Facility, the DVB US$22,000,000 Facility, the Hornet Credit Facility or the Wasp Credit Facility and other than any inter-company indebtedness by and among Group Members in the ordinary course of business)"; and

2

(iv)        sub-paragraph (f) of paragraph 5.1 is further amended by adding the following definition thereto in appropriate alphabetical order:

“DVB US$22,000,000 Facility” means the US$22,000,000 Secured Loan Agreement, dated as of 30 August 2013, by and among Baltic Hare Limited and Baltic Fox Limited, as borrowers, DBV Bank SE, as lender, agent and security agent and the other parties thereto."

3.3         Save as expressly amended by this Letter, all other terms and conditions of the Collateral Maintenance Waiver Letter shall remain unaltered and in full force and effect.

4            Counterparts and Applicable Law

4.1         This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.

4.2         This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Please confirm your agreement to the terms of this Letter by signing and returning a duplicate of this Letter to us.

Yours faithfully

/s/ M. Sinn-Conrad          /s/ T. Schroeter

     M. Sinn-Conrad               T. Schroeter

For and on behalf of

Deutsche Bank Luxembourg S.A.

(as Agent acting on the instructions of the Majority Lenders)

3

Confirmed and agreed on	3 June 2016
for and on behalf of
/s/ Apostolos Zafolias
Genco Shipping & Trading Limited
(as Borrower)
/s/ Apostolos Zafolias
Genco Lorraine Limited
Genco Pyrenees Limited
Genco Loire Limited
Genco Bourgogne Limited
Genco Picardy Limited
Genco Aquitaine Limited
Genco Normandy Limited
Genco Auvergne Limited
Genco Provence Limited
Genco Ardennes Limited
Genco Brittany Limited
Genco Languedoc Limited
Genco Rhone Limited
(as Collateral Owners and Guarantors)

4

EX-10.9

Exhibit 10.9

To:       GENCO SHIPPING & TRADING LIMITED, a borrower organised and existing under the laws of the Republic of the Marshall Islands (the “Borrower”) for itself and as agent for each of the other Obligors party to the Facility Agreement (as defined below)

For the attention of:

3 June 2016

Dear Sirs

Facility agreement dated 12 August 2010 made between (i) the Borrower, (ii) the banks and financial institutions listed in Schedule I thereto as Lenders (iii) the Guarantors listed in Schedule 2 thereto and (iv) Crédit Agricole Corporate and Investment Bank in its capacity both as Agent and Security Trustee (as amended and restated on 9 July 2014 and amended and/or restated from time to time) (the "Facility Agreement").

1.BACKGROUND

(a)         We refer to the letter dated 29 March 2016 from the Agent to the Borrower regarding a waiver of clause 16.1 of the Facility Agreement which was amended and extended pursuant to (i) a letter from the Agent to the Borrower dated 11 April 2016 and (ii) a letter from the Agent to the Borrower dated 31 May 2016 (the "Waiver Letter").

(b)         In accordance with the instructions of the Majority Lenders, the purpose of this letter (the "letter") is to extend the waiver granted pursuant to the Waiver Letter.

2.Interpretation

2.1         Capitalised terms defined in the Facility Agreement and the Waiver Letter have the same meaning when used in this letter unless expressly defined in this letter, and:

"Effective Date" means the date on which we confirm to the Borrower that we have received an acknowledgement and agreement to the terms of this letter signed by each Obligor.

2.2         The provisions of clause 1.2 (Construction of certain terms) of the Facility Agreement apply to this letter as though they were set out in full in this letter with all necessary consequential changes and with references in that clause to the Facility Agreement being construed as references to this letter.

3.Capacity

This letter is provided by us in our capacity as Agent under the Facility Agreement, acting (where required) on the instructions of the Majority Lenders pursuant to clause 26 (Variations and Waivers) of the Facility Agreement.

1

4.EXTENSION

4.1With effect from the Effective Date the Security Cover Waiver Period referred to in the Waiver Letter shall be extended until the earlier of:

(a)         8 June 2016 at 23:59 (New York time);

(b)         the Security Cover Waiver being automatically terminated in accordance with paragraph 7 (Termination of Security Cover Waiver) of the Waiver Letter; and

(c)         during the Security Cover Waiver Period, the date on which, any Group Member:

(i)makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors other than:

(A)         any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility;

(B)         the approximately $1.65 million amortisation payment on 31 May 2016 under the $150 million Secured Loan Agreement dated as of April 7, 2015 between (amongst others) certain subsidiaries of the Borrower and ABN AMRO Capital USA LLC;

(C)         the $375,000 amortisation payment on 6 June 2016 under the $22 million secured loan agreement dated 30 August 2013 between (amongst others) Baltic Hare Limited and Baltic Fox Limited (as borrowers), DVB Bank SE (as lender, agent and security agent); and

(D)         any inter-company indebtedness by and among Group Members in the ordinary course of business; or

(ii)creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross collateralisation of facilities to the same lender for security maintenance purposes).

For the purposes of this letter:

"Affiliate" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;

"Holding Company" means, in relation to a person, any other person in respect of which it is a Subsidiary;

"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic

2

Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;

"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.

4.2All other terms of the Waiver Letter continue to apply and remain in full force and effect.

5.Reservation of Rights

Save as expressly set out in this letter, this letter does not (and shall not be deemed to) constitute a waiver in respect of the provisions of any Finance Document or any breach thereof. Each Creditor Party reserves any right or remedy it has now or in the future in respect of any Default which arises from any circumstances and which is continuing as at the expiry of the Security Cover Waiver Period.

6.Confirmations

Without prejudice to the rights of any Creditor Party which have arisen on or before the Effective Date:

(a)          each Creditor Party and each Obligor confirms that the Facility Agreement and Waiver Letter, as amended by this letter, remains in full force and effect on and after the Effective Date; and

(b)          each Guarantor confirms that its guarantee and indemnity under clause 9 (Guarantee and Indemnity) of the Facility Agreement and its liabilities under the Security Documents to which it is a party shall have effect on and after the Effective Date in relation to the liabilities of each Obligor under the Facility Agreement as amended and restated under this letter.

7.Representations and Warranties

As at the Effective Date, each Obligor represents and warrants to each Creditor Party that the repeating representations contained in clause 11.1 and 11.2 (Representations) of the Facility Agreement are true and correct.

8.Designation and effect

This letter is a Finance Document and any breach of this letter shall constitute an Event of Default.

3

9.Third Party Rights

This letter does not confer any rights on any person or party (other than the signatories to this letter) under the Contracts (Rights of Third Parties) Act 1999.

10.Counterparts

This letter may be executed in counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this letter.

11.Governing Law and Jurisdiction

This letter and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or non-contractual nature, shall be governed by and construed in accordance with the law of England and Wales.  The courts of England and Wales shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter.

4

SIGNATORIES

SIGNED by	)	/s/ Yannick Le Gourieres
for and on behalf of CRÉDIT AGRICOLE	)	Yannick Le Gourieres
CORPORATE AND INVESTMENT BANK	)	Director
as Agent and Security Agent and for and	)	/s/Irina Benimovich
on behalf of the Majority Lenders as	)	Irina Benimovich
defined in the Facility Agreement	)	Senior Associate

5

[On counterpart]

June 3, 2016

We agree with the terms of this letter.

BORROWER
SIGNED by	)
for and on behalf of GENCO SHIPPING &	)	/s/ Apostolos Zafolias
TRADING LIMITED	)
GUARANTORS
SIGNED by	)
for and on behalf of GENCO BAY	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO OCEAN	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO AVRA	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO MARE	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SPIRIT	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO SUGAR	)	/s/ Apostolos Zafolias
LIMITED	)
SIGNED by	)
for and on behalf of GENCO PROSPERITY	)	/s/ Apostolos Zafolias
LIMITED	)

6

EX-31.1

Exhibit 31.1

CERTIFICATION

I, John C. Wobensmith, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 of Genco Shipping & Trading Limited;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ John C. Wobensmith
	Name: John C. Wobensmith
Date:  August 9, 2016	Title: President

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Apostolos Zafolias, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 of Genco Shipping & Trading Limited;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

ugust
	/s/ Apostolos Zafolias
	Name: Apostolos Zafolias
Date:  August 9, 2016	Title: Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with Genco Shipping & Trading Limited’s (the “Company”) quarterly report on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned President of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 9, 2016	/s/ John C. Wobensmith
	Name: John C. Wobensmith
	Title: President

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.  A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with Genco Shipping & Trading Limited’s (the “Company”) quarterly report on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Chief Financial Officer of the Company, hereby certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 9, 2016	/s/ Apostolos Zafolias
	Name: Apostolos Zafolias
	Title: Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.  A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 09, 2016
Document and Entity Information
Entity Registrant Name	GENCO SHIPPING & TRADING LTD
Entity Central Index Key	0001326200
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,354,449
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 56,662	$ 121,074
Restricted cash	19,500	19,500
Due from charterers, net of a reserve of $167 and $429, respectively	8,249	10,586
Prepaid expenses and other current assets	19,145	21,369
Total current assets	103,556	172,529
Noncurrent assets:
Vessels, net of accumulated depreciation of $128,899 and $107,998, respectively	1,401,162	1,508,221
Deferred drydock, net of accumulated amortization of $4,385 and $3,207 respectively	13,515	16,177
Deferred financing costs, net of accumulated amortization of $1,137 and $734, respectively	2,892	3,294
Fixed assets, net of accumulated depreciation and amortization of $563 and $404, respectively	1,154	1,286
Other noncurrent assets	514	514
Restricted cash	315	315
Investments	7,280	12,327
Total noncurrent assets	1,426,832	1,542,134
Total assets	1,530,388	1,714,663
Current liabilities:
Accounts payable and accrued expenses	22,832	27,467
Current portion of long-term debt, net of deferred financing costs of $8,355 and $9,411, respectively	553,301	579,023
Deferred revenue	995	1,058
Total current liabilities	577,128	607,548
Noncurrent liabilities:
Long-term lease obligations	1,509	1,149
Total noncurrent liabilities	1,509	1,149
Total liabilities	578,637	608,697
Commitments and contingencies
Equity:
Common stock, par value $0.01; 50,000,000 shares authorized; issued and outstanding 7,354,449 and 7,289,823 shares at June 30, 2016 and December 31, 2015, respectively	74	73
Additional paid-in capital	1,494,032	1,483,105
Accumulated other comprehensive loss	(26)	(21)
Retained deficit	(542,329)	(377,191)
Total equity	951,751	1,105,966
Total liabilities and equity	$ 1,530,388	$ 1,714,663

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Due from charterers, reserve	$ 167	$ 429
Noncurrent assets:
Vessels, accumulated depreciation	128,899	107,998
Deferred drydock, accumulated amortization	4,385	3,207
Deferred financing costs, accumulated amortization	1,136	734
Fixed assets, accumulated depreciation and amortization	563	404
Current liabilities:
Deferred financing costs	$ 8,355	$ 9,411
Genco Shipping & Trading Limited shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	7,354,449	7,289,823
Common stock, shares outstanding (in shares)	7,354,449	7,289,823

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Voyage revenues	$ 31,460	$ 33,772	$ 51,590	$ 67,381
Service revenues	414	819	1,225	1,629
Total revenues	31,874	34,591	52,815	69,010
Operating expenses:
Voyage expenses	3,074	3,757	6,970	8,137
Vessel operating expenses	28,538	29,928	57,665	58,599
General, administrative, and management fees	13,853	26,491	26,708	46,815
Depreciation and amortization	19,686	19,399	40,025	38,809
Other operating income	(182)	0	(182)	0
Impairment of vessel assets	67,594	0	69,278	35,396
Loss on sale of vessels	77	1,210	77	1,210
Total operating expenses	132,640	80,785	200,541	188,966
Operating loss	(100,766)	(46,194)	(147,726)	(119,956)
Other (expense) income:
Impairment of investment	(2,696)	0	(2,696)	0
Other expense	(50)	(65)	(174)	(54)
Interest income	33	25	95	49
Interest expense	(7,013)	(4,687)	(14,127)	(9,012)
Other expense	(9,726)	(4,727)	(16,902)	(9,017)
Loss before reorganization items, net	(110,492)	(50,921)	(164,628)	(128,973)
Reorganization items, net	(65)	(313)	(160)	(833)
Loss before income taxes	(110,557)	(51,234)	(164,788)	(129,806)
Income tax expense	(96)	(718)	(350)	(1,260)
Net loss	(110,653)	(51,952)	(165,138)	(131,066)
Less: Net loss attributable to noncontrolling interest		(11,620)		(52,293)
Net loss attributable to Genco Shipping & Trading Limited	$ (110,653)	$ (40,332)	$ (165,138)	$ (78,773)
Net loss per share-basic	$ (15.32)	$ (6.67)	$ (22.87)	$ (13.03)
Net loss per share-diluted	$ (15.32)	$ (6.67)	$ (22.87)	$ (13.03)
Weighted average common shares outstanding - Basic	7,221,735	6,048,719	7,220,265	6,045,915
Weighted average common shares outstanding-diluted	7,221,735	6,048,719	7,220,265	6,045,915

XML

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (110,653)	$ (51,952)	$ (165,138)	$ (131,066)
Other comprehensive loss	(864)	(3,402)	(5)	(1,043)
Comprehensive loss	(111,517)	(55,354)	(165,143)	(132,109)
Less: Comprehensive loss attributable to noncontrolling interest		(11,620)		(52,293)
Comprehensive loss attributable to Genco Shipping & Trading Limited	$ (111,517)	$ (43,734)	$ (165,143)	$ (79,816)

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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Genco Shipping & Trading Limited Shareholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Deficit	Noncontrolling Interest	Total
Balance at Dec. 31, 2014	$ 1,044,201	$ 62	$ 1,251,750	$ (25,317)	$ (182,294)	$ 248,573	$ 1,292,774
Increase (Decrease) in Shareholders' Equity
Net loss	(78,773)				(78,773)	(52,293)	(131,066)
Other comprehensive loss	(1,043)			(1,043)			(1,043)
Settlement of non-accredited Note holders	(414)		(414)				(414)
Equity effect of purchase of entities under common control	590		590				590
Nonvested stock amortization	23,215		23,215			1,608	24,823
Balance at Jun. 30, 2015	987,776	62	1,275,141	(26,360)	(261,067)	$ 197,888	1,185,664
Balance at Dec. 31, 2015	1,105,966	73	1,483,105	(21)	(377,191)		1,105,966
Increase (Decrease) in Shareholders' Equity
Net loss	(165,138)				(165,138)		(165,138)
Other comprehensive loss	(5)			(5)			(5)
Issuance of 61,244 shares of nonvested stock		1	(1)
Nonvested stock amortization	10,928		10,928				10,928
Balance at Jun. 30, 2016	$ 951,751	$ 74	$ 1,494,032	$ (26)	$ (542,329)		$ 951,751

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Condensed Consolidated Statements of Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2016 shares
Condensed Consolidated Statements of Equity
Issuance of shares of nonvested stock (in shares)	61,244
Issuance of shares of RSUs (in shares)	3,138

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (165,138)	$ (131,066)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	40,025	38,809
Amortization of deferred financing costs	1,458	1,051
Amortization of nonvested stock compensation expense	10,928	24,823
Impairment of vessel assets	69,278	35,396
Loss on sale of vessel assets	77	900
Impairment of investment	2,696	0
Realized loss on sale of investment	92
Change in assets and liabilities:
Decrease in due from charterers	2,337	283
Decrease (increase) in prepaid expenses and other current assets	2,131	(200)
(Decrease) increase in accounts payable and accrued expenses	(4,338)	7,075
(Decrease) increase in deferred revenue	(63)	1
Increase in lease obligations	360	399
Deferred drydock costs incurred	(1,073)	(7,301)
Net cash used in operating activities	(41,230)	(29,830)
Cash flows from investing activities:
Purchase of vessels, including deposits	(380)	(24,719)
Purchase of other fixed assets	(207)	(353)
Net proceeds from sale of vessel assets	1,923
Sale of AFS securities	2,361
Changes in deposits of restricted cash		19,645
Net cash provided by (used in) investing activities	3,697	(5,427)
Cash flows from financing activities:
Cash settlement of non-accredited Note holders	(101)	(720)
Payment of deferred financing costs		(4,271)
Net cash (used in) provided by financing activities	(26,879)	13,491
Net decrease in cash and cash equivalents	(64,412)	(21,766)
Cash and cash equivalents at beginning of period	121,074	83,414
Cash and cash equivalents at end of period	56,662	61,648
Secured Debt | $100 Million Term Loan Facility
Cash flows from financing activities:
Repayments on Term Loan Facility	(3,846)	(3,846)
Secured Debt | $253 Million Term Loan Facility
Cash flows from financing activities:
Repayments on Term Loan Facility	(10,150)	(10,150)
Secured Debt | $44 Million Term Loan Facility
Cash flows from financing activities:
Repayments on Term Loan Facility	(1,375)	(1,375)
Secured Debt | $22 Million Term Loan Facility
Cash flows from financing activities:
Repayments on Term Loan Facility	(750)	(750)
Secured Debt | 2014 Term Loan Facilities
Cash flows from financing activities:
Repayments on Term Loan Facility	(1,381)	(700)
Revolving Credit Facility | 2015 Revolving Credit Facility
Cash flows from financing activities:
Proceeds from credit facility		25,000
Repayment of line of credit facility	(3,282)
Line of Credit Facility | $148 Million Credit Facility
Cash flows from financing activities:
Proceeds from credit facility		115,000
Repayment of line of credit facility	$ (5,994)	(2,447)
Line of Credit Facility | 2010 Credit Facility
Cash flows from financing activities:
Repayment of line of credit facility		$ (102,250)

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jul. 14, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 03, 2013	Aug. 30, 2013	Aug. 20, 2010	Aug. 12, 2010
$100 Million Term Loan Facility | Secured Debt
Maximum borrowing capacity	$ 100,000			$ 100,000					$ 100,000
$253 Million Term Loan Facility | Secured Debt
Maximum borrowing capacity	253,000	$ 253,000		253,000				$ 253,000
$148 Million Credit Facility | Line of Credit Facility
Maximum borrowing capacity	148,000	148,000	$ 148,000	148,000	$ 148,000
$44 Million Term Loan Facility | Secured Debt
Maximum borrowing capacity	44,000	44,000		44,000		$ 44,000
$22 Million Term Loan Facility | Secured Debt
Maximum borrowing capacity	$ 22,000	$ 22,000	$ 22,000	$ 22,000			$ 22,000

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GENERAL INFORMATION

6 Months Ended

Jun. 30, 2016

GENERAL INFORMATION

GENERAL INFORMATION

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 including Baltic Trading Limited (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 June 30, 2016, is the sole 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; and the ship-owning subsidiaries as set forth below under “Other General Information.”  As of June 30, 2016, Genco Ship Management LLC is the sole owner of all of the outstanding limited liability company interests of Genco Management (USA) LLC.

On April 15, 2016, the shareholders of the Company approved, at a Special Meeting of Shareholders (the “Special Meeting”), proposals to amend the Second Amended and Restated Articles of Incorporation of the Company to (i) increase the number of authorized shares of common stock of the Company from 250,000,000 to 500,000,000 and (ii) authorize the issuance of up to 100,000,000 shares of preferred stock, in one or more classes or series as determined by the Board of Directors of the Company. The authorized shares did not change as a result of the reverse stock split.Following the Special Meeting on such date, the Company filed Articles of Amendment of its Second Amended and Restated Articlesof Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands to implement to the foregoing amendments. Additionally, at the Special Meeting, the shareholders of the Company approved a proposal to amend the Second Amended and Restated Articles of Incorporation of the Company to effect a reverse stock split of the issued and outstanding shares of Common Stock at a ratio between 1-for-2 and 1-for-25 with such reverse stock split to be effective at such time and date, if at all, as determined by the Board of Directors of the Company, but no later than one year after shareholder approval thereof.  

On July 7, 2016, the Company completed a one-for-tenreverse stock split of its common stock.  As a result, all share and per share information included for all periods presented in these Condensed Consolidated Financial Statements, with the exception of any share information for Baltic Trading, reflect the reverse stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compensation. 

Liquidity, Going Concern, and Reclassification of Debt to Current

For purposes of preparing financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the Company is required to disclose if it is in compliance with covenants under all of its nine credit facilities on a quarterly basis.  Pursuant to the Amended Commitment Letter, the $98 Million Credit Facility Commitment Letter and the waiver entered into for the 2014 Term Loan Facilities (refer to Note 8 — Debt for defined terms), the collateral maintenance and maximum leverage requirements under all nine of the Company’s credit facilities have been waived through September 30, 2016, with the exception of the $98 Million Credit Facility Commitment Letter, which reduced the collateral maintenance requirement from 140% to 120% and the 2014 Term Loan Facilities, for which the waivers were extended through October 15, 2016, except that such extended waivers under the 2014 Term Loan Facilities will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Each of the Company’s credit facilities contain cross default provisions that could be triggered by the Company’s failure to satisfy or waive its collateral maintenance and maximum leverage covenants once the waivers expire.  Given the existence of the cross default provisions and the absence of any current solution which would cure the noncompliance for at least the next twelve months, the Company has determined that it should classify its outstanding indebtedness as a current liability as of June 30, 2016 and December 31, 2015.

Persistent weak drybulk industry conditions and historically low charter rates have negatively impacted the Company’s results of operations, cash flows, and liquidity and may continue to do so in the future. The negative impact on the Company’s liquidity, together with a continued decline in vessel values, presents difficulties for remaining in compliance with its credit facility covenants relating to minimum cash, leverage ratios, and collateral maintenance (refer to Note 8 — Debt), which could potentially result in defaults and acceleration of the repayment of its outstanding indebtedness.  These factors, as well as recurring losses from operations and negative working capital, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern, which contemplates the realization of assets and extinguishment of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to: (i) develop and successfully implement a plan to address these factors, which may include refinancing the Company’s existing credit agreements, or obtaining further waivers or modifications to its credit agreements from its lenders, or raising additional capital through selling assets (including vessels), reducing or delaying capital expenditures, or pursuing other options that may be available to the Company which may include pursuing strategic opportunities and equity or debt offerings or potentially seeking protection in a Chapter 11 proceeding; (ii) return to profitability, (iii) generate sufficient cash flow from operations, (iv) remain in compliance with its credit facility covenants, as the same may be modified, and (v) obtain financing sources to meet the Company’s future obligations. The realization of the Company’s assets and the satisfaction of its liabilities are subject to uncertainty.  The accompanying condensed consolidated financial statements do not include any direct adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern, except in regards to the classification of outstanding indebtedness as described above.

