10-Q Filing

GENER8 MARITIME, INC. CIK: 1443799 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001558370-16-005878`
Period End Date	20160331
Filing Date	20160511
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	gnrt-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 9 Comprehensive Income 6

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Vessels, accumulated depreciation (in dollars)	`AccumulatedDepreciationVessels`	$162.68M	USD	Point-in-time
Vessels, accumulated depreciation (in dollars)	`AccumulatedDepreciationVessels`	$147.13M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	225.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$163.67M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	225.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$156.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$147.30M	USD	Point-in-time
Due from charterers, net	`AccountsReceivableNetCurrent`	$13.61M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	82.68M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	82.68M	shares	Point-in-time
Due from charterers, net	`AccountsReceivableNetCurrent`	$6.51M	USD	Point-in-time
Due from Navig8 pools, net	`DueFromRelatedPartiesCurrent`	$46.54M	USD	Point-in-time
Due from Navig8 pools, net	`DueFromRelatedPartiesCurrent`	$38.09M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	82.68M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	82.68M	shares	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$17.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$31.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$258.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$232.12M	USD	Point-in-time
Vessels, net of accumulated depreciation of $162,683 and $147,129, respectively	`VesselsNet`	$1.09B	USD	Point-in-time
Vessels, net of accumulated depreciation of $162,683 and $147,129, respectively	`VesselsNet`	$1.62B	USD	Point-in-time
Vessels under construction	`ConstructionInProgressGross`	$682.49M	USD	Point-in-time
Vessels under construction	`ConstructionInProgressGross`	$911.02M	USD	Point-in-time
Other fixed assets, net	`PropertyPlantAndEquipmentExcludingVessels`	$4.66M	USD	Point-in-time
Other fixed assets, net	`PropertyPlantAndEquipmentExcludingVessels`	$5.49M	USD	Point-in-time
Deferred drydock costs, net	`DeferredDrydockCostsNet`	$16.96M	USD	Point-in-time
Deferred drydock costs, net	`DeferredDrydockCostsNet`	$17.88M	USD	Point-in-time
Working capital at Navig8 pools	`WorkingCapitalInVesselPool`	$26.97M	USD	Point-in-time
Working capital at