Merger Agreement with Baltic Trading

On April 7, 2015, the Company entered into a definitive merger agreement with Baltic Trading Limited (“Baltic Trading”) under which the Company acquired Baltic Trading in a stock-for-stock transaction (the “Merger”).  Under the terms of the agreement, Baltic Trading became an indirect wholly-owned subsidiary of the Company, and Baltic Trading shareholders (other than the Company and its subsidiaries) received 0.216 shares of the Company’s common stock for each share of Baltic Trading’s common stock they owned at closing, with fractional shares to be settled in cash.  Upon consummation of the transaction on July 17, 2015, the Company’s shareholders owned approximately 84.5% of the combined company, and Baltic Trading’s shareholders (other than the Company and its subsidiaries) owned approximately 15.5% of the combined company.  Shares of Baltic Trading’s Class B stock (all of which are owned by the Company) were canceled in the Merger.  The Company’s common stock began trading on the New York Stock Exchange after consummation of the transaction on July 20, 2015. The Boards of Directors of both the Company and Baltic Trading established independent special committees to review the transaction and negotiate the terms on behalf of their respective companies.  Both independent special committees unanimously approved the transaction.  The Boards of Directors of both companies approved the Merger by a unanimous vote of directors present and voting, with Peter C. Georgiopoulos, Chairman of the Board of each company, recused for the vote.  The Merger was approved on July 17, 2015 at the 2015 Annual Meeting of Shareholders (the “Annual Meeting”).

Prior to the completion of the Merger, the Company prepared its condensed consolidated financial statements in accordance with U.S. GAAP and consolidated the operations of Baltic Trading. The Baltic Trading common shares that the Company acquired in the Merger were previously recognized as a noncontrolling interest in the consolidated financial statements of the Company. Under U.S. GAAP, changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are considered equity transactions (i.e. transactions with owners in their capacity as owners) with any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid attributed to the equity of the parent. Accordingly, any difference between the fair value of the Company’s common shares issued in exchange for Baltic Trading common shares pursuant to the Merger was reflected as an adjustment to the equity in the Company. No gain or loss has been recognized in the Company’s Condensed Consolidated Statement of Comprehensive Loss upon completion of the transaction.

Acquisition of Baltic Lion and Baltic Tiger

Additionally, on April 7, 2015, the Company entered into an agreement under which the Company acquired all of the shares of two single-purpose vessel owning entities that were wholly owned by Baltic Trading, each of which owned one Capesize drybulk vessel, specifically the Baltic Lion and Baltic Tiger, for an aggregate purchase price of $68,500, subject to reduction for $40,563 of outstanding first-mortgage debt of such single-purpose entities that was guaranteed by the Company.  For further details, refer to the “Impairment of vessel assets” Section in Note 2 — Summary of Significant Accounting Policies.  These transactions, which closed on April 8, 2015, were accounted for pursuant to accounting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), for transactions among entities under common control.  Accordingly, the difference between the cash paid to Baltic Trading and the Company’s carrying value of the Baltic Lion and Baltic Tiger as of the closing date of $590 was reflected as an adjustment to Additional paid-in capital in the Condensed Consolidated Statement of Equity when the sale was completed on April 7, 2015.  The independent special committees of both companies’ Boards of Directors reviewed and approved these transactions.

Other General Information

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of June 30, 2016:

Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date		Year Built
Genco Reliance Limited	Genco Reliance	29,952	12/6/04		1999
Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Carrier Limited	Genco Carrier	47,180	12/28/04		1998
Genco Sugar Limited	Genco Sugar	29,952	12/30/04		1998
Genco Pioneer Limited	Genco Pioneer	29,952	1/4/05		1999
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Wisdom Limited	Genco Wisdom	47,180	1/13/05		1997
Genco Success Limited	Genco Success	47,186	1/31/05		1997
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Leader Limited	Genco Leader	73,941	2/16/05		1999
Genco Marine Limited	Genco Marine	45,222	3/29/05	(3)	1996
Genco Prosperity Limited	Genco Prosperity	47,180	4/4/05		1997
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
Genco Acheron Limited	Genco Acheron	72,495	11/7/06		1999
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	169,694	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,025	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,025	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
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	57,981	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	57,981	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	57,981	8/24/10		2010
Genco Brittany Limited	Genco Brittany	57,981	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	57,981	9/29/10		2010
Genco Loire Limited	Genco Loire	53,416	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,416	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	57,981	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	53,447	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,351	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,474	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	34,409	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.

(2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading.

(3) The Genco Marine was scrapped on May 17, 2016.  Refer to Note 2 – Summary of Significant Accounting Policies.

The Company provides technical services for drybulk vessels purchased by Maritime Equity Partners (“MEP”).  Peter C. Georgiopoulos, Chairman of the Board of Directors of GS&T, is a director of and has a minority interest in MEP.  These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services.  The services were initially provided for a fee of $750 per ship per day plus reimbursement of out-of-pocket costs and were provided for an initial term of one year.  MEP has the right to cancel provision of services on 60 days’ notice with payment of a one-year termination fee upon a change in control of the Company.  The Company may terminate provision of the services at any time on 60 days’ notice. On September 30, 2015,under the oversight of an independent committee of our Board of Directors, Genco Management (USA) LLC and MEP entered into certain agreements under which MEP paid $2,178 of the amount of service fees in arrears (of which $261 was paid in 2016 by the new owners of five of the MEP vessels sold in January 2016 as described below) and the daily service fee was reduced from $750 to $650 per day effective on October 1, 2015.During January 2016, five of MEP’s vessels were sold to third-parties and the agency agreement was deemed terminated upon the sale of these vessels.  Based upon the September 30, 2015 agreement, termination fees were due in the amount of $296 which was assumed by the new owners of the five MEP vessels that were sold and has been paid in full during February 2016. Refer to Note 7 – Related Party Transactions for amounts due to or from MEP as of June 30, 2016 and December 31, 2015.  During July and August 2016, five additional MEP vessels were sold to third-parties, and the agency agreement was deemed terminated upon the sale of these vessels.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with 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, 2015 (the “2015 10-K”).  The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2016.

Segment reporting

The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters.  Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, after the effective date of the Merger on July 17, 2015, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.  Prior to the Merger, the Company had two reportable operating segments, GS&T and Baltic Trading.

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended June 30, 2016 and 2015 was $18,541 and $18,730, respectively.  Depreciation expense for vessels for the six months ended June 30, 2016 and 2015 was $37,675 and $37,697, respectively.

Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the ship noted in lwt. 

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of June 30, 2016 and December 31, 2015, the Company had an accrual of $310 and $498, respectively, related to these estimated customer claims.

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost or market adjustments to re-value the bunker fuel on a quarterly basis.  These differences in bunkers, including lower of cost or market adjustment, resulted in a net loss of $1,508 and $1,566 during the three months ended June 30, 2016 and 2015, respectively.  These differences in bunkers, including lower of cost or market adjustments, resulted in a net loss of $3,805 and $3,858 during the six months ended June 30, 2016 and 2015, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Other operating income

During the three and six months ended June 30, 2016, the Company recorded other operating income of $182.  There was no operating income earned during the three and six months ended June 30, 2015.  Other operating income recorded during the three and six months ended June 30, 2016 consists primarily of $157 received from Samsun Logix Corporation (“Samsun”) pursuant to the revised rehabilitation plan that was approved by the South Korean courts on April 8, 2016.  Refer to Note 17 — Commitments and Contingencies for further information regarding the bankruptcy settlement with Samsun.

Impairment of vessel assets

During the three months ended June 30, 2016 and 2015, the Company recorded $67,594 and $0, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”).  Additionally, during the six months ended June 30, 2016 and 2015, the Company recorded $69,278 and $35,396, respectively, related to the impairment of vessel assets in accordance with ASC 360. 

At June 8, 2016, the Company determined that the scrapping of nine of its vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, was more likely than not pursuant to the Commitment Letter entered into for the New Credit Facility as defined and disclosed in Note 8 — Debt.  Therefore, at June 8, 2016, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the aforementioned nine vessels did not exceed the carrying value of the vessels at June 8, 2016, the Company reduced the carrying value of the nine vessels to their net realizable value, which was based on the expected net proceeds from scrapping the vessels.  This resulted in an impairment loss of $67,594 during the three and six months ended June 30, 2016.

At March 31, 2016, the Company determined that the scrapping of the Genco Marine was more likely than not based on discussions with the Company’s Board of Directors.  Therefore, at March 31, 2016, the time utilized to determine the recoverability of the carrying value of the vessel asset was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the Genco Marine did not exceed the carrying value of the vessel at March 31, 2016, the Company reduced the carrying value of the Genco Marine to its net realizable value, which was based on the expected proceeds from scrapping the vessel.  This resulted in an impairment loss of $0 and $1,684 during the three and six months ended June 30, 2016, respectively.  On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and the sale of the Genco Marine to the scrap yard was completed on May 17, 2016. 

At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger was more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels.  Therefore, at March 31, 2015, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  Similarly, after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels at March 31, 2015, the Company reduced the carrying value of both vessels to their estimated fair value, which was determined primarily based on appraisals and third-party broker quotes. This resulted in an impairment loss of $0 and $35,396 during the three and six months ended June 30, 2015, respectively. On April 8, 2015, the Baltic Lion and Baltic Tiger entities were sold to GS&T.   Refer to Note 1 — General Information for details pertaining to the sale of these entities.

Loss on disposal of vessels

During the three and six months ended June 30, 2016, the Company recorded $77 related to the loss on the sale of the Genco Marine.  During the three and six months ended June 30, 2015, the Company recorded $1,210 related to the loss on sale of vessels related to the sale of the Baltic Lion and Baltic Tiger entities to GS&T from Baltic Trading on April 8, 2015.

Noncontrolling interest

Net loss attributable to noncontrolling interest during the three and six months ended June 30, 2015 of  $11,620 and $52,293, respectively, reflects the noncontrolling interest’s share of the net loss of the Company’s subsidiary, Baltic Trading, prior to the Merger on July 17, 2015, which owned and employed drybulk vessels in the spot market, in vessel pools or on spot market-related time charters.  The spot market represents immediate chartering of a vessel, usually for single voyages.Refer to Note 1— General Information for details pertaining to the Merger.

Investments

The Company holds an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and in Korea Line Corporation (“KLC”).  Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.  KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.  The investments in Jinhui and KLC have been designated as Available For Sale (“AFS”) and are reported at fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).  The Company classifies the investments as current or noncurrent assets based on the Company’s intent to hold the investments at each reporting date.

Investments are reviewed quarterly to identify possible other-than-temporary impairment in accordance with ASC Subtopic 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”).  When evaluating its investments, the Company reviews factors such as the length of time and extent to which fair value has been below the cost basis, the financial condition of the issuer, the underlying net asset value of the issuer’s assets and liabilities, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value.  Should the decline in the value of any investment be deemed to be other-than-temporary, the investment basis would be written down to fair market value, and the write-down would be recorded to earnings as a loss.  Refer to Note 5 — Investments.

Income taxes

Pursuant to certain agreements, GS&T technically and commercially managed vessels for Baltic Trading until the Merger, as well as provides technical management of vessels for MEP in exchange for specified fees for these services provided.  These services are performed by Genco Management (USA) LLC (“Genco (USA)”), which has elected to be taxed as a corporation for United States federal income tax purposes.  As such, Genco (USA) is subject to United States federal income tax on its worldwide net income, including the net income derived from providing these services.  Genco (USA) has entered into a cost-sharing agreement with the Company and Genco Ship Management LLC, collectively Manco, pursuant to which Genco (USA) agrees to reimburse Manco for the costs incurred by Genco (USA) for the use of Manco’s personnel and services in connection with the provision of the services for both Baltic Trading and MEP’s vessels.

Total revenue earned by the Company for these services during the three months ended June 30, 2016 was $414 of which $0eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $228 associated with these activities for the three months ended June 30, 2016. This resulted in estimated tax expense of $96 for the three months ended June 30, 2016.  Total revenue earned by the Company for these services during the three months ended June 30, 2015 was $2,490 of which $1,671 eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $1,532 associated with these activities for the three months ended June 30, 2015. This resulted in estimated tax expense of $711 for the three months ended June 30, 2015.

Total revenue earned by the Company for these services during the six months ended June 30, 2016 was $1,225 of which $0 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $791 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $350 for the six months ended June 30, 2016.  Total revenue earned by the Company for these services during the six months ended June 30, 2015 was $4,680 of which $3,051 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $2,730 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $1,229 for the six months ended June 30, 2016.

Prior to the Merger, Baltic Trading was subject to income tax on its United States source income.  However, as a result of the Merger, Baltic Trading should qualify for the Section 883 exemption of the U.S. Internal Revenue Code of 1986 (as amended) in 2016 and in future taxable years as long as GS&T qualifies for the Section 883 exemption.  As such, during the three and six months ended June 30, 2016, there was no United States income tax recorded for Baltic Trading. During the three and six months ended June 30, 2015, Baltic Trading had United States operations that resulted in United States source income of $178 and $765, respectively.  Baltic Trading’s estimated United States income tax expense for the three and six months ended June 30, 2015 was $7 and  $31, respectively.

Recent accounting pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases.  This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense.  This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years.  Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments are measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In August 2015, the FASB issued ASU No. 2015-15 (“ASU 2015-15”), which amends presentation and disclosure requirements outlined in ASU 2015-03, “Interest-Imputation of Interest (ASC Subtopic 835-30):  Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”) by clarifying guidance for debt issuance costs related to line of credit arrangements by acknowledging the statement by SEC staff that it would not object to presentation of debt issuance costs related to a line of credit arrangement as an asset, and amortizing them ratably over the term of the line of credit arrangement, regardless of whether there were any borrowings outstanding under the agreement. Issued in April 2015, ASU 2015-03 required debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts.  Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as deferred charge assets, separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 during the three months ended March 31, 2016 on a retrospective basis. Refer to Note 8 – Debt.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date.  The FASB also permitted early adoption of the standard, but not before the original effective date of December 15, 2016.   The Company is evaluating the potential impact of this adoption on its consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB issued the following ASU’s which amend or provide additional guidance on topics addressed in ASU 2014-09.  In March 2016, the FASB issued ASU No. 2016-08, “Revenue Recognition - Principal versus Agent” (reporting revenue gross versus net). In April 2016, the FASB issued ASU No. 2016-10, “Revenue Recognition - Identifying Performance Obligations and Licenses.”   Lastly, in May 2016, the FASB issued No. ASU 2016-12, “Revenue Recognition - Narrow Scope Improvements and Practical Expedients.”   The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

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CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2016

CASH FLOW INFORMATION

CASH FLOW INFORMATION

3 - CASH FLOW INFORMATION

For the six months ended June 30, 2016, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $80for the Purchase of vessels, including deposits and $81 for the Purchase of other fixed assets. Additionally, during the six months ended June 30, 2016, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Prepaid expenses and other current assets consisting of $41 associated with the Sale of AFS securities.

Professional fees and trustee fees in the amount of $160 were recognized by the Company in Reorganization items, net for the six months ended June 30, 2016 (refer to Note 16 —  Reorganizations Items, net).  During this period, $142 of professional fees and trustee fees were paid through June 30, 2016 and $65 is included in Accounts payable and accrued expenses as of June 30, 2016.

For the six months ended June 30, 2015, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $673 for the Purchase of vessels, including deposits and $102 for the Purchase of other fixed assets.  Additionally, for the six months ended June 30, 2015, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $47 associated with the Payment of deferred financing fees.  Lastly, for the six months ended June 30, 2015, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $111 associated with the Cash settlement of non-accredited Note holders.  During the six months ended June 30, 2015, the Company increased the estimated amount of non-accredited holders of the Convertible Senior Notes, which was discharged on July 9, 2014 when the Company emerged from bankruptcy (the “Effective Date”), that are expected to be settled in cash versus settled with common shares.

Professional fees and trustee fees in the amount of $833 were recognized by the Company in Reorganization items, net for the six months ended June 30, 2015 (refer to Note 16 —  Reorganizations Items, net).  During this period, $947 of professional fees and trustee fees were paid through June 30, 2015 and $198 is included in Accounts payable and accrued expenses as of June 30, 2015.

During the six months ended June 30, 2015, the Company made a reclassification of $9,694 from Deposits on vessels to Vessels, net of accumulated depreciation, due to the completion of the purchase of  Baltic Wasp. No such reclassifications were made during the six months ended June 30, 2016.

During the six months ended June 30, 2016 and 2015, cash paid for interest, net of amounts capitalized, was $12,923 and $6,940, respectively.

During the six months ended June 30, 2016 and 2015, cash paid for estimated income taxes was $512 and $1,369, respectively.

On May 18, 2016, the Company issued 666,664 restricted stock units, or 66,666 restricted stock units on a post-reverse stock split basis, to certain members of the Board of Directors.  The aggregate fair value of these restricted stock units was $340.  Refer to Note 18 — Stock-Based Compensation.   

On February 17, 2016, the Company granted 408,163 and 204,081 shares of nonvested stock, or 40,816 and 20,408 shares on a post-reverse stock split basis, under the 2015 Equity Incentive Plan to Peter C. Georgiopoulos, Chairman of the Board of Directors, and John Wobensmith, President, respectively.  The grant date fair value of such nonvested stock was $318.  Refer to Note 18 — Stock-Based Compensation.

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VESSEL ACQUISITIONS AND DISPOSITIONS

6 Months Ended

Jun. 30, 2016

VESSEL ACQUISITIONS AND DISPOSITIONS ABSTRACT

Vessel Acquisitions and Dispositions

4 - VESSEL ACQUISITIONS AND DISPOSITIONS

On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine. On May 17, 2016, the Company completed the sale of the Genco Marine.  The Company realized a net loss of $77 and had net proceeds of $1,923 from the sale of the vessel, including costs incurred to deliver the vessel to the buyer, during the three and six months ended June 30, 2016.  The Company reached an agreement on May 6, 2016 to sell the Genco Marine, a 1996-built Handymax vessel, to be scrapped with Ace Exim Pte Ltd., a demolition yard, for a net amount $2,187 less a 2.0% broker commission payable to a third party.  

On November 13, 2013, Baltic Trading entered into agreements to purchase up to four64,000 dwt Ultramax newbuilding drybulk vessels from Yangfan Group Co., Ltd. for a purchase price of $28,000 per vessel, or up to $112,000 in the aggregate.  Baltic Trading agreed to purchase two such vessels, which have been renamed the Baltic Hornet and Baltic Wasp, and obtained an option to purchase up to two additional such vessels for the same purchase price, which Baltic Trading exercised on January 8, 2014. These vessels were renamed the Baltic Mantis and the Baltic Scorpion. The first of these vessels, the Baltic Hornet, was delivered to Baltic Trading on October 29, 2014. The Baltic Wasp was delivered to Baltic Trading on January 2, 2015. The Baltic Scorpion and the Baltic Mantis were delivered to the Company on August 6, 2015 and October 9, 2015, respectively. The Company has utilized a combination of cash on hand, cash flow from operations as well as debt, including the $148Million Credit Facility and the 2014 Term Loan Facilities as described in Note 8 — Debt, to fully finance the acquisition of these Ultramax newbuilding drybulk vessels. On December 30, 2014, Baltic Trading paid $19,645 for the final payment due for the Baltic Wasp which was classified as noncurrent Restricted Cash in the Condensed Consolidated Balance Sheets as of December 31, 2014 as the payment was held in an escrow account and was released to the seller when the vessel was delivered to Baltic Trading on January 2, 2015.

Refer to Note 1 — General Information for a listing of the delivery dates for the vessels in the Company’s fleet.

Capitalized interest expense associated with the newbuilding contracts entered into by Baltic Trading  for the three months ended June 30, 2016 and 2015 was $0 and $139, respectively, and $0 and $263 for the six months ended June 30, 2016 and 2015, respectively.

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INVESTMENTS

6 Months Ended

Jun. 30, 2016

INVESTMENTS

INVESTMENTS

5 – INVESTMENTS

The Company holds an investment in the capital stock of Jinhui and the stock of KLC.  Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.  KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.  These investments are designated as AFS and are reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI.  At June 30, 2016 and December 31, 2015, the Company held 12,703,100 and 15,706,825 shares of Jinhui capital stock, respectively, which is recorded at its fair value of $7,230 and $12,273,  respectively, based on the last closing price during each respective quarter on June 30, 2016 and December 30, 2015, respectively.  At June 30, 2016 and December 31, 2015, the Company held 3,355 shares of KLC stock which is recorded at its fair value of $50 and $54, respectively, based on the last closing price during each respective quarter on June 30, 2016 and December 30, 2015.

The Company reviews the investment in Jinhui for indicators of other-than-temporary impairment in accordance with ASC 320-10. Based on the Company’s review, it deemed the investment in Jinhui to be other-than-temporarily impaired as of June 30, 2016 and December 31, 2015 due to the duration and severity of the decline in its market value versus its cost basis and the absence of the intent and ability to recover the initial carrying value of the investment.  As a result, the Company recorded an impairment charge in the Condensed Consolidated Statement of Operations of $2,696 during the three and six months ended June 30, 2016. The Company will continue to review its investments in Jinhui and KLC for impairment on a quarterly basis.  There were noimpairment charges during the three and six months ended June 30, 2015. The Company’s investment in Jinhui is a Level 1 item under the fair value hierarchy, refer to Note 10 — Fair Value of Financial Instruments.

The unrealized gain (losses) on the Jinhui capital stock and KLC stock are a component of AOCI since these investments are designated as AFS securities. As part of fresh-start reporting, the Company revised its cost basis for its investments in Jinhui and KLC based on their fair values on the Effective Date. As a result of the other-than-temporary impairment of the investment in Jinhui, the cost basis for the investment in Jinhui going forward will be based on its fair value as of June 30, 2016.

Refer to Note 9 — Accumulated Other Comprehensive Income (Loss) for a breakdown of the components of AOCI,including the effects of any sales of Jinhui shares and other-than-temporary impairment of the investment in Jinhui.

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NET LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2016

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE

6 - NET LOSS PER COMMON SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net loss per share assumes the vesting of nonvested stock awards (refer to Note 18 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 201,930 nonvested shares outstanding, including RSUs, at June 30, 2016 (refer to Note 18 — Stock-Based Compensation), all are anti-dilutive.Of the 5,704,974 of MIP Warrants and 3,936,761 of equity warrants outstanding at June 30, 2016, all are anti-dilutive.  The Company’s diluted net loss per share will also reflect the assumed conversion of the equity warrants issued on the Effective Date and MIP Warrants issued by the Company (refer to Note 18 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. 

On July 7, 2016, the Company completed a one-for-tenreverse stock split of its common stock.  As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements reflect the reverse stock split. 

The components of the denominator for the calculation of basic and diluted net loss per share are as follows:

	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Dilutive effect of warrants	—	—	—	—
Dilutive effect of restricted stock awards	—	—	—	—
Weighted-average common shares outstanding, diluted	7,221,735	6,048,719	7,220,265	6,045,915

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2016

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

7 - RELATED PARTY TRANSACTIONS

The following represent related party transactions reflected in these condensed consolidated financial statements:

The Company incurred travel and other office related expenditures from Gener8 Maritime, Inc. (“Gener8”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board.  During the six months ended June 30, 2016 and 2015, the Company incurred travel and other office related expenditures totaling $47 and $53, respectively, reimbursable to Gener8 or its service provider. At June 30, 2016 and December 31, 2015, the amount due to Gener8 from the Company was $8 and $8, respectively.

During the six months ended June 30, 2016 and 2015, the Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $0 and $8, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  At June 30, 2016 and December 31, 2015, the amount due to Constantine Georgiopoulos was $11 and $11, respectively.

The Company has entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in its fleet.  Peter C. Georgiopoulos, Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the six months ended June 30, 2016 and 2015, Aegean supplied lubricating oils to the Company’s vessels aggregating $793 and $663, respectively.  At June 30, 2016 and December 31, 2015, $254 and $219 remained outstanding, respectively.

During the six months ended June 30, 2016 and 2015, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $1,208 and $1,596, respectively.Peter C. Georgiopoulos, Chairman of the Board, is a director of and has a minority interest in MEP.  At June 30, 2016, $40 was due to MEP from the Company.  At December 31, 2015, $603 was due to the Company from MEP.  Total service revenue earned by the Company, including termination fees, for technical service provided to MEP for the six months ended June 30, 2016 and 2015 was $1,225 and $1,629, respectively.

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DEBT

6 Months Ended

Jun. 30, 2016

DEBT

DEBT

8 – DEBT

Long-term debt consists of the following:

	June 30,		December 31,
	2016		2015
Principal amount	$	561,656	$	588,434
Less:  Unamortized debt issuance costs		(8,355)		(9,411)
Less: Current portion		(553,301)		(579,023)
Long-term debt	$	—	$	—

	June 30, 2016				December 31, 2015
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$100 Million Term Loan Facility	$	56,253	$	1,037	$	60,100	$	1,201
$253 Million Term Loan Facility		135,118		2,184		145,268		2,528
$44 Million Term Loan Facility		37,125		511		38,500		584
2015 Revolving Credit Facility		52,935		—		56,218		—
$98 Million Credit Facility		98,271		2,119		98,271		2,368
$148 Million Credit Facility		134,391		559		140,383		639
$22 Million Term Loan Facility		17,875		325		18,625		376
2014 Term Loan Facilities		29,688		1,620		31,069		1,715
Total debt	$	561,656	$	8,355	$	588,434	$	9,411

During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 – Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the condensed consolidated balance sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets.  The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility, which represent revolving credit agreements which are not addressed in ASU 2015-03.  Accordingly, as of June 30, 2016, $8,355 of deferred financing costs were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Furthermore, the Company reclassified $9,411 of deferred financing costs from Deferred Financing Costs, net to the Current Portion of Long-Term Debt as of December 31, 2015. 

Commitment Letter

On June 8, 2016, the Company entered into a Commitment Letter (the “Commitment Letter”) for a senior secured loan facility (the “New Facility”) for an aggregate principal amount of up to $400,000 with Nordea Bank Finland plc, New York Branch, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgeschäft, Crédit Industriel et Commercial, and BNP Paribas.  The New Facility is intended to refinance the Company’s $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and 2015 Revolving Credit Facility, each as defined below (collectively, the “Prior Facilities”).  The New Facility is subject to definitive documentation, and the Company’s ability to borrow under the New Facility is subject to a number of conditions, including the completion of an equity financing satisfactory to the lenders with gross proceeds to the Company including the equity commitments described below of at least $125,000, amendment of the Company’s other credit facilities on terms satisfactory to the lenders and other customary conditions.  As a condition to the effectiveness of the Commitment Letter, the Company entered into separate equity commitment letters for a portion of such financing on June 8, 2016 with each of the following: (i) funds managed by affiliates of Centerbridge Partners, L.P. for approximately $31,200, (ii) affiliates of Strategic Value Partners, LLC for approximately $17,300, and (iii) fund managed by affiliates of Apollo Global Management, LLC for approximately $14,000, each of which are subject to a number of conditions.  Additionally, pursuant to the Commitment Letter, the waivers with regard to the collateral maintenance covenants under the $100 Million Term Loan Facility, $253 Million Term Loan Facility, $148 Million Credit Facility, $22 Million Term Loan Facility, $44 Million Term Loan Facility and the 2015 Revolving Credit Facility, as defined below, were further extended to July 29, 2016 subject to the entry into a definitive purchase agreement for the equity financing referred to above by June 30, 2016.

On June 30, 2016 the Company entered into an amendment and restatement of the Commitment Letter (the “Amended Commitment Letter”).  This amendment extended the collateral maintenance waivers under the Prior Facilities through 11:59 p.m. on September 30, 2016.  Additionally, the Amended Commitment Letter, as well as the $98 Million Credit Facility Commitment Letter (refer to the “$98 Million Credit Facility” section below) provided for waivers of the Company’s company-wide minimum cash covenants, so long as cash and cash equivalents of the Company are at least $25,000, and of the Company’s maximum leverage ratio through 11:59 p.m. on September 30, 2016.  The Company is currently seeking a similar waiver under the 2014 Term Loan Facilities.  In addition, from August 31 through September 30, 2016, the amount of cash the Company would need to maintain under its minimum cash covenants applicable only to obligors in each Prior Facility would be reduced by up to $250 per vessel, subject to an overall maximum cash withdrawal of $10,000 to pay expenses and additional conditions.  The effectiveness of such new waivers and waiver extensions was conditioned on extension of the equity commitment letters entered into on June 8, 2016 as described above through September 30, 2016, which were so extended by amendments entered into on June 29, 2016.   The Amended Commitment Letter also conditions such waivers on the Company entering into a definitive purchase agreement or file a registration statement for an equity financing by 11:59 p.m. on August 15, 2016.

Collateral Maintenance and Maximum Leverage Ratio Compliance

The Company is required to be in compliance with covenants under all of its nine credit facilities on a quarterly basis. Pursuant to the Amended Commitment Letter, the $98 Million Credit Facility Commitment Letter (as defined below), and the waiver entered into for the 2014 Term Loan Facilities (as described below), the collateral maintenance requirements and maximum leverage requirements under all nine of the Company’s credit facilities has been waived through September 30, 2016, with the exception of the $98 Million Credit Facility Commitment Letter which reduced the collateral maintenance requirement from 140% to 120%and the 2014 Term Loan Facilities, for which the waivers were extended through October 15, 2016, except that such extended waivers under the 2014 Term Loan Facilities will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Each of the Company’s credit facilities contain cross default provisions that could be triggered by the Company’s failure to satisfy its collateral maintenance and maximum leverage covenants once the waivers expire.  Given the existence of the cross default provisions and the absence of any current solution which would cure the noncompliance for at least the next twelve months, the Company has determined that it should classify its outstanding indebtedness as a current liability as of June 30, 2016 and December 31, 2015.

Amendment and Consent Agreements Related to the Merger

On July 14, 2015, Baltic Trading and certain of its wholly owned subsidiaries entered into agreements (the “Amendment and Consent Agreements”) to amend, provide consents under, or waive certain provisions of the $22Million Term Loan Facility (as defined below), 2014 Term Loan Facilities (as defined below) and the $148 Million Credit Facility (as defined below) (each a “Facility” and collectively the “Facilities”).  The Amendment and Consent Agreements implemented, among other things, the following:

· The existing covenants measuring collateral maintenance under the 2014 Term Loan Facilities were amended as follows: the minimum fair market value of vessels pledged as security (together with the value of any additional collateral) is required to be (i) for the period from June 30, 2015 up to and including December 30, 2015, 125% of the amount outstanding under such Facilities; (ii) for the period from December 31, 2015 up to and including March 30, 2016, 130% of such amount; and (iii) for the period from March 31, 2016 and thereafter, 135% of such amount.

· The existing covenant measuring collateral maintenance under the $22 Million Term Loan Facility was amended so that through and including the period ending June 30, 2016, the minimum fair market value of vessels mortgaged under such Facility is required to be 110% of the amount outstanding under such Facility.

· Under the $148 Million Credit Facility, the existing covenant measuring collateral maintenance was amended so that through and including the period ending December 31, 2015, the minimum fair market value of vessels mortgaged under such Facility is required to be 130% of the amount outstanding under such Facility and thereafter, 140% of such amount, except that for the period through and including the period ending December 31, 2015, such percentage was increased to 140% at the time of funding of the term loan for the Baltic Scorpion on August 3, 2015. 

· The calculation of the minimum consolidated net worth was reduced by $30,730 to $270,150 under each Facility to account for the reduction of equity due to the impairment associated with the sale of the Baltic Tiger and Baltic Lion vessels.

· The measurement of the maximum leverage ratio under each Facility was amended to exclude from the numerator thereof (which is the amount of indebtedness included in the calculation of such financial covenant) any committed but undrawn working capital lines.

· Under the$148Million Credit Facility, following consummation of the Merger on July 17, 2015, the amount of cash to be held by the administrative agent under such Facility (or otherwise remaining undrawn under certain working capital lines) for each collateral vessel mortgaged under such Facility, as required under the under the minimum liquidity covenant under such Facility, was amended to an amount of $750 per vessel.

· Following completion of the Merger on July 17, 2015, all corporate wide financial covenants of Baltic Trading are to be measured on a consolidated basis with the Company (the “Consolidated Covenant Amendments”).

· Waivers or consents under the Facilities to permit the delisting of Baltic Trading’s stock on the New York Stock Exchange (which constitutes a change of control under each such Facility) and the termination of the Management Agreement, dated as of March 15, 2010, by and between GS&T and Baltic Trading.

· Waivers or consents under each of the Facilities to permit the Merger.

· Waivers or consents to certain covenants under each of the Facilities to the extent such covenants would otherwise be breached as a result of the Merger.

On July 17, 2015, when the Merger was completed, the Company executed a guaranty of the obligations of the borrowers  (other than to the extent the Company was a borrower) under each of the Facilities.  The execution of the guarantees, together with certain other items that were previously delivered, satisfied all conditions to the effectiveness of all provisions of the Amendment and Consent Agreements.

$98 Million Credit Facility

On November 4, 2015, thirteen of the Company’s wholly-owned subsidiaries entered into a Facility Agreement, by and among such subsidiaries as borrowers (collectively, the “Borrowers”); Genco Holdings Limited, a newly formed direct subsidiary of Genco of which the Borrowers are direct subsidiaries (“Holdco”); certain funds managed or advised by Hayfin Capital Management, Breakwater Capital Ltd, or their nominee, as lenders; and Hayfin Services LLP, as agent and security agent (the “$98 Million Credit Facility”).

The Borrowers borrowed the maximum available amount of $98,271 under the facility on November 10, 2015. As of June 30, 2016, there was no availability under the $98 Million Credit Facility.  As of June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $96,152 and $95,903, respectively.

Borrowings under the facility are available for working capital purposes.  The facility has a final maturity date of September 30, 2020, and the principal borrowed under the facility will bear interest at LIBOR for an interest period of three months plus a margin of 6.125% per annum.  The facility has no fixed amortization payments for the first two years and fixed amortization payments of $2,500 per quarter thereafter.  To the extent the value of the collateral under the facility is 182% or less of the loan amount outstanding, the Borrowers are to prepay the loan from earnings received from operation of the thirteen collateral vessels after deduction of the following amounts:  costs, fees, expenses, interest, and fixed principal repayments under the facility; operating expenses relating to the thirteenvessels; and the Borrowers’ pro rata share of general and administrative expenses based on the number of vessels they own.

The Facility Agreement requires the Borrowers and, in certain cases, the Company and Holdco to comply with a number of covenants substantially similar to those in the other credit facilities of Genco and its subsidiaries, including financial covenants related to maximum leverage, minimum consolidated net worth, minimum liquidity, and dividends; collateral maintenance requirements; and other customary covenants.The Company is prohibited from paying dividends under this facility until May 1, 2017. Following May 1, 2017, the amount of dividends the Company may pay is limited based on the amount of the loans outstanding under the 2015 Revolving Credit Facility (as defined below) and the $98Million Credit Facility, as well as the ratio of the value of vessels and certain other collateral pledged under the $98Million Credit Facility.  The Facility Agreement includes usual and customary events of default and remedies for facilities of this nature.  As of June 30, 2016 and December 31, 2015, the Company had deposited $9,750  that has been reflected as restricted cash.  Restricted cash will be released only if the underlying collateral is sold or disposed of.

Borrowings under the facility are secured by first priority mortgage on the vessels owned by the Borrowers, namely the Genco Constantine, the Genco Augustus, the Genco London, the Genco Titus, the Genco Tiberius, the Genco Hadrian, the Genco Knight, the Genco Beauty, the Genco Vigour, the Genco Predator, the Genco Cavalier, the Genco Champion, and the Genco Charger, and related collateral.  Pursuant to the Facility Agreement and a separate Guarantee executed by the Company, the Company and Holdco are acting as guarantors of the obligations of the Borrowers and each other under the Facility Agreement and its related documentation.

On June 29, 2016, the Company entered into a commitment letter (the “$98 Million Credit Facility Commitment Letter”) which provides for certain covenant relief through September 30, 2016.  For such period, compliance with the company-wide minimum cash covenant has been waived so long as cash and cash equivalents of the Company are at least $25,000 ; compliance with the maximum leverage ratio has been waived; and the ratio required to be maintained under the Company’s collateral maintenance covenant will be 120% rather than 140%.  Refer to the “Commitment Letter” section above for further discussions about the company-wide minimum cash covenant.

As of June 30, 2016, after giving effect to the modification of the collateral maintenance covenant as described above, the Company believed it was in compliance with all of the financial covenants under the $98 Million Credit Facility pursuant to the terms of the $98Million Credit Facility Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $96,152 has been classified as current liability in the Condensed Consolidated Balance Sheet as of June 30, 2016.

2015 Revolving Credit Facility

On April 7, 2015, the Company’s wholly-owned subsidiaries, Genco Commodus Limited, Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited (collectively, the “Subsidiaries”) entered into a loan agreement by and among the Subsidiaries, as borrowers, ABN AMRO Capital USA LLC, as arranger, facility agent, security agent, and as lender, providing for a $59,500 revolving credit facility, with an uncommitted accordion feature that has since expired (the “2015 Revolving Credit Facility”).  On April 7, 2015, the Company entered into a guarantee of the obligations of the Subsidiaries under the 2015 Revolving Credit Facility, in favor of ABN AMRO Capital USA LLC.

Borrowings under the 2015 Revolving Credit Facility were permitted for general corporate purposes including “working capital” (as defined in the 2015 Revolving Credit Facility) and to finance the purchase of drybulk vessels.  The 2015 Revolving Credit Facility has a maturity date of April 7, 2020.  Borrowings under the 2015 Revolving Credit Facility bear interest at LIBOR plus a margin based on a combination of utilization levels under the 2015 Revolving Credit Facility and a security maintenance cover ranging from 3.40% per annum to 4.25% per annum.  The commitment under the 2015 Revolving Credit Facility is subject to quarterly reductions of $1,641. Borrowings under the 2015 Revolving Credit Facility are subject to 20 equal consecutive quarterly installment repayments commencing three months after the date of the loan agreement, or July 7, 2015. A commitment fee of 1.5% per annum is payable on the undrawn amount of the maximum loan amount.

Borrowings under the 2015 Revolving Credit Facility are to be secured by liens on each of the Subsidiaries’ respective vessels; specifically, the Genco Commodus, Genco Maximus, Genco Claudius, Genco Hunter and Genco Warrior and other related assets. 

The 2015 Revolving Credit Facility requires the Subsidiaries to comply with a number of customary covenants including financial covenants related to collateral maintenance, liquidity, leverage, debt service reserve and dividend restrictions.

On April 8, 2015, the Company drew down $25,000 on the 2015 Revolving Credit Facility for working capital purposes and to partially fund the purchase of the Baltic Lion and Baltic Tiger from Baltic Trading.  Additionally, on July 10, 2015 and October 14, 2015, the Company drew down $10,000 and $21,218, respectively, on the 2015 Revolving Credit Facility for working capital purposes. As of June 30, 2016, the Company has utilized its maximum borrowing capacity. At the June 30, 2016 and December 31, 2015, the total outstanding debt balance was $52,935 and $56,218, respectively.

On April 7, 2016, the Company entered into a waiver agreement with the lenders under the 2015 Revolving Credit Facility to postpone the due date of the $1,641 amortization payment due April 7, 2016 to May 31, 2016.  As a condition thereof, the amount of the debt service required under the 2015 Revolving Credit Facility was $3,241through May 30, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the 2015 Revolving Credit Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the debt outstanding under this facility of $52,935 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

$100 Million Term Loan Facility

On August 12, 2010, the Company entered into the $100 Million Term Loan Facility. As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $100,000.  The Company has used the $100 Million Term Loan Facility to fund or refund  the Company a portion of the purchase price of the acquisition of five vessels from companies within the Metrostar group of companies. As of June 30, 2016, there was no availability under the $100 Million Term Loan Facility.  At  June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $55,216 and $58,899, respectively.

On the Effective Date, the Company entered into the Amended and Restated $100 Million Term Loan Facility and the Amended and Restated $253 Million Term Loan Facility.  The Amended and Restated Credit Facilities included, among other things:

· A paydown as of the Effective Date with respect to payments which became due under the prepetition credit facilities between the Petition Date and the Effective Date and were not paid during the pendency of the Chapter 11 Cases (refer to Note 16 – Reorganization Items, net for discussion of Chapter 11 Cases) ($1,923 for the $100 Million Term Loan Facility and $5,075 for the $253 Million Term Loan Facility).

· Extension of the maturity dates to August 31, 2019 from August 17, 2017 for the $100 Million Term Loan Facility and August 15, 2015 for the $253 Million Term Loan Facility.

· Relief from compliance with financial covenants governing the Company’s maximum leverage ratio, minimum consolidated interest coverage ratio and consolidated net worth through and including the quarter ending June 30, 2015 (with quarterly testing commencing June 30, 2015).

· A fleetwide minimum liquidity covenant requiring maintenance of cash of $750 per vessel for all vessels owned by the Company (excluding those owned by Baltic Trading).

· An increase in the interest rate to LIBOR plus 3.50% per year from 3.00% previously for the $100 Million Term Loan Facility and the $253 Million Term Loan Facility.

The obligations under the Amended and Restated $100 Million Term Loan Facility are secured by a first priority security interest in the vessels and other collateral securing the $100 Million Term Loan Facility.  The Amended and Restated $100 Million Term Loan Facility requires quarterly repayment installments in accordance with the original terms of the $100 Million Term Loan Facility.

On April 30, 2015, the Company entered into agreements to amend or waive certain provisions under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility (the “April 2015 Amendments”) which implemented the following, among other things:

· The existing covenant measuring the Company’s ratio of net debt to EBITDA was replaced with a covenant requiring its ratio of total debt outstanding to value adjusted total assets (total assets adjusted for the difference between book value and market value of fleet vessels) to be less than 70%.

· Measurement of the interest coverage ratio under each facility is waived through and including December 31, 2016.

· The fleetwide minimum liquidity covenant has been amended to allow up to 50% of the required amount of $750 per vessel in cash to be satisfied with undrawn working capital lines with a remaining availability period of more than six months.

· The Company agreed to grant additional security for its obligation under the $253 Million Term Loan Facility.  Refer to the $253 Million Term Loan Facility section below for a description of the additional security granted for this facility.

Consenting lenders under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility received an upfront fee of $165 and $350, respectively, related to the April 2015 Amendments.

In October 2015 and April 2015 the Company added two unencumbered vessels, the Genco Prosperity and Genco Sugar, respectively, as additional collateral to cover the previous shortfalls in meeting the collateral maintenance test.

A waiver was entered into on March 29, 2016 which required the Company to prepay the $1,923 debt amortization payment due on June 30, 2016 and which waived the collateral maintenance covenant through April 11, 2016. On April 11, 2016, the Company entered into additional agreements with the lenders under the $100 Million Term Loan Facility which extended the waiver through May 31, 2016.  Pursuant to additional agreements with the lenders under the $100 Million Term Loan Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was further extended through June 10, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $100 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $55,216 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

$253 Million Term Loan Facility

On August 20, 2010, the Company entered into the $253 Million Term Loan Facility. As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $253,000 to fund or refund to the Company a portion of the purchase price of the 13 vessels purchased from Bourbon SA during the third quarter of 2010 and first quarter of 2011. As of June 30, 2016, there was no availability under the $253 Million Term Loan Facility. At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $132,934 and $142,740, respectively.

As of June 30, 2016 and December 31, 2015, the Company has deposited $9,750 that has been reflected as Restricted cash.  Restricted cash will be released only if the underlying collateral is sold or disposed of.

Refer to the “$100 Million Term Loan Facility” section above for a description of the Amended and Restated $253 Million Term Loan Facility that was entered into by the Company on the Effective Date as well as a description of the April 2015 Amendments that were entered into by the Company on April 30, 2015.  The obligations under the Amended and Restated $253 Million Term Loan Facility are secured by a first priority security interest in the vessels and other collateral securing the $253 Million Term Loan Facility.  The Amended and Restated $253 Million Term Loan Facility requires quarterly repayment installments in accordance with the original terms of the $253 Million Term Loan Facility.

In order to maintain compliance with the collateral maintenance test, during July 2015, the Company added five of its unencumbered vessels, the Genco Thunder, the Genco Raptor, the Genco Challenger, the Genco Reliance and the Genco Explorer, as additional collateral under this facility.  Additionally, the Company was also in communication with the facility’s agent and prepaid $1,650 of the outstanding indebtedness on July 29, 2015, which the lenders agreed would reduce the schedules amortization payment of $5,075 that was due in October 2015.

A waiver was entered into on March 11, 2016 which required the Company to prepay the $5,075 debt amortization payment due on April 11, 2016 and which waived the collateral maintenance covenant through April 11, 2016. On April 11, 2016, the Company entered into additional agreements with the lenders under the $253 Million Term Loan Facility which extended the waiver through May 31, 2016. Pursuant to additional agreements with the lenders under the $253 Million Term Loan Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was further extended through June 10, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $253 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months. As such, the net debt outstanding under this facility of $132,934 has been classified as current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

$44 Million Term Loan Facility

On December 3, 2013, Baltic Tiger Limited and Baltic Lion Limited, wholly-owned subsidiaries of Baltic Trading, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $44,000 (the “$44 Million Term Loan Facility”). Amounts borrowed and repaid under the $44 Million Term Loan Facility may not be reborrowed.  The $44 Million Term Loan Facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or December 23, 2019.  Borrowings under the $44 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 0.75% per annum is payable on the unused daily portion of the credit facility, which began accruing on December 3, 2013 and ended on December 23, 2013, the date which the entire $44,000 was borrowed.  Borrowings are to be repaid in 23 quarterly installments of $688 each commencing three months after the last drawdown date, or March 24, 2014, and a final payment of $28,188 due on the maturity date.

Borrowings under the $44 Million Term Loan Facility are to be secured by liens on the Company’s vessels to be financed or refinanced with borrowings under the facility, namely the Genco Tiger and the Baltic Lion, and other related assets. Upon the prepayment of $18,000 plus any additional amounts necessary to maintain compliance with the collateral maintenance covenant, the Company may have the lien on the Genco Tiger released. Under a Guarantee and Indemnity entered into concurrently with the $44 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $44 Million Term Loan Facility.

On December 23, 2013, Baltic Tiger Limited and Baltic Lion Limited made drawdowns of $21,400 and $22,600 for the Genco Tiger and Baltic Lion, respectively.  As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $44,000 and there was no further availability.  At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $36,614 and $37,916, respectively. 

On June 8, 2016, the Company entered into an amendment to the $44 Million Term Loan Facility which provided for cross-collateralization with the $22 Million Term Loan Facility.  Pursuant to this amendment, the security coverage ratio (collateral maintenance calculation) was revised to include the fair market value of the Genco Tiger, Baltic Lion, Baltic Fox and Baltic Hare less the outstanding indebtedness under the $22 Million Term Loan Facility as the total security effective June 30, 2016.    Refer also to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believes it was in compliance with all of the financial covenants under the $44 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $36,614 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

On April 8, 2015, the Company acquired the entities owning the Baltic Lion and Baltic Tiger and succeeded Baltic Trading as the guarantor of the outstanding debt under the Baltic Trading $44 Million Term Loan Facility.  Refer to Note 1 — General Information for further information regarding the sale of these entities to the Company.

2010 Credit Facility

On April 16, 2010, Baltic Trading entered into a $100,000 senior secured revolving credit facility with Nordea Bank Finland plc, acting through its New York branch (as amended, the “2010 Credit Facility”).  An amendment to the 2010 Credit Facility was entered into by Baltic Trading effective November 30, 2010.  Among other things, this amendment increased the commitment amount of the 2010 Credit Facility from$100,000 to $150,000.  An additional amendment to the 2010 Credit Facility was entered into by Baltic Trading effective August 29, 2013 (the “August 2013 Amendment”).  Among other things, the August 2013 Amendment implements the following modifications to the 2010 Credit Facility:

· The requirement that certain additional vessels acquired by Baltic Trading be mortgaged as collateral under the 2010 Baltic Trading Credit Facility was eliminated.

· Restrictions on the incurrence of indebtedness by Baltic Trading and its subsidiaries were amended to apply only to those subsidiaries acting as guarantors under the 2010 Credit Facility.

· The total commitment under this facility was reduced to $110,000 and will be further reduced in three consecutive semi-annual reductions of $5,000 commencing on May 30, 2015.

· Borrowings bear interest at an applicable margin over LIBOR of 3.00% per annum if the ratio of the maximum facility amount of the aggregate appraised value of vessels mortgaged under the facility is 55% or less, measured quarterly; otherwise, the applicable margin is 3.35% per annum.

· Financial covenants corresponding to the liquidity and leverage under the $22 Million Term Loan Facility (as defined below) have been incorporated into the 2010 Credit Facility.

On December 31, 2014, Baltic Trading entered into the $148 Million Credit Facility. Refer to the “$148 Million Credit Facility” section below.  Borrowings under the $148 Million Credit Facility were used to refinance Baltic Trading’s indebtedness under the 2010 Credit Facility.  On January 7, 2015, Baltic Trading repaid the $102,250 outstanding under the 2010 Credit Facility with borrowings from the $148 Million Credit Facility.

$22 Million Term Loan Facility

On August 30, 2013, Baltic Hare Limited and Baltic Fox Limited, wholly-owned subsidiaries of Baltic Trading, entered into a secured loan agreement with DVB Bank SE for a term loan facility of up to $22,000 (the “$22 Million Term Loan Facility”).  Amounts borrowed and repaid under the $22 Million Term Loan Facility may not be reborrowed.  This facility has a maturity date of the sixth anniversary of the drawdown date for borrowings for the second vessel to be purchased, or September 4, 2019.  Borrowings under the $22 Million Term Loan Facility bear interest at the three-month LIBOR rate plus an applicable margin of 3.35% per annum. A commitment fee of 1.00% per annum is payable on the unused daily portion of the credit facility, which began accruing on August 30, 2013 and ended on September 4, 2013, the date on which the entire $22,000 was borrowed.  Borrowings are to be repaid in 23 quarterly installments of $375 each commencing three months after the last vessel delivery date, or December 4, 2013, and a final payment of $13,375 due on the maturity date.

Borrowings under the $22 Million Term Loan Facility are secured by liens on the Company’s vessels purchased with borrowings under the facility, namely the Baltic Fox and the Baltic Hare, and other related assets.  Under a Guarantee and Indemnity entered into concurrently with the $22 Million Term Loan Facility, the Company agreed to guarantee the obligations of its subsidiaries under the $22 Million Term Loan Facility.

On September 4, 2013, Baltic Hare Limited and Baltic Fox Limited made drawdowns of $10,730 and $11,270 for the Baltic Hare and the Baltic Fox, respectively.  As of June 30, 2016, the Company has utilized its maximum borrowing capacity of $22,000 and there was no further availability.  At June 30, 2016 and December 31, 2015, the total outstanding net debt balance was $17,550 and $18,249, respectively.

On June 8, 2016, the Company entered into an amendment to the $22 Million Term Loan Facility which provided for cross-collateralization with the $44 Million Term Loan Facility.  Pursuant to this amendment, the security coverage ratio (collateral maintenance calculation) was revised to include the fair market value of the Baltic Fox, Baltic Hare, Genco Tiger and Baltic Lion less the outstanding indebtedness under the $44 Million Term Loan Facility as the total security effective June 30, 2016.  Additionally, this amendment increased the collateral maintenance requirement to 125% from 110% commencing July 1, 2016.  Refer also to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believes it was in compliance with all of the financial covenants under the $22 Million Term Loan Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that the Company would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $17,550 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the $22 Million Term Loan Facility.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the $22 Million Term Loan Facility.

2014 Term Loan Facilities

On October 8, 2014, Baltic Trading and its wholly-owned subsidiaries, Baltic Hornet Limited and Baltic Wasp Limited, each entered into a loan agreement and related documentation for a credit facility in a principal amount of up to $16,800 with ABN AMRO Capital USA LLC and its affiliates (the “2014 Term Loan Facilities”) to partially finance the newbuilding Ultramax vessel that each subsidiary acquired, namely the Baltic Hornet and Baltic Wasp, respectively.  Amounts borrowed under the 2014 Term Loan Facilities may not be reborrowed.  The 2014 Term Loan Facilities have a ten-year term, and the facility amount is to be the lowest of 60% of the delivered cost per vessel, $16,800 per vessel, and 60% of the fair market value of each vessel at delivery.  The 2014 Term Loan Facilities are insured by the China Export & Credit Insurance Corporation (Sinosure) in order to cover political and commercial risks for 95% of the outstanding principal plus interest, which was recorded in deferred financing fees.  Borrowings under the 2014 Term Loan Facilities bear interest at the three or six-month LIBOR rate plus an applicable margin of 2.50% per annum.  Borrowings are to be repaid in 20 equal consecutive semi-annual installments of 1/24 of the facility amount plus a balloon payment of 1/6 of the facility amount at final maturity.  Principal repayments commenced six months after the actual delivery date for each respective vessel.

Borrowings under the 2014 Term Loan Facilities are secured by liens on the vessels acquired with borrowings under these facilities, namely the Baltic Hornet and Baltic Wasp, and other related assets. The Company guarantees the obligations of the Baltic Hornet and Baltic Wasp under the 2014 Term Loan Facilities.

On October 24, 2014, Baltic Trading drew down $16,800 for the purchase of the Baltic Hornet, which was delivered on October 29, 2014.  Additionally, on December 30, 2014, Baltic Trading drew down $16,350 for the purchase of the Baltic Wasp, which was delivered on January 2, 2015.  As of June 30, 2016, the Company had utilized its maximum borrowing capacity and there was no further availability. At June 30, 2016 andDecember 31, 2015, the total outstanding net debt balance was $28,068 and $29,354, respectively. 

A waiver was entered into on June 30, 2016 with the lenders under the 2014 Term Loan Facilities which waived the collateral maintenance covenant through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the 2014 Term Loan Facilities, other than covenants that had been waived pursuant to the waiver agreements entered into on June 30, 2016 and August 9, 2016. However, as of June 30, 2016, the Company believed it was probable that it would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $28,068 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the 2014 Term Loan Facilities.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the 2014 Term Loan Facilities.

$148 Million Credit Facility

On December 31, 2014, Baltic Trading entered into a $148,000 senior secured credit facility with Nordea Bank Finland plc, New York Branch (“Nordea”), as Administrative and Security Agent, Nordea and Skandinaviska Enskilda Banken AB (Publ) (“SEB”), as Mandated Lead Arrangers, Nordea, as Bookrunner, and the lenders (including Nordea and SEB) party thereto (the “$148 Million Credit Facility”).  The $148 Million Credit Facility is comprised of an $115,000 revolving credit facility and $33,000 term loan facility.  Borrowings under the revolving credit facility were used to refinance Baltic Trading’s outstanding indebtedness under the 2010 Credit Facility.  Amounts borrowed under the revolving credit facility of the $148 Million Credit Facility may be re-borrowed.  Borrowings under the term loan facility of the $148 Million Credit Facility may be incurred pursuant to two single term loans in an amount of $16,500 each that were used to finance, in part, the purchase of two newbuilding Ultramax vessels that the Company had agreed to acquire, namely the Baltic Scorpion and Baltic Mantis.  Amounts borrowed under the term loan facility of the $148 Million Credit Facility may not be re-borrowed.

The $148 Million Credit Facility has a maturity date of December 31, 2019.  Borrowings under this facility bear interest at LIBOR plus an applicable margin of 3.00% per annum.  A commitment fee of 1.2% per annum is payable on the unused daily portion of the $148 Million Credit Facility, which began accruing on December 31, 2014.  The commitment under the revolving credit facility of the $148 Million Credit Facility is subject to equal consecutive quarterly reductions of $2,447 each beginning June 30, 2015 through September 30, 2019.  Borrowings under the term loan facility of the $148 Million Credit Facility are subject to equal consecutive quarterly installment repayments commencing three months after delivery of the relevant newbuilding Ultramax vessel, each in the amount of 1/60 of the aggregate outstanding term loan.  All remaining amounts outstanding under the $148 Million Credit Facility must be repaid in full on the maturity date, December 31, 2019.

Borrowings under the $148 Million Credit Facility are secured by liens on nine of Company’s existing vessels that have served as collateral under the 2010 Credit Facility, the two newbuilding Ultramax vessels noted above, and other related assets, including existing or future time charter contracts in excess of 36 months related to the foregoing vessels.

The $148 Million Credit Facility requires the Company to comply with a number of customary covenants substantially similar to those in the 2010 Credit Facility, including financial covenants related to liquidity, leverage, consolidated net worth and collateral maintenance.

As of June 30, 2016, there was no availability under the $148 Million Credit Facility.  As of June 30, 2016 and December 31, 2015, the outstanding debt under the revolving credit facility of the $148 Million Credit Facility was $102,766 and $107,658, respectively.  Additionally, as of June 30, 2016 and December 31, 2014, the outstanding net debt under the term loan facility of the $148 Million Credit Facility was $31,066 and $32,086, respectively.

On January 7, 2015, Baltic Trading drew down $104,500 from the revolving credit facility of the $148 Million Credit Facility.  Using these borrowings, Baltic Trading repaid the $102,250 outstanding under the 2010 Facility.  Additionally, on February 27, 2015, Baltic Trading drew down $10,500 from the revolving credit facility of the $148 Million Credit Facility. 

On August 3, 2015 and October 7, 2015, the Company drew down $16,500 on the term loan facility on each date for the purchase of the Baltic Scorpion and Baltic Mantis, respectively.  Refer to Note 4 – Vessel Acquisitions and Dispositions.

A waiver was entered into on April 12, 2016 which extended the cure period for the collateral maintenance covenants to May 31, 2016.  Pursuant to additional agreements with the lenders under the $148 Million Credit Facility entered into on May 31, 2016, June 3, 2016 and June 8, 2016, the waiver was further extended through June 8, 2016.  Refer to the “Commitment Letter” section above for additional waivers entered into by the Company which have extended the waivers of certain financial covenants through September 30, 2016.

As of June 30, 2016, the Company believed it was in compliance with all of the financial covenants under the $148 Million Credit Facility, other than covenants that had been waived by its lenders as of such date pursuant to the Amended Commitment Letter.  However, as of June 30, 2016, the Company believed it was probable that it would not be in compliance with certain covenants at measurement dates within the next twelve months.  As such, the net debt outstanding under this facility of $133,832 has been classified as a current liability in the Condensed Consolidated Balance Sheets as of June 30, 2016.

Refer to “Amendment and Consent Agreements Related to the Merger” section above for discussion of the amendments, consents and waiver agreements entered into on July 14, 2015 by Baltic Trading related to the $148 Million Credit Facility.  Upon the completion of the Merger on July 17, 2015, the Company executed a guaranty of the obligations of the borrowers under the $148 Million Credit Facility.

As per the Amendment and Consent Agreements, the collateral maintenance increased to 140% from 130% upon the funding of the initial term loan draw down on the facility.  During August 2015, the Company added two of its unencumbered Handysize vessels, the Genco Pioneer and Genco Progress, as additional collateral to cover any potential shortfall of the collateral maintenance test.  Additionally, during December 2015, the Company added two of its unencumbered Panamax and Handymax vessels, the Genco Leader and Genco Wisdom, respectively, as additional collateral to cover any potential shortfall of the collateral maintenance test.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Effective Interest Rate	4.37	%	3.54	%	4.36	%	3.54	%
Range of Interest Rates (excluding impact of swaps and unused commitment fees)	3.11% to 6.76	%	2.76% to 3.77	%	2.69% to 6.76	%	2.73% to 3.77	%

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2016

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of AOCI included in the accompanying condensed consolidated balance sheets consist of net unrealized gains (losses) from investments in Jinhui stock and KLC stock.

Changes in AOCI by Component

For the Three Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2016	$	838
OCI before reclassifications		(3,560)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(864)
AOCI — June 30, 2016	$	(26)

Changes in AOCI by Component

For the Three Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2015	$	(22,958)
OCI before reclassifications		(3,402)
Amounts reclassified from AOCI		—
Net current-period OCI		(3,402)
AOCI — June 30, 2015	$	(26,360)

Changes in AOCI by Component

For the Six Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2016	$	(21)
OCI before reclassifications		(2,701)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(5)
AOCI — June 30, 2016	$	(26)

Changes in AOCI by Component

For the Six Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2015	$	(25,317)
OCI before reclassifications		(1,043)
Amounts reclassified from AOCI		—
Net current-period OCI		(1,043)
AOCI — June 30, 2015	$	(26,360)

		Reclassifications Out of AOCI
	For the Three Months Ended				For the Six Months Ended				Affected Line Item in
	June 30,				June 30,				the Statement Where
Details about AOCI Components	2016		2015		2016		2015		Net Loss is Presented
Net unrealized loss on investments
Impairment of AFS investment	$	(2,696)	$	—	$	(2,696)	$	—	Impairment of investment
Total reclassifications for the period	$	(2,696)	$	—	$	(2,696)	$	—

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FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

10 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values and carrying values of the Company’s financial instruments at June 30, 2016 and December 31, 2015 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

	June 30, 2016				December 31, 2015
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	56,662	$	56,662	$	121,074	$	121,074
Restricted cash		19,815		19,815		19,815		19,815
Floating rate debt		561,656		561,656		588,434		588,434

The fair value of the floating rate debt under the $100 Million Term Loan Facility and the $253 Million Term Loan Facility are based on rates obtained upon our emergence from Chapter 11 on the Effective Date and there were no changes to rates pursuant to the April 2015 Amendments. The fair value of the floating rate debt under the $44 Million Term Loan Facility is based on rates that Baltic Trading initially obtained on the effective date of this facility, and there were no changes pursuant to the Guarantee and Indemnity entered into by the Company during April 2015.  The fair value of the floating rate debt under the 2015 Revolving Credit Facility and the $98 Million Credit Facility are based on rates the Company recently obtained upon the effective date of these facilities on April 7, 2015 and November 4, 2015, respectively.   The fair value of the $148 Million Credit Facility, $22 Million Term Loan Facility and the 2014 Term Loan Facilities is based on rates that Baltic Trading initially obtained upon the effective dates of these facilities which did not change pursuant to the Amendment and Consent Agreements effective on July 14, 2015. Refer to Note 8 — Debt for further information.  The carrying value approximates the fair market value for these floating rate loans.  The carrying amounts of the Company’s other financial instruments at June 30, 2016 and December 31, 2015 (principally Due from charterers and Accounts payable and accrued expenses), approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis.  This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

· Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

· Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

· Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

As of June 30, 2016 and December 31, 2015, the fair values of the Company’s financial assets and liabilities are categorized as follows:

	June 30, 2016
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	7,280	$	7,280

	December 31, 2015
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	12,327	$	12,327

The Company holds an investment in the capital stock of Jinhui, which is classified as a long-term investment.  The stock of Jinhui is publicly traded on the Oslo Stock Exchange and is considered a Level 1 item.  The Company also holds an investment in the stock of KLC, which is classified as a long-term investment.  The stock of KLC is publicly traded on the Korea Stock Exchange and is considered a Level 1 item.  Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. The Company did not have any Level 3 financial assets or liabilities as of June 30, 2016 and December 31, 2015.

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PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

6 Months Ended

Jun. 30, 2016

PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

11 - PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	June 30,		December 31,
	2016		2015
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	10,517	$	10,478
Prepaid items		4,252		3,917
Insurance receivable		1,537		2,738
Other		2,839		4,236
Total prepaid expenses and other current assets	$	19,145	$	21,369

Other noncurrent assets in the amount of $514at June 30, 2016 and December 31, 2015 represent the security deposit related to the operating lease entered into effective April 4, 2011. Refer to Note 17 — Commitments and Contingencies for further information related to the lease agreement.

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DEFERRED FINANCING COSTS

6 Months Ended

Jun. 30, 2016

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS

12 - DEFERRED FINANCING COSTS

Deferred financing costs include fees, commissions and legal expenses associated with securing revolving-debt facilities and other debt offerings and amending existing revolving-debt facilities. These costs are amortized over the life of the related debt and are included in interest expense.  Refer to Note 8 — Debt for further information regarding the existing revolving debt facilities.

Total net deferred financing costs consist of the following as of June 30, 2016 and December 31, 2015:

	June 30,		December 31,
	2016		2015
2015 Revolving Credit Facility	$	1,254	$	1,254
$148 Million Credit Facility		2,774		2,774
Total deferred financing costs		4,028		4,028
Less: accumulated amortization		1,136		734
Total	$	2,892	$	3,294

During the three months ended March 31, 2016, the Company adopted ASU 2015-03 (refer to Note 2 – Summary of Significant Accounting Policies) which requires debt issuance costs related to a recognized debt liability to be presented on the condensed consolidated balance sheets as a direct deduction from the debt liability rather than as a deferred financing cost assets.  The Company applied this guidance for all of its credit facilities with the exception of the 2015 Revolving Credit Facility and the revolving credit facility portion of the $148 Million Credit Facility, which represent revolving credit agreements which are not addressed in ASU 2015-03.  Accordingly, as of June 30, 2016, $8,355 of deferred financing costs were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheet. Furthermore, the Company reclassified $9,411 of deferred financing costs from Deferred Financing Costs, net to the Current Portion of Long-Term Debt as of December 31, 2015.  Refer to Note 8 —  Debt for further information.

Amortization expense for deferred financing costs, including the deferred financing costs recognized net of the outstanding debt, was $729and $564 for the three months ended June 30, 2016 and 2015, respectively, and $1,458 and $1,051 for the six months ended June 30, 2016 and 2015, respectively.  This amortization expense is recorded as a component of Interest expense in the Condensed Consolidated Statements of Operations.

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FIXED ASSETS

6 Months Ended

Jun. 30, 2016

FIXED ASSETS

FIXED ASSETS

13 - FIXED ASSETS

Fixed assets consist of the following:

	June 30,		December 31,
	2016		2015
Fixed assets, at cost:
Vessel equipment	$	1,113	$	1,086
Furniture and fixtures		462		462
Computer equipment		142		142
Total costs		1,717		1,690
Less: accumulated depreciation and amortization		563		404
Total	$	1,154	$	1,286

Depreciation and amortization expense for fixed assets for the three months ended June 30, 2016 and 2015 was $96 and $66, respectively.  Depreciation and amortization expense for fixed assets for the six months ended June 30, 2016 and 2015 was $192 and $117, respectively.

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2016

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

14 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
	2016		2015
Accounts payable	$	4,877	$	8,271
Accrued general and administrative expenses		6,202		5,745
Accrued vessel operating expenses		11,753		13,451
Total	$	22,832	$	27,467

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REVENUE FROM TIME CHARTERS

6 Months Ended

Jun. 30, 2016

REVENUE FROM TIME CHARTERS

REVENUE FROM TIME CHARTERS

15 - REVENUE FROM TIME CHARTERS

Total voyage revenue includes revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters.  For the three months ended June 30, 2016 and 2015, the Company earned $31,460 and $33,772 of voyage revenue, respectively, and for the six months ended June 30, 2016 and 2015, the Company earned $51,590 and $67,381 of voyage revenue, repectively. Included in voyage revenue for the three and six months ended June 30, 2016 was $626and $630 of profit sharing revenue, respectively.  There was no profit sharing revenue earned during the three and six months ended June 30, 2015.  Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of August 1, 2016, is expected to be $12,603 for the remainder of 2016 and $2,520 for the year ended December 31, 2017, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred.  For drydockings, the Company assumes twenty days of offhire.  Future minimum revenue excludes revenue earned for the vessels currently in pool arrangements and vessels that are currently on or will be on spot market-related time charters, as spot rates cannot be estimated, as well as profit sharing revenue.

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REORGANIZATION ITEMS, NET

6 Months Ended

Jun. 30, 2016

REORGANIZATION ITEMS, NET

REORGANIZATION ITEMS, NET

16 - REORGANIZATION ITEMS, NET

On April 21, 2014 (the “Petition Date”), GS&T and its subsidiaries other than Baltic Trading and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”).  The Company subsequently emerged from bankruptcy on July 9, 2014, the Effective Date.  Refer to the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 for further detail regarding the bankruptcy filing.

Reorganization items, net represents amounts incurred and recovered subsequent to the bankruptcy filing as a direct result of the filing of the Chapter 11 Cases and are comprised of the following:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Professional fees incurred	$	52	$	198	$	122	$	476
Trustee fees incurred		13		115		38		357
Total reorganization fees	$	65	$	313	$	160	$	833
Total reorganization items, net	$	65	$	313	$	160	$	833

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2016

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

17 - COMMITMENTS AND CONTINGENCIES

Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for additional office space in New York, New York.  The term of the sub-sublease commenced June 1, 2011, with a free base rental period until October 31, 2011. Following the expiration of the free base rental period, the monthly base rental payments were $82 per month until May 31, 2015 and thereafter will be $90 per month until the end of the seven-year term.  Pursuant to the sub-sublease agreement, the sublessor was obligated to contribute $472 toward the cost of the Company’s alterations to the sub-subleased office space.  The Company has also entered into a direct lease with the over-landlord of such office space that will commence immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025; the direct lease provides for a free base rental period from May 1, 2018 to September 30, 2018.  Following the expiration of the free base rental period, the monthly base rental payments will be $186 per month from October 1, 2018 to April 30, 2023 and $204 per month from May 1, 2023 to September 30, 2025.  For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitutes one lease agreement.  As a result of the straight-line rent calculation generated by the free rent period and the tenant work credit, the monthly straight-line rental expense for the term of the entire lease from June 1, 2011 to September 30, 2025 was $130 prior to the Effective Date. On the Effective Date, a revised straight-line rent calculation was completed as part of fresh-start reporting. The revised monthly straight-line rental expense for the remaining term of the lease from the Effective Date to September 30, 2025 is $150.  The Company had a long-term lease obligation at June 30, 2016 and December 31, 2015 of $1,509 and $1,149, respectively.  Rent expense pertaining to this lease for the three months ended June 30, 2016 and 2015 was $452 and $452, respectively, and $904 and $904 for the six months ended June 30, 2016 and 2015, respectively during both periods.

Future minimum rental payments on the above lease for the next five years and thereafter are as follows: $538 for the remainder of 2016, $1,076 for 2017,  $916 for 2018,  $2,230 annually for 2019and 2020 and a total of $11,130 for the remaining term of the lease.

During the beginning of 2009, the Genco Cavalier, a 2007-built Supramax vessel, was on charter to Samsun when Samsun filed for the equivalent of bankruptcy protection in South Korea, otherwise refered to as a rehabilitation application.  On July 3, 2015, Samsun filed for rehabilitation proceedings for the second time with the South Korean courts due to financial distress.  On April 8, 2016, the revised rehabilitation plan was approved by the South Korean court whereby 26% of the remainder of the $3,979 unpaid cash claim settlement from the prior rehabilitation plan, or $1,035, will be settled pursuant to a payment plan over the next ten-year period.  The remaining 74% of the claim will be converted to Samsun Shares.  Refer to Note 2 — Summary of Significant Accounting Policies for Other Operating Income recorded during the three and six months ended June 30, 2016.

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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2016

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

18 - STOCK-BASED COMPENSATION

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presented in these condensed consolidated financial statements reflect the reverse stock split. 

2014 Management Incentive Plan

On the Effective Date, pursuant to the Chapter 11 Plan, the Company adopted the Genco Shipping & Trading Limited 2014 Management Incentive Plan (the “MIP”). An aggregate of 9,668,061 shares of Common Stock were available for award under the MIP prior to the Company’s reverse stock split, which is equivalent to approximately 966,806 shares on a post-split basis.  Awards under the MIP took the form of restricted stock grants and three tiers of MIP Warrants with staggered strike prices based on increasing equity values.  The number of shares of common stock available under the Plan represented approximately 1.8% of the shares of post-emergence Common Stock outstanding as of the Effective Date on a fully-diluted basis. Awards under the MIP were available to eligible employees, non-employee directors and/or officers of the Company and its subsidiaries (collectively, “Eligible Individuals”). Under the MIP, a committee appointed by the Board from time to time (or, in the absence of such a committee, the Board) (in either case, the “Plan Committee”) may grant a variety of stock-based incentive awards, as the Plan Committee deems appropriate, to Eligible Individuals. The MIP Warrants are exercisable on a cashless basis and contain customary anti-dilution protection in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. 

On August 7, 2014, pursuant to the MIP, certain individuals were granted MIP Warrants whereby each warrant can be converted on a cashless basis for the amount in excess of the respective strike price. The MIP Warrants were issued in three tranches for 2,380,664,  2,467,009 and 3,709,788 shares.  Following the Company’s reverse stock split, these MIP warrants are exercisable for approximately 238,066,  246,701, and 370,979 shares and have exercise prices of $259.10 (the “$259.10 Warrants”), $287.30 (the “$287.30 Warrants”) and $341.90 (the “$341.90 Warrants”) per whole share, respectively. The fair value of each warrant upon emergence from bankruptcy was $7.22 for the $259.10 Warrants, $6.63 for the $287.30 Warrants and $5.63 for the $341.90 Warrants. The warrant values were based upon a calculation using the Black-Scholes-Merton option pricing formula. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, cost of capital interest rate and expected life of the instrument. The Company has determined that the warrants should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes-Merton option pricing formula against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. The Black-Scholes-Merton option pricing formula used a volatility of 43.91% (representing the six-year volatility of a peer group), a risk-free interest rate of 1.85% and a dividend rate of 0%.  The aggregate fair value of these awards upon emergence from bankruptcy was $54,436. The warrants vest 33.33% on each of the first three anniversaries of the grant date, with accelerated vesting upon a change in control of the Company.

For the three and six months ended June 30, 2016 and 2015, the Company recognized amortization expense of the fair value of these warrants, which is included in the Company’s Condensed Consolidated Statements of Operations as a component of General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	3,765	$	8,289	$	7,531	$	16,488

Amortization of the unamortized stock-based compensation balance of $7,574 as of June 30, 2016 is expected to be expensed $3,965 and $3,609 during the remainder of 2016 and during the year ending December 31, 2017, respectively.  The following table summarizes the warrant activity for the six months ended June 30, 2016:

		Weighted		Weighted
	Number of	Average Exercise		Average Fair
	Warrants	Price		Value
Outstanding at January 1, 2016	5,704,974	$	303.12	$	6.36
Granted	—		—		—
Exercisable	—		—		—
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at June 30, 2016	5,704,974	$	303.12	$	6.36

The following table summarizes certain information about the warrants outstanding as of June 30, 2016:

		Warrants Outstanding,				Warrants Exercisable,
		June 30, 2016				June 30, 2016
					Weighted				Weighted
			Weighted		Average		Weighted		Average
Weighted			Average		Remaining		Average		Remaining
Average		Number of	Exercise		Contractual	Number of	Exercise		Contractual
Exercise Price		Warrants	Price		Life	Warrants	Price		Life
$	303.12	5,704,974	$	303.12	4.11	2,852,487	$	303.12	4.11

The nonvested stock awards granted under the MIP will vest ratably on each of the three anniversaries of August 7, 2014. The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 2016 which were issued under the MIP:

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1, 2016	74,040	$	200.00
Granted	—		—
Vested	—		—
Forfeited	—		—
Outstanding at June 30, 2016	74,040	$	200.00

There were no shares that vested under the MIP during the six months ended June 30, 2016 and 2015. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the MIP restricted shares, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	1,537	$	3,382	$	3,073	$	6,727

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $3,090 related to nonvested stock will be recognized over a weighted-average period of 1.10 years.

2015 Equity Incentive Plan

On June 26, 2015, the Company’s Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 4,000,000 shares of common stock, or 400,000 shares following the Company’s reverse stock split (the “2015 Plan”).  Under the 2015 Plan, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Company’s officers, directors, employees, and consultants.  Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock.  As of June 30, 2016, the Company has awarded restricted stock units and restricted stock under the 2015 Plan.

Restricted Stock Units

The Company has issued restricted stock units (“RSUs”) under the 2015 Plan  to certain members of the Board of Directors, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests.  The RSUs generally vest on the date of the Company’s annual shareholders meeting following the date of the grant.  As of June 30, 2016 and December 31, 2015, 3,138 and 0 shares, respectively, of the Company’s common stock were outstanding in respect of the RSUs.  Such shares will only be issued in respect of vested RSUs when the director’s service with the Company as a director terminates.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant.   The table below summarizes the Company’s RSUs for the six months ended June 30, 2016:

		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2016	5,821	$	71.50
Granted	66,666		5.10
Vested	(5,821)		71.50
Forfeited	—		—
Outstanding at June 30, 2016	66,666	$	5.10

The total fair value of the RSUs that vested during the six months ended June 30, 2016 and 2015 was $30 and $0, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2016:

Unvested RSUs				Vested RSUs
June 30, 2016				June 30, 2016
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
66,666	$	5.10	0.88	7,440	$	71.18

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $299 related to RSUs will be recognized over a weighted-average period of 0.88 years.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General, administrative and management fees as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	79	$	—	$	234	$	—

Restricted Stock

Under the 2015 Plan, grants of restricted common stock issued to executives and Peter C. Georgiopoulos, the Company’s Chairman, vest ratably on each of the three anniversaries of the determined vesting date.  The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 2016 which were issued under the 2015 Plan:

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1,2016	—	$	—
Granted	61,224		5.20
Vested	—		—
Forfeited	—		—
Outstanding  at June 30, 2016	61,224	$	5.20

There were no shares that vested under the 2015 Plan during the six months ended June 30, 2016 and 2015.  The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the 2015 Plan restricted shares, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	60	$	—	$	90	$	—

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2016, unrecognized compensation cost of $229 related to nonvested stock will be recognized over a weighted-average period of 2.38 years.

Baltic Trading Limited

On March 13, 2014, Baltic Trading’s Board of Directors approved an amendment to the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”) that increased the aggregate number of shares of common stock available for awards from 2,000,000 to 6,000,000 shares.  Additionally, on April 9, 2014, at Baltic Trading’s 2014 Annual Meeting of Shareholders, Baltic Trading’s shareholders approved the amendment to the Baltic Trading Plan.  When the Merger was completed on July 17, 2015, the 1,941,844 nonvested shares issued under the Baltic Trading Plan vested automatically and received the same consideration in the Merger as holders of Baltic Trading’s common stock. Refer to Note 1 — General Information for further information regarding the Merger. 

The total fair value of shares that vested under the Baltic Trading Plan during the six months ended June 30, 2015 was $0. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

For the three and six months ended June 30, 2016 and 2015, the Company recognized nonvested stock amortization expense for the Baltic Trading Plan, which is included in General, administrative and management fees, as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	—	$	791	$	—	$	1,608

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LEGAL PROCEEDINGS

6 Months Ended

Jun. 30, 2016

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS

19 - LEGAL PROCEEDINGS

Refer to the 2015 10-K for a summary and description of any outstanding legal proceedings, which are incorporated herein by reference.  There have been no material changes since the filing of the 2015 10-K.

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.  The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows besides those noted above.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2016

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

20 - SUBSEQUENT EVENTS

On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock.  As a result, all share and per share information included for all periods presents in these condensed consolidated financial statements reflect the reverse stock split.  Refer to Note 6 — Net Loss per Common Share and Note 18 — Stock-Based Compesation. 

On August 9, 2016, the Company entered into waiver agreements with the other parties under the 2014 Term Loan Facilities which extend the existing waivers of the collateral maintenance covenant under such facilities through 11:59 p.m. on October 15, 2016 and provide for waivers of the maximum leverage ratio covenant through such time.  Such waivers will be void if Sinosure does not approve such waivers by August 19, 2016 or if Sinosure gives written notice to the agent bank that it does not approve the waivers.  Refer to Note 8 — Debt.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

Principles of consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with 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

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, 2015 (the “2015 10-K”).  The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2016.

Segment reporting

Segment reporting

The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters.  Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, after the effective date of the Merger on July 17, 2015, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.  Prior to the Merger, the Company had two reportable operating segments, GS&T and Baltic Trading.

Vessels, net

Vessels, net

Vessels, net is stated at cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel and expenditures made to prepare the vessel for its initial voyage. The Company also capitalizes interest costs for a vessel under construction as a cost which is directly attributable to the acquisition of a vessel. Vessels are depreciated on a straight-line basis over their estimated useful lives, determined to be 25 years from the date of initial delivery from the shipyard. Depreciation expense for vessels for the three months ended June 30, 2016 and 2015 was $18,541 and $18,730, respectively.  Depreciation expense for vessels for the six months ended June 30, 2016 and 2015 was $37,675 and $37,697, respectively.

Depreciation expense is calculated based on cost less the estimated residual scrap value. The costs of significant replacements, renewals and betterments are capitalized and depreciated over the shorter of the vessel’s remaining estimated useful life or the estimated life of the renewal or betterment. Undepreciated cost of any asset component being replaced that was acquired after the initial vessel purchase is written off as a component of vessel operating expense. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the estimated scrap value of $310 per lightweight ton (“lwt”) times the weight of the ship noted in lwt. 

Deferred revenue

Deferred revenue

Deferred revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as income when earned. Additionally, deferred revenue includes estimated customer claims mainly due to time charter performance issues. As of June 30, 2016 and December 31, 2015, the Company had an accrual of $310 and $498, respectively, related to these estimated customer claims.

Voyage expense recognition

Voyage expense recognition

In time charters, spot market-related time charters and pool agreements, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost or market adjustments to re-value the bunker fuel on a quarterly basis.  These differences in bunkers, including lower of cost or market adjustment, resulted in a net loss of $1,508 and $1,566 during the three months ended June 30, 2016 and 2015, respectively.  These differences in bunkers, including lower of cost or market adjustments, resulted in a net loss of $3,805 and $3,858 during the six months ended June 30, 2016 and 2015, respectively.  Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

Other operating income

Other operating income

During the three and six months ended June 30, 2016, the Company recorded other operating income of $182.  There was no operating income earned during the three and six months ended June 30, 2015.  Other operating income recorded during the three and six months ended June 30, 2016 consists primarily of $157 received from Samsun Logix Corporation (“Samsun”) pursuant to the revised rehabilitation plan that was approved by the South Korean courts on April 8, 2016.  Refer to Note 17 — Commitments and Contingencies for further information regarding the bankruptcy settlement with Samsun.

Impairment of vessel assets

Impairment of vessel assets

During the three months ended June 30, 2016 and 2015, the Company recorded $67,594 and $0, respectively, related to the impairment of vessel assets in accordance with ASC 360 — “Property, Plant and Equipment” (“ASC 360”).  Additionally, during the six months ended June 30, 2016 and 2015, the Company recorded $69,278 and $35,396, respectively, related to the impairment of vessel assets in accordance with ASC 360. 

At June 8, 2016, the Company determined that the scrapping of nine of its vessels, the Genco Acheron, Genco Carrier, Genco Leader, Genco Pioneer, Genco Prosperity, Genco Reliance, Genco Success, Genco Sugar, and Genco Wisdom, was more likely than not pursuant to the Commitment Letter entered into for the New Credit Facility as defined and disclosed in Note 8 — Debt.  Therefore, at June 8, 2016, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the aforementioned nine vessels did not exceed the carrying value of the vessels at June 8, 2016, the Company reduced the carrying value of the nine vessels to their net realizable value, which was based on the expected net proceeds from scrapping the vessels.  This resulted in an impairment loss of $67,594 during the three and six months ended June 30, 2016.

At March 31, 2016, the Company determined that the scrapping of the Genco Marine was more likely than not based on discussions with the Company’s Board of Directors.  Therefore, at March 31, 2016, the time utilized to determine the recoverability of the carrying value of the vessel asset was significantly reduced.  After determining that the sum of the estimated undiscounted future cash flows attributable to the Genco Marine did not exceed the carrying value of the vessel at March 31, 2016, the Company reduced the carrying value of the Genco Marine to its net realizable value, which was based on the expected proceeds from scrapping the vessel.  This resulted in an impairment loss of $0 and $1,684 during the three and six months ended June 30, 2016, respectively.  On April 5, 2016, the Board of Directors unanimously approved scrapping the Genco Marine and the sale of the Genco Marine to the scrap yard was completed on May 17, 2016. 

At March 31, 2015, the Company determined that the sale of the Baltic Lion and Baltic Tiger was more likely than not based on Baltic Trading’s expressed consideration to divest of those vessels.  Therefore, at March 31, 2015, the time utilized to determine the recoverability of the carrying value of the vessel assets was significantly reduced.  Similarly, after determining that the sum of the estimated undiscounted future cash flows attributable to the Baltic Lion and Baltic Tiger would not exceed the carrying value of the respective vessels at March 31, 2015, the Company reduced the carrying value of both vessels to their estimated fair value, which was determined primarily based on appraisals and third-party broker quotes. This resulted in an impairment loss of $0 and $35,396 during the three and six months ended June 30, 2015, respectively. On April 8, 2015, the Baltic Lion and Baltic Tiger entities were sold to GS&T.   Refer to Note 1 — General Information for details pertaining to the sale of these entities.

Loss on disposal of vessels

Loss on disposal of vessels

During the three and six months ended June 30, 2016, the Company recorded $77 related to the loss on the sale of the Genco Marine.  During the three and six months ended June 30, 2015, the Company recorded $1,210 related to the loss on sale of vessels related to the sale of the Baltic Lion and Baltic Tiger entities to GS&T from Baltic Trading on April 8, 2015.

Noncontrolling interest

Noncontrolling interest

Net loss attributable to noncontrolling interest during the three and six months ended June 30, 2015 of  $11,620 and $52,293, respectively, reflects the noncontrolling interest’s share of the net loss of the Company’s subsidiary, Baltic Trading, prior to the Merger on July 17, 2015, which owned and employed drybulk vessels in the spot market, in vessel pools or on spot market-related time charters.  The spot market represents immediate chartering of a vessel, usually for single voyages.Refer to Note 1— General Information for details pertaining to the Merger.

Investments

Investments

The Company holds an investment in the capital stock of Jinhui Shipping and Transportation Limited (“Jinhui”) and in Korea Line Corporation (“KLC”).  Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.  KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.  The investments in Jinhui and KLC have been designated as Available For Sale (“AFS”) and are reported at fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”).  The Company classifies the investments as current or noncurrent assets based on the Company’s intent to hold the investments at each reporting date.

Investments are reviewed quarterly to identify possible other-than-temporary impairment in accordance with ASC Subtopic 320-10, “Investments — Debt and Equity Securities” (“ASC 320-10”).  When evaluating its investments, the Company reviews factors such as the length of time and extent to which fair value has been below the cost basis, the financial condition of the issuer, the underlying net asset value of the issuer’s assets and liabilities, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value.  Should the decline in the value of any investment be deemed to be other-than-temporary, the investment basis would be written down to fair market value, and the write-down would be recorded to earnings as a loss.  Refer to Note 5 — Investments.

Income taxes

Income taxes

Pursuant to certain agreements, GS&T technically and commercially managed vessels for Baltic Trading until the Merger, as well as provides technical management of vessels for MEP in exchange for specified fees for these services provided.  These services are performed by Genco Management (USA) LLC (“Genco (USA)”), which has elected to be taxed as a corporation for United States federal income tax purposes.  As such, Genco (USA) is subject to United States federal income tax on its worldwide net income, including the net income derived from providing these services.  Genco (USA) has entered into a cost-sharing agreement with the Company and Genco Ship Management LLC, collectively Manco, pursuant to which Genco (USA) agrees to reimburse Manco for the costs incurred by Genco (USA) for the use of Manco’s personnel and services in connection with the provision of the services for both Baltic Trading and MEP’s vessels.

Total revenue earned by the Company for these services during the three months ended June 30, 2016 was $414 of which $0eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $228 associated with these activities for the three months ended June 30, 2016. This resulted in estimated tax expense of $96 for the three months ended June 30, 2016.  Total revenue earned by the Company for these services during the three months ended June 30, 2015 was $2,490 of which $1,671 eliminated upon consolidation. After allocation of certain expenses, there was taxable income of $1,532 associated with these activities for the three months ended June 30, 2015. This resulted in estimated tax expense of $711 for the three months ended June 30, 2015.

Total revenue earned by the Company for these services during the six months ended June 30, 2016 was $1,225 of which $0 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $791 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $350 for the six months ended June 30, 2016.  Total revenue earned by the Company for these services during the six months ended June 30, 2015 was $4,680 of which $3,051 eliminated upon consolidation.  After allocation of certain expenses, there was taxable income of $2,730 associated with these activities for the six months ended June 30, 2016.  This resulted in estimated tax expense of $1,229 for the six months ended June 30, 2016.

Prior to the Merger, Baltic Trading was subject to income tax on its United States source income.  However, as a result of the Merger, Baltic Trading should qualify for the Section 883 exemption of the U.S. Internal Revenue Code of 1986 (as amended) in 2016 and in future taxable years as long as GS&T qualifies for the Section 883 exemption.  As such, during the three and six months ended June 30, 2016, there was no United States income tax recorded for Baltic Trading. During the three and six months ended June 30, 2015, Baltic Trading had United States operations that resulted in United States source income of $178 and $765, respectively.  Baltic Trading’s estimated United States income tax expense for the three and six months ended June 30, 2015 was $7 and  $31, respectively.

Recent accounting pronouncements

Recent accounting pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” which replaces the existing guidance in ASC 840 – Leases.  This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense.  This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years.  Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). This ASU will require that equity investments are measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statements.

In August 2015, the FASB issued ASU No. 2015-15 (“ASU 2015-15”), which amends presentation and disclosure requirements outlined in ASU 2015-03, “Interest-Imputation of Interest (ASC Subtopic 835-30):  Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”) by clarifying guidance for debt issuance costs related to line of credit arrangements by acknowledging the statement by SEC staff that it would not object to presentation of debt issuance costs related to a line of credit arrangement as an asset, and amortizing them ratably over the term of the line of credit arrangement, regardless of whether there were any borrowings outstanding under the agreement. Issued in April 2015, ASU 2015-03 required debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts.  Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as deferred charge assets, separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 during the three months ended March 31, 2016 on a retrospective basis. Refer to Note 8 – Debt.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date.  The FASB also permitted early adoption of the standard, but not before the original effective date of December 15, 2016.   The Company is evaluating the potential impact of this adoption on its consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB issued the following ASU’s which amend or provide additional guidance on topics addressed in ASU 2014-09.  In March 2016, the FASB issued ASU No. 2016-08, “Revenue Recognition - Principal versus Agent” (reporting revenue gross versus net). In April 2016, the FASB issued ASU No. 2016-10, “Revenue Recognition - Identifying Performance Obligations and Licenses.”   Lastly, in May 2016, the FASB issued No. ASU 2016-12, “Revenue Recognition - Narrow Scope Improvements and Practical Expedients.”   The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

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GENERAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2016

GENERAL INFORMATION

Schedule of wholly owned ship-owning subsidiaries

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of June 30, 2016:

Wholly Owned Subsidiaries	Vessel Acquired	Dwt	Delivery Date		Year Built
Genco Reliance Limited	Genco Reliance	29,952	12/6/04		1999
Genco Vigour Limited	Genco Vigour	73,941	12/15/04		1999
Genco Explorer Limited	Genco Explorer	29,952	12/17/04		1999
Genco Carrier Limited	Genco Carrier	47,180	12/28/04		1998
Genco Sugar Limited	Genco Sugar	29,952	12/30/04		1998
Genco Pioneer Limited	Genco Pioneer	29,952	1/4/05		1999
Genco Progress Limited	Genco Progress	29,952	1/12/05		1999
Genco Wisdom Limited	Genco Wisdom	47,180	1/13/05		1997
Genco Success Limited	Genco Success	47,186	1/31/05		1997
Genco Beauty Limited	Genco Beauty	73,941	2/7/05		1999
Genco Knight Limited	Genco Knight	73,941	2/16/05		1999
Genco Leader Limited	Genco Leader	73,941	2/16/05		1999
Genco Marine Limited	Genco Marine	45,222	3/29/05	(3)	1996
Genco Prosperity Limited	Genco Prosperity	47,180	4/4/05		1997
Genco Muse Limited	Genco Muse	48,913	10/14/05		2001
Genco Acheron Limited	Genco Acheron	72,495	11/7/06		1999
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	169,694	12/29/08		2008
Genco Commodus Limited	Genco Commodus	169,025	7/22/09		2009
Genco Maximus Limited	Genco Maximus	169,025	9/18/09		2009
Genco Claudius Limited	Genco Claudius	169,025	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
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	57,981	8/31/10		2009
Genco Auvergne Limited	Genco Auvergne	57,981	8/16/10		2009
Genco Bourgogne Limited	Genco Bourgogne	57,981	8/24/10		2010
Genco Brittany Limited	Genco Brittany	57,981	9/23/10		2010
Genco Languedoc Limited	Genco Languedoc	57,981	9/29/10		2010
Genco Loire Limited	Genco Loire	53,416	8/4/10		2009
Genco Lorraine Limited	Genco Lorraine	53,416	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	57,981	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	53,447	4/8/10	(2)	2009
Baltic Panther Limited	Baltic Panther	53,351	4/29/10	(2)	2009
Baltic Cougar Limited	Baltic Cougar	53,432	5/28/10	(2)	2009
Baltic Jaguar Limited	Baltic Jaguar	53,474	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	34,409	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.

(2) The delivery date for these vessels represents the date that the vessel was delivered to Baltic Trading.

(3) The Genco Marine was scrapped on May 17, 2016.  Refer to Note 2 – Summary of Significant Accounting Policies.

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NET LOSS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2016

NET LOSS PER COMMON SHARE

Components of denominator for calculation of basic and diluted net loss per share

	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	7,221,735	6,048,719	7,220,265	6,045,915
Dilutive effect of warrants	—	—	—	—
Dilutive effect of restricted stock awards	—	—	—	—
Weighted-average common shares outstanding, diluted	7,221,735	6,048,719	7,220,265	6,045,915

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DEBT (Tables)

6 Months Ended

Jun. 30, 2016

DEBT

Schedule of components of Long-term debt

	June 30,		December 31,
	2016		2015
Principal amount	$	561,656	$	588,434
Less:  Unamortized debt issuance costs		(8,355)		(9,411)
Less: Current portion		(553,301)		(579,023)
Long-term debt	$	—	$	—

Schedule of long-term debt

	June 30, 2016				December 31, 2015
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$100 Million Term Loan Facility	$	56,253	$	1,037	$	60,100	$	1,201
$253 Million Term Loan Facility		135,118		2,184		145,268		2,528
$44 Million Term Loan Facility		37,125		511		38,500		584
2015 Revolving Credit Facility		52,935		—		56,218		—
$98 Million Credit Facility		98,271		2,119		98,271		2,368
$148 Million Credit Facility		134,391		559		140,383		639
$22 Million Term Loan Facility		17,875		325		18,625		376
2014 Term Loan Facilities		29,688		1,620		31,069		1,715
Total debt	$	561,656	$	8,355	$	588,434	$	9,411

Schedule of effective interest rate and the range of interest rates on the debt

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Effective Interest Rate	4.37	%	3.54	%	4.36	%	3.54	%
Range of Interest Rates (excluding impact of swaps and unused commitment fees)	3.11% to 6.76	%	2.76% to 3.77	%	2.69% to 6.76	%	2.73% to 3.77	%

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2016

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of components of AOCI included in the accompanying consolidated balance sheets

Changes in AOCI by Component

For the Three Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2016	$	838
OCI before reclassifications		(3,560)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(864)
AOCI — June 30, 2016	$	(26)

Changes in AOCI by Component

For the Three Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — April 1, 2015	$	(22,958)
OCI before reclassifications		(3,402)
Amounts reclassified from AOCI		—
Net current-period OCI		(3,402)
AOCI — June 30, 2015	$	(26,360)

Changes in AOCI by Component

For the Six Months Ended June 30, 2016

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2016	$	(21)
OCI before reclassifications		(2,701)
Amounts reclassified from AOCI		2,696
Net current-period OCI		(5)
AOCI — June 30, 2016	$	(26)

Changes in AOCI by Component

For the Six Months Ended June 30, 2015

	Net Unrealized
	Gain (Loss)
	on
	Investments
AOCI — January 1, 2015	$	(25,317)
OCI before reclassifications		(1,043)
Amounts reclassified from AOCI		—
Net current-period OCI		(1,043)
AOCI — June 30, 2015	$	(26,360)

Reclassifications Out of AOCI

		Reclassifications Out of AOCI
	For the Three Months Ended				For the Six Months Ended				Affected Line Item in
	June 30,				June 30,				the Statement Where
Details about AOCI Components	2016		2015		2016		2015		Net Loss is Presented
Net unrealized loss on investments
Impairment of AFS investment	$	(2,696)	$	—	$	(2,696)	$	—	Impairment of investment
Total reclassifications for the period	$	(2,696)	$	—	$	(2,696)	$	—

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair values and carrying values of the Company's financial instruments

	June 30, 2016				December 31, 2015
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents	$	56,662	$	56,662	$	121,074	$	121,074
Restricted cash		19,815		19,815		19,815		19,815
Floating rate debt		561,656		561,656		588,434		588,434

Schedule of fair values of the Company's financial assets and liabilities

	June 30, 2016
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	7,280	$	7,280

	December 31, 2015
			Quoted
			Market
			Prices in
			Active
			Markets
	Total		(Level 1)
Investments	$	12,327	$	12,327

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PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2016

PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS

Schedule of prepaid expenses and other current assets

	June 30,		December 31,
	2016		2015
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$	10,517	$	10,478
Prepaid items		4,252		3,917
Insurance receivable		1,537		2,738
Other		2,839		4,236
Total prepaid expenses and other current assets	$	19,145	$	21,369

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DEFERRED FINANCING COSTS (Tables)

6 Months Ended

Jun. 30, 2016

DEFERRED FINANCING COSTS

Schedule of deferred financing costs

	June 30,		December 31,
	2016		2015
2015 Revolving Credit Facility	$	1,254	$	1,254
$148 Million Credit Facility		2,774		2,774
Total deferred financing costs		4,028		4,028
Less: accumulated amortization		1,136		734
Total	$	2,892	$	3,294

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FIXED ASSETS (Tables)

6 Months Ended

Jun. 30, 2016

Detail of Fixed Assets, Excluding Vessels

FIXED ASSETS

Schedule of fixed assets

	June 30,		December 31,
	2016		2015
Fixed assets, at cost:
Vessel equipment	$	1,113	$	1,086
Furniture and fixtures		462		462
Computer equipment		142		142
Total costs		1,717		1,690
Less: accumulated depreciation and amortization		563		404
Total	$	1,154	$	1,286

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2016

ACCOUNTS PAYABLE AND ACCRUED EXPENSES.

Schedule of accounts payable and accrued expenses

	June 30,		December 31,
	2016		2015
Accounts payable	$	4,877	$	8,271
Accrued general and administrative expenses		6,202		5,745
Accrued vessel operating expenses		11,753		13,451
Total	$	22,832	$	27,467

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REORGANIZATION ITEMS, NET (Tables)

6 Months Ended

Jun. 30, 2016

REORGANIZATION ITEMS, NET

Schedule of Reorganization items, net

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Professional fees incurred	$	52	$	198	$	122	$	476
Trustee fees incurred		13		115		38		357
Total reorganization fees	$	65	$	313	$	160	$	833
Total reorganization items, net	$	65	$	313	$	160	$	833

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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

2014 MIP Plan

Nonvested Stock Awards

Summary of nonvested stock awards

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1, 2016	74,040	$	200.00
Granted	—		—
Vested	—		—
Forfeited	—		—
Outstanding at June 30, 2016	74,040	$	200.00

Schedule of nonvested stock amortization expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	1,537	$	3,382	$	3,073	$	6,727

2015 EIP Plan | Restricted Stock Units

Nonvested Stock Awards

Summary of nonvested stock awards

		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding at January 1, 2016	5,821	$	71.50
Granted	66,666		5.10
Vested	(5,821)		71.50
Forfeited	—		—
Outstanding at June 30, 2016	66,666	$	5.10

The total fair value of the RSUs that vested during the six months ended June 30, 2016 and 2015 was $30 and $0, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2016:

Unvested RSUs				Vested RSUs
June 30, 2016				June 30, 2016
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
66,666	$	5.10	0.88	7,440	$	71.18

Schedule of nonvested stock amortization expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	79	$	—	$	234	$	—

2015 EIP Plan | Restricted Stock

Nonvested Stock Awards

Summary of nonvested stock awards

		Weighted
	Number of	Average Grant
	Shares	Date Price
Outstanding at January 1,2016	—	$	—
Granted	61,224		5.20
Vested	—		—
Forfeited	—		—
Outstanding  at June 30, 2016	61,224	$	5.20

Schedule of nonvested stock amortization expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	60	$	—	$	90	$	—

Baltic Trading Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	—	$	791	$	—	$	1,608

Warrants | 2014 MIP Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
General, administrative and management fees	$	3,765	$	8,289	$	7,531	$	16,488

Summary of warrant activity and warrants outstanding

		Weighted		Weighted
	Number of	Average Exercise		Average Fair
	Warrants	Price		Value
Outstanding at January 1, 2016	5,704,974	$	303.12	$	6.36
Granted	—		—		—
Exercisable	—		—		—
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at June 30, 2016	5,704,974	$	303.12	$	6.36

The following table summarizes certain information about the warrants outstanding as of June 30, 2016:

		Warrants Outstanding,				Warrants Exercisable,
		June 30, 2016				June 30, 2016
					Weighted				Weighted
			Weighted		Average		Weighted		Average
Weighted			Average		Remaining		Average		Remaining
Average		Number of	Exercise		Contractual	Number of	Exercise		Contractual
Exercise Price		Warrants	Price		Life	Warrants	Price		Life
$	303.12	5,704,974	$	303.12	4.11	2,852,487	$	303.12	4.11

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GENERAL INFORMATION (Details) $ in Thousands				5 Months Ended	6 Months Ended
	Jul. 07, 2016	Apr. 15, 2016 shares	Apr. 07, 2015 USD ($) item shares	Dec. 31, 2015 USD ($) shares	Jun. 30, 2016 USD ($) item shares	Jun. 30, 2015 USD ($)	Jun. 29, 2016	Jun. 28, 2016	Apr. 14, 2016 shares	Jul. 17, 2015
Significant Acquisitions and Disposals [Line Items]
Common Stock, Shares Authorized | shares		500,000,000		500,000,000	500,000,000				250,000,000
Preferred Stock, Shares Authorized | shares		100,000,000
Line of Credit Facility
Number of credit facilities | item					9
Number of credit facilities with waiver | item					9
Business Acquisition
Equity effect of purchase of entities under common control						$ 590
Baltic Trading Merger
Business Acquisition
Shares issued as purchase consideration | shares			0.216
Ownership interest upon merger completion (as a percent)										84.50%
Percentage ownership by others in merged company										15.50%
Gain (loss) recognized				$ 0
Baltic Trading | Single Purpose Entities | Baltic Tiger and Baltic Lion
Business Acquisition
Number of single purpose entities | item			2
Number of vessels owned by each entity | item			1
Purchase price			$ 68,500
First-mortgage debt assumed			40,563
Equity effect of purchase of entities under common control			$ 590
Common Stock | Subsequent event
Significant Acquisitions and Disposals [Line Items]
Reverse stock split	0.1
Common Stock | Minimum
Significant Acquisitions and Disposals [Line Items]
Reverse stock split		0.04
Common Stock | Maximum
Significant Acquisitions and Disposals [Line Items]
Reverse stock split		0.5
Period after which stock split is effective		1 year
$98 Million Credit Facility Commitment Letter
Line of Credit Facility
Maximum borrowing capacity					$ 98,000
Collateral security maintenance test (as a percent)							120.00%	140.00%

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GENERAL INFORMATION- Vessel Details (Details)	Jun. 30, 2016 item
Genco Reliance Limited | Genco Reliance
Vessels
Capacity of vessels	29,952
Genco Vigour Limited | Genco Vigour
Vessels
Capacity of vessels	73,941
Genco Explorer Limited | Genco Explorer
Vessels
Capacity of vessels	29,952
Genco Carrier Limited | Genco Carrier
Vessels
Capacity of vessels	47,180
Genco Sugar Limited | Genco Sugar
Vessels
Capacity of vessels	29,952
Genco Pioneer Limited | Genco Pioneer
Vessels
Capacity of vessels	29,952
Genco Progress Limited | Genco Progress
Vessels
Capacity of vessels	29,952
Genco Wisdom Limited | Genco Wisdom
Vessels
Capacity of vessels	47,180
Genco Success Limited | Genco Success
Vessels
Capacity of vessels	47,186
Genco Beauty Limited | Genco Beauty
Vessels
Capacity of vessels	73,941
Genco Knight Limited | Genco Knight
Vessels
Capacity of vessels	73,941
Genco Leader Limited | Genco Leader
Vessels
Capacity of vessels	73,941
Genco Marine Limited | Genco Marine
Vessels
Capacity of vessels	45,222
Genco Prosperity Limited | Genco Prosperity
Vessels
Capacity of vessels	47,180
Genco Muse Limited | Genco Muse
Vessels
Capacity of vessels	48,913
Genco Acheron Limited | Genco Acheron
Vessels
Capacity of vessels	72,495
Genco Surprise Limited | Genco Surprise
Vessels
Capacity of vessels	72,495
Genco Augustus Limited | Genco Augustus
Vessels
Capacity of vessels	180,151
Genco Tiberius Limited | Genco Tiberius
Vessels
Capacity of vessels	175,874
Genco London Limited | Genco London
Vessels
Capacity of vessels	177,833
Genco Titus Limited | Genco Titus
Vessels
Capacity of vessels	177,729
Genco Challenger Limited | Genco Challenger
Vessels
Capacity of vessels	28,428
Genco Charger Limited | Genco Charger
Vessels
Capacity of vessels	28,398
Genco Warrior Limited | Genco Warrior
Vessels
Capacity of vessels	55,435
Genco Predator Limited | Genco Predator
Vessels
Capacity of vessels	55,407
Genco Hunter Limited | Genco Hunter
Vessels
Capacity of vessels	58,729
Genco Champion Limited | Genco Champion
Vessels
Capacity of vessels	28,445
Genco Constantine Limited | Genco Constantine
Vessels
Capacity of vessels	180,183
Genco Raptor LLC | Genco Raptor
Vessels
Capacity of vessels	76,499
Genco Cavalier LLC | Genco Cavalier
Vessels
Capacity of vessels	53,617
Genco Thunder LLC | Genco Thunder
Vessels
Capacity of vessels	76,588
Genco Hadrian Limited | Genco Hadrian
Vessels
Capacity of vessels	169,694
Genco Commodus Limited | Genco Commodus
Vessels
Capacity of vessels	169,025
Genco Maximus Limited | Genco Maximus
Vessels
Capacity of vessels	169,025
Genco Claudius Limited | Genco Claudius
Vessels
Capacity of vessels	169,025
Genco Bay Limited | Genco Bay
Vessels
Capacity of vessels	34,296
Genco Ocean Limited | Genco Ocean
Vessels
Capacity of vessels	34,409
Genco Avra Limited | Genco Avra
Vessels
Capacity of vessels	34,391
Genco Mare Limited | Genco Mare
Vessels
Capacity of vessels	34,428
Genco Spirit Limited | Genco Spirit
Vessels
Capacity of vessels	34,432
Genco Aquitaine Limited | Genco Aquitaine
Vessels
Capacity of vessels	57,981
Genco Ardennes Limited | Genco Ardennes
Vessels
Capacity of vessels	57,981
Genco Auvergne Limited | Genco Auvergne
Vessels
Capacity of vessels	57,981
Genco Bourgogne Limited | Genco Bourgogne
Vessels
Capacity of vessels	57,981
Genco Brittany Limited | Genco Brittany
Vessels
Capacity of vessels	57,981
Genco Languedoc Limited | Genco Languedoc
Vessels
Capacity of vessels	57,981
Genco Loire Limited | Genco Loire
Vessels
Capacity of vessels	53,416
Genco Lorraine Limited | Genco Lorraine
Vessels
Capacity of vessels	53,416
Genco Normandy Limited | Genco Normandy
Vessels
Capacity of vessels	53,596
Genco Picardy Limited | Genco Picardy
Vessels
Capacity of vessels	55,257
Genco Provence Limited | Genco Provence
Vessels
Capacity of vessels	55,317
Genco Pyrenees Limited | Genco Pyrenees
Vessels
Capacity of vessels	57,981
Genco Rhone Limited | Genco Rhone
Vessels
Capacity of vessels	58,018
Baltic Lion Limited | Baltic Lion
Vessels
Capacity of vessels	179,185
Baltic Tiger Limited | Genco Tiger
Vessels
Capacity of vessels	179,185
Baltic Leopard Limited | Baltic Leopard
Vessels
Capacity of vessels	53,447
Baltic Panther Limited | Baltic Panther
Vessels
Capacity of vessels	53,351
Baltic Cougar Limited | Baltic Cougar
Vessels
Capacity of vessels	53,432
Baltic Jaguar Limited | Baltic Jaguar
Vessels
Capacity of vessels	53,474
Baltic Bear Limited | Baltic Bear
Vessels
Capacity of vessels	177,717
Baltic Wolf Limited | Baltic Wolf
Vessels
Capacity of vessels	177,752
Baltic Wind Limited | Baltic Wind
Vessels
Capacity of vessels	34,409
Baltic Cove Limited | Baltic Cove
Vessels
Capacity of vessels	34,403
Baltic Breeze Limited | Baltic Breeze
Vessels
Capacity of vessels	34,386
Baltic Fox Limited | Baltic Fox
Vessels
Capacity of vessels	31,883
Baltic Hare Limited | Baltic Hare
Vessels
Capacity of vessels	31,887
Baltic Hornet Limited | Baltic Hornet
Vessels
Capacity of vessels	63,574
Baltic Wasp Limited | Baltic Wasp
Vessels
Capacity of vessels	63,389
Baltic Scorpion Limited | Baltic Scorpion
Vessels
Capacity of vessels	63,462
Baltic Mantis Limited | Baltic Mantis
Vessels
Capacity of vessels	63,470

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GENERAL INFORMATION- Other (Details) - MEP			1 Months Ended		2 Months Ended	6 Months Ended
	Oct. 01, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jan. 31, 2016 USD ($) item	Sep. 30, 2015 USD ($) item	Aug. 31, 2016 item	Jun. 30, 2016
General information
Technical services fee per ship per day	$ 650	$ 750
Initial term of provision of technical service						1 year
Notice period for cancellation of provision of technical services						60 days
Period for termination fee upon change of control						1 year
Notice period for cancellation of provision of technical services by company						60 days
Payment of technical services fees in arrears		2,178,000	$ 261,000
Number of vessels sold | item			5	5	5
Termination fee due		$ 296,000,000		$ 296,000,000

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands			3 Months Ended		6 Months Ended
	May 17, 2016 USD ($)	Jul. 17, 2015 segment	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) segment $ / item	Jun. 30, 2015 USD ($)	Jun. 08, 2016 item	Dec. 31, 2015 USD ($)
Segment reporting
Number of reportable segments | segment		2			1
Vessels, net
Estimated useful life					25 years
Depreciation expense			$ 18,541	$ 18,730	$ 37,675	$ 37,697
Estimated scrap value (in dollars per lightweight ton) | $ / item					310
Deferred revenue
Accrual related to estimated customer claims			310		$ 310			$ 498
Voyage expense recognition
Net loss on purchase and sale of bunker fuel and LCM adjustments			1,508	1,566	3,805	3,858
Other operating income
Other operating income			182	0	182	0
Impairment of vessel assets
Impairment of vessel assets			67,594	0	69,278	35,396
Number of vessels scrapped | item							9
Loss on disposal of Vessels
Loss on sale of vessels			77	1,210	77	1,210
Samsun
Other operating income
Other operating income			157		157
Baltic Tiger and Baltic Lion | Baltic Trading
Impairment of vessel assets
Impairment of vessel assets				$ 0		$ 35,396
Genco Marine
Loss on disposal of Vessels
Loss on sale of vessels	$ 77
Genco Marine | Genco Marine Limited
Impairment of vessel assets
Impairment of vessel assets			$ 0		$ 1,684

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Noncontrolling (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss attributable to noncontrolling interest	$ 11,620	$ 52,293

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
Total revenue earned	$ 414	$ 819	$ 1,225	$ 1,629
Taxable income	(110,557)	(51,234)	(164,788)	(129,806)
Income tax expense	96	718	350	1,260
Vessel Management Services
Income Taxes
Total revenue earned	414	2,490	1,225	4,680
Taxable income	228	1,532	791	2,730
Income tax expense	96	711	350	1,229
Vessel Management Services | Intersegment Elimination
Income Taxes
Total revenue earned	0	1,671	0	3,051
Baltic Trading | United States
Income Taxes
Taxable income		178		765
Income tax expense	$ 0	$ 7	$ 0	$ 31

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CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	May 18, 2016	Feb. 17, 2016	Jul. 09, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Non-cash investing and financing activities
Professional fees and trustee fees recognized in Reorganization items before fresh-start adjustments, net				$ 65	$ 313	$ 160	$ 833
Cash paid for professional fees and trustee fees for Reorganization items						142	947
Reclassification from deposits on vessels to vessels, net of accumulated depreciation						0	9,694
Cash paid for interest						12,923	6,940
Cash paid for estimated income taxes						512	1,369
Accounts payable and accrued expenses
Non-cash investing and financing activities
Non-cash investing activities purchase of vessels, including deposits						80	673
Non-cash investing activities purchase of other fixed assets						81	102
Non-cash financing activities deferred financing fees							47
Non-cash financing activities settlement of non-accredited Note holders							111
Reorganization professional and trustee fees incurred						65	$ 198
Prepaid expenses and other current assets
Non-cash investing and financing activities
Non-cash sale of AFS Securities						$ 41
Restricted Stock Units | Board of Directors
Non-cash investing and financing activities
Reverse stock splits (in shares)	66,666
Aggregate fair value	$ 340
Granted (in shares)	666,664
2014 MIP Plan
Non-cash investing and financing activities
Reverse stock splits (in shares)			966,806
2015 EIP Plan | Peter C. Georgiopoulos, Chairman of Board
Non-cash investing and financing activities
Granted (in shares)		408,163
Shares granted, post reverse stock split (in shares)		40,816
2015 EIP Plan | John Wobensmith, President
Non-cash investing and financing activities
Granted (in shares)		204,081
Shares granted, post reverse stock split (in shares)		20,408
2015 EIP Plan | Executive Officers
Non-cash investing and financing activities
Aggregate fair value		$ 318
2015 EIP Plan | Restricted Stock Units
Non-cash investing and financing activities
Granted (in shares)						66,666

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VESSEL ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands				3 Months Ended		6 Months Ended
	May 17, 2016 USD ($)	May 06, 2016 USD ($)	Dec. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Jul. 14, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 13, 2013 USD ($) item
VESSEL ACQUISITIONS
Loss on sale of vessels				$ 77	$ 1,210	$ 77	$ 1,210
Net proceeds from sale of vessel assets						1,923
Genco Marine
VESSEL ACQUISITIONS
Broker Commission		2.0
Loss on sale of vessels	$ 77
Net proceeds from sale of vessel assets		$ 2,187		1,923		1,923
Baltic Trading
VESSEL ACQUISITIONS
Capitalized interest associated with new building contracts				0	139	0	263
Baltic Trading | Baltic Wasp
VESSEL ACQUISITIONS
Final payment for vessel			$ 19,645
Yangfan Group Co., LTD | Agreement to Purchase Ultramax Drybulk Vessels | Baltic Trading
VESSEL ACQUISITIONS
Capacity of vessels | item											64,000
Purchase price per vessel											$ 28,000
Number of vessels purchased | item											2
Yangfan Group Co., LTD | Agreement to Purchase Ultramax Drybulk Vessels | Baltic Trading | Maximum
VESSEL ACQUISITIONS
Number of vessels committed to be acquired under purchase agreement | item											4
Aggregate purchase price for vessels											$ 112,000
Number of vessels purchased under option to be acquired per purchase agreement | item											2
Line of Credit Facility | $148 Million Credit Facility
VESSEL ACQUISITIONS
Face amount of term loan facility				$ 148,000	$ 148,000	$ 148,000	$ 148,000	$ 148,000	$ 148,000	$ 148,000

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INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Investments
Fair value of investment in capital stock	$ 7,280		$ 7,280		$ 12,327
Impairment of investment	$ 2,696	$ 0	$ 2,696	$ 0
Jinhui Shipping and Transportation Limited
Schedule of Investments
Investment in the capital stock (in shares)	12,703,100		12,703,100		15,706,825
Fair value of investment in capital stock	$ 7,230		$ 7,230		$ 12,273
Korea Line Corporation
Schedule of Investments
Investment in the capital stock (in shares)	3,355		3,355		3,355
Fair value of investment in capital stock	$ 50		$ 50		$ 54

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NET LOSS PER COMMON SHARE (Details)		3 Months Ended		6 Months Ended
	Jul. 07, 2016	Jun. 30, 2016 shares	Jun. 30, 2015 shares	Jun. 30, 2016 shares	Jun. 30, 2015 shares
Net loss per common share
Nonvested shares outstanding		201,930		201,930
Anti-dilutive shares (in shares)				201,930
Common shares outstanding, basic:
Weighted average common shares outstanding, basic (in shares)		7,221,735	6,048,719	7,220,265	6,045,915
Common shares outstanding, diluted:
Weighted average common shares outstanding, basic (in shares)		7,221,735	6,048,719	7,220,265	6,045,915
Weighted-average common shares outstanding, diluted (in shares)		7,221,735	6,048,719	7,220,265	6,045,915
Warrants
Net loss per common share
Anti-dilutive shares (in shares)				5,704,974
New Genco Equity Warrants
Net loss per common share
Anti-dilutive shares (in shares)				3,936,761
Common Stock | Subsequent event
Net loss per common share
Reverse stock split	0.1

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction
Service revenues, including termination fees	$ 414	$ 819	$ 1,225	$ 1,629
Gener8 Maritime | Travel and other office related expenditures
Related Party Transaction
Expenses incurred from transactions with related party			47	53
Amount due to the related party	8		8		$ 8
Constantine Georgiopoulos | Legal services
Related Party Transaction
Expenses incurred from transactions with related party			0	8
Amount due to the related party	11		11		11
Aegean Marine Petroleum Network, Inc. | Lubricating Oil Purchases
Related Party Transaction
Expenses incurred from transactions with related party			793	663
Amount due to the related party	254		254		219
MEP | Technical services
Related Party Transaction
Amount due to the related party	$ 40		40
Amount invoiced for services performed, including termination fees and expenses paid			1,208	1,596
Amount due to the entity from a related party					$ 603
Service revenues, including termination fees			$ 1,225	$ 1,629

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DEBT (Details) $ in Thousands		6 Months Ended
	Jun. 08, 2016 USD ($)	Jun. 30, 2016 USD ($) item	Jul. 01, 2016	Jun. 29, 2016 USD ($)	Jun. 28, 2016	Dec. 31, 2015 USD ($)	Nov. 04, 2015 USD ($)	Jul. 14, 2015 USD ($)	Jun. 30, 2015 USD ($)	Apr. 07, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 03, 2013 USD ($)	Aug. 30, 2013 USD ($)	Aug. 20, 2010 USD ($)	Aug. 12, 2010 USD ($)
Line of Credit Facility
Principal amount		$ 561,656				$ 588,434
Less: Unamortized debt issuance costs		(8,355)				(9,411)
Current portion		$ (553,301)				(579,023)
Number of credit facilities | item		9
Number of credit facilities with waiver | item		9
Scenario Adjustment | Adoption Of ASU 2015-03
Line of Credit Facility
Current portion						9,411
Deferred financing costs, net						9,411
$98 Million Credit Facility Commitment Letter
Line of Credit Facility
Maximum borrowing capacity		$ 98,000
Collateral security maintenance test (as a percent)				120.00%	140.00%
Minimum | $98 Million Credit Facility Commitment Letter
Line of Credit Facility
Minimum Cash Requirement For Specified Period				$ 25,000
Minimum | Commitment Letter
Line of Credit Facility
Equity Financing	$ 125,000
Minimum | Amended Commitment Letter
Line of Credit Facility
Minimum Cash Requirement For Specified Period		25,000
Maximum | Amended Commitment Letter
Line of Credit Facility
Maximum cash withdrawal under covenant		10,000
Reduction of cash under covenants (per vessel)		250
Centerbridge Partners L.P | Commitment Letter
Line of Credit Facility
Equity financing to be provided by each equity commitment	31,200
Strategic Value Partners LLC | Commitment Letter
Line of Credit Facility
Equity financing to be provided by each equity commitment	17,300
Apollo Global Management LLC | Commitment Letter
Line of Credit Facility
Equity financing to be provided by each equity commitment	14,000
Secured Debt | $100 Million Term Loan Facility
Line of Credit Facility
Principal amount		56,253				60,100
Less: Unamortized debt issuance costs		(1,037)				(1,201)
Current portion		(55,216)
Long-term debt		55,216				58,899
Maximum borrowing capacity		100,000							$ 100,000						$ 100,000
Secured Debt | $253 Million Term Loan Facility
Line of Credit Facility
Principal amount		135,118				145,268
Less: Unamortized debt issuance costs		(2,184)				(2,528)
Current portion		(132,934)
Long-term debt		132,934				142,740
Maximum borrowing capacity		253,000				253,000			253,000					$ 253,000
Secured Debt | $44 Million Term Loan Facility
Line of Credit Facility
Principal amount		37,125				38,500
Less: Unamortized debt issuance costs		(511)				(584)
Current portion		(36,614)
Long-term debt		36,614				37,916
Maximum borrowing capacity		44,000				44,000			44,000			$ 44,000
Secured Debt | $22 Million Term Loan Facility
Line of Credit Facility
Principal amount		17,875				18,625
Less: Unamortized debt issuance costs		(325)				(376)
Current portion		(17,550)
Long-term debt		17,550				18,249
Maximum borrowing capacity		$ 22,000				22,000		$ 22,000	22,000				$ 22,000
Collateral security maintenance test (as a percent)		110.00%	125.00%
Secured Debt | 2014 Term Loan Facilities
Line of Credit Facility
Principal amount		$ 29,688				31,069
Less: Unamortized debt issuance costs		(1,620)				(1,715)
Secured Debt | 2014 Term Loan Facilities | Period from December 31, 2015 to March 30, 2016
Line of Credit Facility
Collateral security maintenance test (as a percent)								130.00%
Secured Debt | Commitment Letter
Line of Credit Facility
Maximum borrowing capacity	$ 400,000
Revolving Credit Facility | 2015 Revolving Credit Facility
Line of Credit Facility
Principal amount		52,935				56,218
Current portion		(52,935)
Long-term debt		52,935				56,218
Maximum borrowing capacity										$ 59,500
Line of Credit Facility | $98 Million Credit Facility
Line of Credit Facility
Principal amount		98,271				98,271
Less: Unamortized debt issuance costs		(2,119)				(2,368)
Current portion		(96,152)
Long-term debt		96,152				95,903
Maximum borrowing capacity		98,000				98,000	$ 98,000
Line of Credit Facility | $98 Million Credit Facility Commitment Letter
Line of Credit Facility
Maximum borrowing capacity		98,000		$ 98,000
Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Principal amount		134,391				140,383
Less: Unamortized debt issuance costs		(559)				(639)
Current portion		(133,832)
Maximum borrowing capacity		$ 148,000				$ 148,000		$ 148,000	$ 148,000		$ 148,000

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DEBT - $98 Credit Facility and Term Loans (Details)											1 Months Ended			6 Months Ended		12 Months Ended
	Mar. 29, 2016 USD ($)	Mar. 11, 2016 USD ($)	Nov. 10, 2015 USD ($)	Nov. 04, 2015 USD ($) subsidiary	Aug. 03, 2015 USD ($)	Jul. 14, 2015 USD ($)	Apr. 30, 2015 USD ($)	Dec. 31, 2014 USD ($) item	Jul. 09, 2014 USD ($)	Aug. 30, 2013 USD ($)	Dec. 31, 2015 USD ($) item	Aug. 31, 2015 item	Jul. 31, 2015 USD ($) item	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) item	Jul. 01, 2016	Jun. 29, 2016 USD ($)	Jun. 28, 2016	Sep. 30, 2010 item	Aug. 20, 2010 USD ($)	Aug. 12, 2010 USD ($) item
Line of Credit Facility
Debt classified as current liability											$ 579,023,000			$ 553,301,000		$ 579,023,000
$98 Million Credit Facility Commitment Letter
Line of Credit Facility
Maximum borrowing capacity														98,000,000
Collateral security maintenance test (as a percent)																		120.00%	140.00%
$98 Million Credit Facility Commitment Letter | Minimum
Line of Credit Facility
Minimum cash requirement through the end of the third quarter																		$ 25,000,000
Amended And Restated Credit Facility
Line of Credit Facility
Reduction in the minimum consolidated net worth ratio						$ 30,730,000
Consolidated net worth to be maintained						270,150,000
Amended Commitment Letter | Minimum
Line of Credit Facility
Minimum cash requirement through the end of the third quarter														25,000,000
Secured Debt | $22 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity						22,000,000				$ 22,000,000	22,000,000			$ 22,000,000	$ 22,000,000	22,000,000
Collateral security maintenance test (as a percent)														110.00%			125.00%
Final payment amount										13,375,000
Remaining borrowing capacity														$ 0
Long-term Debt											18,249,000			17,550,000		18,249,000
Debt classified as current liability														17,550,000
Amount of periodic payment										$ 375,000
Commitment fee on unused daily average unutilized commitment (as a percent)										1.00%
Secured Debt | $22 Million Term Loan Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable										three-month LIBOR
Applicable margin over reference rate (as a percent)										3.35%
Secured Debt | Baltic Trading $33 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity								$ 33,000,000
Long-term Debt											32,086,000			31,066,000		32,086,000
Number of vessels mortgaged | item								2
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Scorpion
Line of Credit Facility
Collateral security maintenance test (as a percent)					140.00%
Drawdowns during the period					$ 16,500,000
Secured Debt | $100 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity														100,000,000	100,000,000							$ 100,000,000
Prepayment of amortization payment before due date	$ 1,923,000
Long-term Debt											58,899,000			55,216,000		$ 58,899,000
Debt classified as current liability														55,216,000
Number of vessels acquired | item																						5
Paydown of debt									$ 1,923,000
Payment of upfront fees							$ 165,000
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item																2
Secured Debt | $253 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity											253,000,000			253,000,000	253,000,000	$ 253,000,000					$ 253,000,000
Remaining borrowing capacity														0
Long-term Debt											142,740,000			132,934,000		142,740,000
Debt classified as current liability														132,934,000
Paydown of debt									5,075,000				$ 5,075,000
Payment of upfront fees							$ 350,000
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item													5
Number of vessels delivered pursuant to the agreement | item																				13
Restricted cash											9,750,000			9,750,000		9,750,000
Prepayment of the outstanding indebtedness		$ 5,075,000											$ 1,650,000
Secured Debt | $100 Million and $253 Million Term Loan Facilities
Line of Credit Facility
Minimum cash balance required per vessel owned									$ 750,000
Maximum total debt outstanding to value adjusted total assets ratio							70.00%
Maximum percentage of liquidity covenant amended							50.00%
Minimum cash required to be maintained by each collateralized vessel							$ 750,000
Minimum period of available working capital lines							6 months
Secured Debt | $100 Million and $253 Million Term Loan Facilities | LIBOR
Line of Credit Facility
Applicable margin over reference rate for interest payable, before increase (as a percent)									3.00%
Applicable margin over reference rate (as a percent)									3.50%
Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity						148,000,000		$ 148,000,000			$ 148,000,000			148,000,000	148,000,000	148,000,000
Minimum cash balance required per vessel owned						$ 750,000
Payment of Credit Facility														5,994,000	2,447,000
Drawdowns during the period															$ 115,000,000
Remaining borrowing capacity														0
Debt classified as current liability														133,832,000
Commitment fee on unused daily average unutilized commitment (as a percent)								1.20%
Number of vessels mortgaged | item								9
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item											2	2
Line of Credit Facility | $148 Million Credit Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable								LIBOR
Applicable margin over reference rate (as a percent)								3.00%
Line of Credit Facility | $98 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity				$ 98,000,000							$ 98,000,000			98,000,000		98,000,000
Number of wholly owned subsidiaries | subsidiary				13
Drawdowns during the period			$ 98,271,000
Remaining borrowing capacity														0
Long-term Debt											95,903,000			96,152,000		95,903,000
Debt classified as current liability														96,152,000
Period without fixed amortization schedule				2 years
Amount of periodic payment				$ 2,500,000
Maximum collateral required for prepayment of loan (as a percent)				182.00%
Number of collateral vessels				$ 13
Restricted cash											$ 9,750,000			9,750,000		$ 9,750,000
Line of Credit Facility | $98 Million Credit Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable				three-month LIBOR
Applicable margin over reference rate (as a percent)				6.125%
Line of Credit Facility | $98 Million Credit Facility Commitment Letter
Line of Credit Facility
Maximum borrowing capacity														$ 98,000,000				$ 98,000,000
Period from June 30, 2015 to December 30, 2015 | Secured Debt | 2014 Term Loan Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)						125.00%
Period from December 31, 2015 to March 30, 2016 | Secured Debt | 2014 Term Loan Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)						130.00%
Period from March 31, 2016 and thereafter | Secured Debt | 2014 Term Loan Facilities
Line of Credit Facility
Collateral security maintenance test (as a percent)						135.00%
Up to June 30, 2016 | Secured Debt | $22 Million Term Loan Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)						110.00%
Up to December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)						130.00%
After December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)						140.00%

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DEBT - 2015 Revolving Credit Facility (Details) $ in Thousands						6 Months Ended
	Apr. 07, 2016 USD ($)	Oct. 14, 2015 USD ($)	Jul. 10, 2015 USD ($)	Apr. 08, 2015 USD ($)	Apr. 07, 2015 USD ($) installment	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Line of Credit Facility
Debt classified as current liability							$ 553,301	$ 579,023
Revolving Credit Facility | 2015 Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity					$ 59,500
Quarterly reduction of total amount committed					$ 1,641
Number of quarterly installments | installment					20
Commitment fee on unused daily average unutilized commitment (as a percent)					1.50%
Period after agreement date for first periodic payment					3 months
Drawdowns during the period		$ 21,218	$ 10,000	$ 25,000		$ 25,000
Long-term debt							52,935	$ 56,218
Debt classified as current liability							$ 52,935
Amount of amortization postponed from current due date	$ 1,641
Debt service required	$ 3,241
Revolving Credit Facility | 2015 Revolving Credit Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable					LIBOR
Revolving Credit Facility | 2015 Revolving Credit Facility | Minimum | LIBOR
Line of Credit Facility
Applicable margin over reference rate for interest payable					3.40%
Revolving Credit Facility | 2015 Revolving Credit Facility | Maximum | LIBOR
Line of Credit Facility
Applicable margin over reference rate for interest payable					4.25%

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DEBT - $44 Term Loan (Details) $ in Thousands	Dec. 23, 2013 USD ($)	Dec. 03, 2013 USD ($) item	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)
Line of Credit Facility
Debt classified as current liability			$ 553,301	$ 579,023
Secured Debt | $44 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity		$ 44,000	44,000	44,000	$ 44,000
Term of facilities	6 years
Commitment fee on unused daily average unutilized commitment (as a percent)		0.75%
Number of quarterly installments | item		23
Amount of periodic payment		$ 688
Period after last drawdown date for first periodic repayment		3 months
Final payment amount		$ 28,188
Amount of prepayments to have liens released		$ 18,000
Remaining borrowing capacity			0
Long-term debt			36,614	$ 37,916
Debt classified as current liability			$ 36,614
Secured Debt | $44 Million Term Loan Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable		three-month LIBOR
Applicable margin over reference rate (as a percent)		3.35%
Secured Debt | $44 Million Term Loan Facility | Baltic Tiger
Line of Credit Facility
Drawdowns during the period	$ 21,400
Secured Debt | $44 Million Term Loan Facility | Baltic Lion
Line of Credit Facility
Drawdowns during the period	$ 22,600

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DEBT - 2010 Line of Credit (Details) - Line of Credit Facility - 2010 Credit Facility $ in Thousands			6 Months Ended
	Jan. 07, 2015 USD ($)	Aug. 29, 2013 USD ($) item	Jun. 30, 2015 USD ($)	Nov. 30, 2010 USD ($)	Apr. 16, 2010 USD ($)
Line of Credit Facility
Maximum borrowing capacity		$ 110,000		$ 150,000	$ 100,000
Amount of semi-annual reductions in maximum borrowing capacity through the maturity date		$ 5,000
Number of consecutive semi-annual reductions in total commitment | item		3
Ratio of maximum facility amount to aggregate appraised value of vessels mortgaged (as a percent)		55.00%
Applicable margin over reference rate for condition two (as a percent)		3.35%
Payment of Credit Facility	$ 102,250		$ 102,250
LIBOR
Line of Credit Facility
Reference rate for interest payable		LIBOR
Applicable margin over reference rate for condition one (as a percent)		3.00%

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DEBT - $22 Term Loan (Details) $ in Thousands	Sep. 04, 2013 USD ($)	Sep. 04, 2013	Aug. 30, 2013 USD ($) item	Jul. 01, 2016	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jul. 14, 2015 USD ($)	Jun. 30, 2015 USD ($)
Line of Credit Facility
Debt classified as current liability					$ 553,301	$ 579,023
Secured Debt | $22 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity			$ 22,000		22,000	22,000	$ 22,000	$ 22,000
Term of facilities		6 years
Commitment fee on unused daily average unutilized commitment (as a percent)			1.00%
Number of quarterly installments | item			23
Amount of periodic payment			$ 375
Final payment amount			$ 13,375
Remaining borrowing capacity					0
Long-term debt					17,550	$ 18,249
Debt classified as current liability					$ 17,550
Period after latest vessel delivery date for first periodic repayment			3 months
Collateral security maintenance test (as a percent)				125.00%	110.00%
Secured Debt | $22 Million Term Loan Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable			three-month LIBOR
Applicable margin over reference rate (as a percent)			3.35%
Secured Debt | $22 Million Term Loan Facility | Baltic Hare
Line of Credit Facility
Drawdowns during the period	$ 10,730
Secured Debt | $22 Million Term Loan Facility | Baltic Fox
Line of Credit Facility
Drawdowns during the period	$ 11,270

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DEBT - 2014 Term Loan (Details) $ in Thousands	Dec. 30, 2014 USD ($)	Oct. 24, 2014 USD ($)	Oct. 08, 2014 USD ($) installment	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Line of Credit Facility
Debt classified as current liability				$ 553,301	$ 579,023
Secured Debt | 2014 Term Loan Facilities
Line of Credit Facility
Term of facilities			10 years
Maximum facility amount of delivered cost per vessel (as a percent)			60.00%
Maximum facility amount of delivered cost per vessel			$ 16,800
Maximum facility amount of fair market value per vessel at delivery (as a percent)			60.00%
Percentage of outstanding principal plus interest insured			95.00%
Number of semi-annual installments in which the credit facility is to be repaid | installment			20
Amount due per installment (as a percent)			4.16%
Balloon payment of facility amount due at maturity (as a percent)			16.67%
Remaining borrowing capacity				0
Long-term debt				28,068	$ 29,354
Debt classified as current liability				$ 28,068
Secured Debt | 2014 Term Loan Facilities | LIBOR
Line of Credit Facility
Reference rate for interest payable			three or six-month LIBOR
Applicable margin over reference rate (as a percent)			2.50%
Secured Debt | 2014 Term Loan Facilities | Baltic Hornet
Line of Credit Facility
Maximum borrowing capacity			$ 16,800
Period after latest vessel delivery date for first periodic repayment			6 months
Drawdowns during the period		$ 16,800
Secured Debt | 2014 Term Loan Facilities | Baltic Wasp
Line of Credit Facility
Maximum borrowing capacity			$ 16,800
Period after latest vessel delivery date for first periodic repayment			6 months
Drawdowns during the period	$ 16,350

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DEBT - $148 Revolving Credit (Details) $ in Thousands						1 Months Ended		3 Months Ended		6 Months Ended
	Oct. 07, 2015 USD ($)	Aug. 03, 2015 USD ($)	Feb. 27, 2015 USD ($)	Jan. 07, 2015 USD ($)	Dec. 31, 2014 USD ($) item	Dec. 31, 2015 USD ($) item	Aug. 31, 2015 item	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jul. 14, 2015 USD ($)
Line of Credit Facility
Debt classified as current liability						$ 579,023		$ 553,301		$ 553,301
Interest rates on debt
Effective Interest Rate (as a percent)								4.37%	3.54%	4.36%	3.54%
Range of Interest Rates, minimum (excluding impact of unused commitment fees) (as a percent)								3.11%	2.76%	2.69%	2.73%
Range of Interest Rates, maximum (excluding impact of unused commitment fees) (as a percent)								6.76%	3.77%	6.76%	3.77%
Secured Debt | Baltic Trading $33 Million Term Loan Facility
Line of Credit Facility
Maximum borrowing capacity					$ 33,000
Number of single term loans | item					2
Number of vessels purchased by using term loan finance | item					2
Period after latest vessel delivery date for first periodic repayment					3 months
Amount aggregate outstanding term loan due per installment (as a percent)					1.667%
Number of vessels mortgaged | item					2
Long-term debt						32,086		$ 31,066		$ 31,066
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Scorpion
Line of Credit Facility
Maximum facility amount of delivered cost per vessel expected to be refinanced					$ 16,500
Drawdowns during the period		$ 16,500
Collateral security maintenance test (as a percent)		140.00%
Secured Debt | Baltic Trading $33 Million Term Loan Facility | Baltic Mantis
Line of Credit Facility
Maximum facility amount of delivered cost per vessel expected to be refinanced					16,500
Drawdowns during the period	$ 16,500
Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Maximum borrowing capacity					$ 148,000	$ 148,000		148,000	$ 148,000	148,000	$ 148,000	$ 148,000
Commitment fee on unused daily average unutilized commitment (as a percent)					1.20%
Number of vessels mortgaged | item					9
Minimum period for future time charter contracts to be secured under lien					36 months
Remaining borrowing capacity								0		0
Debt classified as current liability								133,832		133,832
Drawdowns during the period											$ 115,000
Number of unencumbered vessels adding as additional collateral to cover the shortfall of fair value | item						2	2
Line of Credit Facility | $148 Million Credit Facility | LIBOR
Line of Credit Facility
Reference rate for interest payable					LIBOR
Applicable margin over reference rate (as a percent)					3.00%
Revolving Credit Facility | Baltic Trading $115 Million Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity					$ 115,000
Amount of consecutive quarterly reductions in maximum borrowing capacity					$ 2,447
Long-term debt						$ 107,658		$ 102,766		$ 102,766
Drawdowns during the period			$ 10,500	$ 104,500
Up to December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)												130.00%
After December 31, 2015 | Line of Credit Facility | $148 Million Credit Facility
Line of Credit Facility
Collateral security maintenance test (as a percent)												140.00%

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes in AOCI by Component
Balance at the beginning of the period			$ (21)
Other comprehensive income	$ (864)	$ (3,402)	(5)	$ (1,043)
Balance at the end of the period	(26)		(26)
Net Unrealized Gain (Loss) on Investments
Changes in AOCI by Component
Balance at the beginning of the period	838	(22,958)	(21)	(25,317)
OCI before reclassifications	(3,560)	(3,402)	(2,701)	(1,043)
Amounts reclassified from AOCI	2,696		2,696
Other comprehensive income	(864)	(3,402)	(5)	(1,043)
Balance at the end of the period	$ (26)	$ (26,360)	$ (26)	$ (26,360)

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)- Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassifications Out of AOCI
Impairment of investment	$ (67,594)	$ 0	$ (69,278)	$ (35,396)
Net loss attributable to Genco Shipping& Trading Limited	(110,653)	$ (40,332)	(165,138)	$ (78,773)
Net Unrealized Gain (Loss) on Investments | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of AOCI
Impairment of investment	(2,696)		(2,696)
Net loss attributable to Genco Shipping& Trading Limited	$ 2,696		$ 2,696

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Nov. 04, 2015	Jul. 14, 2015	Jun. 30, 2015	Dec. 31, 2014	Aug. 30, 2013	Aug. 20, 2010	Aug. 12, 2010
Fair value of financial instruments
Floating rate debt	$ 561,656	$ 588,434
Secured Debt | $100 Million Term Loan Facility
Fair value of financial instruments
Floating rate debt	56,253	60,100
Face amount of term loan facility	100,000				$ 100,000				$ 100,000
Secured Debt | $253 Million Term Loan Facility
Fair value of financial instruments
Restricted cash	9,750	9,750
Floating rate debt	135,118	145,268
Face amount of term loan facility	253,000	253,000			253,000			$ 253,000
Secured Debt | $22 Million Term Loan Facility
Fair value of financial instruments
Floating rate debt	17,875	18,625
Face amount of term loan facility	22,000	22,000		$ 22,000	22,000		$ 22,000
Line of Credit Facility | $98 Million Credit Facility
Fair value of financial instruments
Restricted cash	9,750	9,750
Floating rate debt	98,271	98,271
Face amount of term loan facility	98,000	98,000	$ 98,000
Line of Credit Facility | $148 Million Credit Facility
Fair value of financial instruments
Floating rate debt	134,391	140,383
Face amount of term loan facility	148,000	148,000		$ 148,000	$ 148,000	$ 148,000
Carrying Value
Fair value of financial instruments
Cash and cash equivalents	56,662	121,074
Restricted cash	19,815	19,815
Floating rate debt	561,656	588,434
Fair value
Fair value of financial instruments
Cash and cash equivalents	56,662	121,074
Restricted cash	19,815	19,815
Floating rate debt	$ 561,656	$ 588,434

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FAIR VALUE OF FINANCIAL INSTRUMENTS-Quoted Market Prices (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value of financial instruments
Investments	$ 7,280	$ 12,327
Quoted Market Prices in Active Markets
Fair value of financial instruments
Investments	$ 7,280	$ 12,327

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PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
PREPAID EXPENSES AND OTHER CURRENT AND NONCURRENT ASSETS
Lubricant inventory, fuel oil and diesel oil inventory and other stores	$ 10,517	$ 10,478
Prepaid items	4,252	3,917
Insurance receivable	1,537	2,738
Other	2,839	4,236
Total prepaid expenses and other current assets	19,145	21,369
Security deposit related to operating lease included in other noncurrent assets	$ 514	$ 514

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DEFERRED FINANCING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Nov. 04, 2015	Jul. 14, 2015	Apr. 07, 2015	Dec. 31, 2014	Aug. 20, 2010	Aug. 12, 2010
Deferred financing costs
Total deferred financing costs	$ 4,028		$ 4,028		$ 4,028
Less: accumulated amortization	1,136		1,136		734
Total	2,892		2,892		3,294
Amortization of deferred financing costs	729	$ 564	1,458	$ 1,051
Revolving Credit Facility | 2015 Revolving Credit Facility
Deferred financing costs
Total deferred financing costs	1,254		1,254		1,254
Maximum borrowing capacity								$ 59,500
Line of Credit Facility | $148 Million Credit Facility
Deferred financing costs
Total deferred financing costs	2,774		2,774		2,774
Maximum borrowing capacity	148,000	148,000	148,000	148,000	148,000		$ 148,000		$ 148,000
Line of Credit Facility | $98 Million Credit Facility
Deferred financing costs
Maximum borrowing capacity	98,000		98,000		98,000	$ 98,000
Secured Debt | $100 Million Term Loan Facility
Deferred financing costs
Maximum borrowing capacity	100,000	100,000	100,000	100,000							$ 100,000
Secured Debt | $253 Million Term Loan Facility
Deferred financing costs
Maximum borrowing capacity	$ 253,000	$ 253,000	$ 253,000	$ 253,000	$ 253,000					$ 253,000

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DEFERRED FINANCING COSTS - ASU 2015-03 (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASU 2015-03
Unamortized debt issuance - Deferred financing costs	$ 8,355	$ 9,411
Long-term debt, current	$ (553,301)	(579,023)
Scenario Adjustment | Adoption Of ASU 2015-03
ASU 2015-03
Deferred financing costs, net		9,411
Long-term debt, current		$ 9,411

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FIXED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
FIXED ASSETS
Total cost	$ 1,717		$ 1,717		$ 1,690
Less: accumulated depreciation and amortization	563		563		404
Total	1,154		1,154		1,286
Depreciation and amortization	19,686	$ 19,399	40,025	$ 38,809
Vessel Equipment
FIXED ASSETS
Total cost	1,113		1,113		1,086
Furniture and Fixtures
FIXED ASSETS
Total cost	462		462		462
Computer equipment
FIXED ASSETS
Total cost	142		142		$ 142
Detail of Fixed Assets, Excluding Vessels
FIXED ASSETS
Depreciation and amortization	$ 96	$ 66	$ 192	$ 117

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Accounts payable	$ 4,877	$ 8,271
Accrued general and administrative expenses	6,202	5,745
Accrued vessel operating expenses	11,753	13,451
Total	$ 22,832	$ 27,467

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REVENUE FROM TIME CHARTERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Aug. 01, 2016
REVENUE FROM TIME CHARTERS
Voyage revenues	$ 31,460	$ 33,772	$ 51,590	$ 67,381
Profit sharing revenue	$ 626	$ 0	$ 630	$ 0
Future minimum time charter revenue
Remainder of 2016					$ 12,603
Expected minimum time charter revenue					$ 2,520
Offhire period			20 days

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REORGANIZATION ITEMS, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REORGANIZATION ITEMS, NET
Professional fees incurred	$ 52	$ 198	$ 122	$ 476
Trustee fees incurred	13	115	38	357
Total reorganization fees	65	313	160	833
Total reorganization items, net	$ 65	$ 313	$ 160	$ 833

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 09, 2014	Apr. 04, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Commitments and contingencies
Long-term lease obligations			$ 1,509		$ 1,509		$ 1,149
Lease agreement entered into April 2011
Commitments and contingencies
Lease term		7 years
Obligation of sublessor towards the cost of alterations of office space	$ 472
Long-term lease obligations			1,509		1,509		$ 1,149
Rent expense			452	$ 452	904	$ 904
Future minimum rental payments
Remainder of 2016			538		538
2017			1,076		1,076
2018			916		916
2019			2,230		2,230
2020			2,230		2,230
Remaining term of the lease			11,130		11,130
Lease agreement entered into April 2011 | Period from October 1, 2018 to April 30, 2023
Commitments and contingencies
Monthly rental payment			186		186
Lease agreement entered into April 2011 | Period from May 1, 2023 to September 30, 2025
Commitments and contingencies
Monthly rental payment			204		204
Lease agreement entered into April 2011 | Period during June 1, 2011 to September 30, 2025
Commitments and contingencies
Monthly straight-line rental expense	$ 130
Lease agreement entered into April 2011 | Period During July 9, 2014 To September 30, 2025
Commitments and contingencies
Monthly straight-line rental expense			150		150
Sub Sublease Agreement | Period until May 31, 2015
Commitments and contingencies
Monthly rental payment			82		82
Sub Sublease Agreement | Period from May 31, 2015 until April 30, 2018
Commitments and contingencies
Monthly rental payment			$ 90		$ 90

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COMMITMENTS AND CONTINGENCIES - Settlements (Details) - Bankruptcy settlement due - Samsun $ in Thousands	Apr. 08, 2016 USD ($)
Bankruptcy settlement
Cash to be received to settle bankruptcy claim as percentage of total settlement	26.00%
Amount of bankruptcy claim to be settled following the rehabilitation process	$ 3,979
Cash to be received to settle bankruptcy claim	$ 1,035
Tenure of Payment plan	10 years
Bankruptcy claims settled by conversion into shares of entity (as a percent)	74.00%

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STOCK-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands						6 Months Ended		12 Months Ended
	Jul. 07, 2016 $ / shares shares	Feb. 17, 2016 item shares	Jul. 17, 2015 shares	Aug. 07, 2014 USD ($) $ / shares shares	Jul. 09, 2014 item shares	Jun. 30, 2016 USD ($) $ / shares shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015 $ / shares shares	Jun. 26, 2015 shares	Mar. 13, 2014 shares	Mar. 03, 2010 shares
Number of Shares
Balance at the end of the period (in shares)						201,930
Common Stock | Subsequent event
Weighted Average Fair Value
Reverse stock split	0.1
2014 MIP Plan
Number of Shares
Balance at the beginning of the period (in shares)						74,040
Balance at the end of the period (in shares)						74,040		74,040
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares						$ 200.00
Balance at the end of the period (in dollars per share) | $ / shares						$ 200.00		$ 200.00
Aggregate number of shares of common stock available for awards					9,668,061
Reverse stock splits (in shares)					966,806
Percentage of common stock outstanding ( In percent)					1.80%
Additional disclosures
Total fair value of shares vested | $						$ 0	$ 0
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $						$ 3,090
Weighted-average period for recognition of unrecognized compensation cost						1 year 1 month 6 days
2014 MIP Plan | Warrants
Number of Shares
Balance at the beginning of the period (in shares)						5,704,974
Balance at the end of the period (in shares)						5,704,974		5,704,974
Weighted Average Exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares						$ 303.12
Outstanding at the end of the period (in dollars per share) | $ / shares						$ 303.12		$ 303.12
Weighted-average remaining contractual life						4 years 1 month 10 days
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares						$ 6.36
Balance at the end of the period (in dollars per share) | $ / shares						$ 6.36		$ 6.36
Exercisable (in shares)						2,852,487
Exercisable (in dollars per share) | $ / shares						$ 303.12
Weighted average remaining contractual life, exercisable						4 years 1 month 10 days
Number of anniversaries in which award vests				3 years
Number of tiers of MIP Warrants | item					3
Volatility rate ( as a percent)				43.91%
Volatility rate term				6 years
Risk-free interest rate ( as a percent)				1.85%
Dividend rate ( as a percent)				0.00%
Total fair value of outstanding awards upon emergence from bankruptcy | $				$ 54,436
Percentage of warrant vest for anniversaries of the grant date				33.33%
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $						$ 7,574
Amortization
Remainder of 2016 | $						3,965
2017 | $						$ 3,609
2014 MIP Plan | Warrants | $259.10 Warrants
Weighted Average Fair Value
Aggregate number of shares of common stock available for awards				2,380,664
Fair value of warrant (in dollars per share) | $ / shares				$ 7.22
2014 MIP Plan | Warrants | $259.10 Warrants | Subsequent event
Weighted Average Fair Value
Warrant shares exercisable after reverse stock split	238,066
Strike price (in dollars per share) | $ / shares	$ 259.10
2014 MIP Plan | Warrants | $287.30 Warrants
Weighted Average Fair Value
Aggregate number of shares of common stock available for awards				2,467,009
Fair value of warrant (in dollars per share) | $ / shares				$ 6.63
2014 MIP Plan | Warrants | $287.30 Warrants | Subsequent event
Weighted Average Fair Value
Warrant shares exercisable after reverse stock split	246,701
Strike price (in dollars per share) | $ / shares	$ 287.30
2014 MIP Plan | Warrants | $341.90 Warrants
Weighted Average Fair Value
Aggregate number of shares of common stock available for awards				3,709,788
Fair value of warrant (in dollars per share) | $ / shares				$ 5.63
2014 MIP Plan | Warrants | $341.90 Warrants | Subsequent event
Weighted Average Fair Value
Warrant shares exercisable after reverse stock split	370,979
Strike price (in dollars per share) | $ / shares	$ 341.90
2015 EIP Plan
Weighted Average Fair Value
Aggregate number of shares of common stock available for awards									4,000,000
2015 EIP Plan | Subsequent event
Number of Shares
Aggregate number of shares of common stock available for awards, reverse stock split	400,000
2015 EIP Plan | Restricted Stock Units
Number of Shares
Balance at the beginning of the period (in shares)						5,821
Granted (in shares)						66,666
Vested (in shares)		(23,286)				(5,821)
Balance at the end of the period (in shares)						66,666		5,821
Vested, post stock reverse split (in shares)		2,328
Number of resignations from the Board of Directors | item		2
Weighted Average Exercise price
Weighted-average remaining contractual life						10 months 17 days
Weighted Average Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares						$ 71.50
Granted (in dollars per share) | $ / shares						5.10
Vested (in dollars per share) | $ / shares						71.50
Balance at the end of the period (in dollars per share) | $ / shares						$ 5.10		$ 71.50
Additional disclosures
Total fair value of shares vested | $						$ 30	0
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $						$ 299
Weighted-average period for recognition of unrecognized compensation cost						10 months 17 days
2015 EIP Plan | Restricted Stock Units | Vested RSUs
Number of Shares
Number of shares vested						7,440
Weighted Average Fair Value
Vested (in dollars per share) | $ / shares						$ 71.18
2015 EIP Plan | Restricted Stock Units | Board of Directors
Number of Shares
Number of common shares outstanding in respect of RSUs						3,138		0
2015 EIP Plan | Restricted Stock
Number of Shares
Granted (in shares)						61,224
Balance at the end of the period (in shares)						61,224
Weighted Average Exercise price
Granted (in dollars per share) | $ / shares						$ 5.20
Outstanding at the end of the period (in dollars per share) | $ / shares						$ 5.20
Additional disclosures
Total fair value of shares vested | $						$ 0	0
Unrecognized compensation cost related to nonvested stock awards
Unrecognized compensation cost | $						$ 229
Weighted-average period for recognition of unrecognized compensation cost						2 years 4 months 17 days
Baltic Trading Plan | Baltic Trading
Number of Shares
Vested (in shares)			(1,941,844)
Weighted Average Fair Value
Aggregate number of shares of common stock available for awards										6,000,000	2,000,000
Additional disclosures
Total fair value of shares vested | $							$ 0

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STOCK-BASED COMPENSATION- Stock Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
General and Administrative Expense | Baltic Trading
STOCK-BASED COMPENSATION
Recognized nonvested stock amortization expense		$ 791		$ 1,608
2014 MIP Plan | General and Administrative Expense
STOCK-BASED COMPENSATION
Recognized nonvested stock amortization expense	$ 1,537	3,382	$ 3,073	6,727
2014 MIP Plan | Warrants | General and Administrative Expense
STOCK-BASED COMPENSATION
Recognized nonvested stock amortization expense	3,765	$ 8,289	7,531	$ 16,488
2015 EIP Plan
STOCK-BASED COMPENSATION
Recognized nonvested stock amortization expense	60		90
2015 EIP Plan | General and Administrative Expense | Restricted Stock Units
STOCK-BASED COMPENSATION
Recognized nonvested stock amortization expense	$ 79		$ 234

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SUBSEQUENT EVENTS (Details)	Jul. 07, 2016
Subsequent event | Common Stock
Subsequent Events
Reverse stock split	0.1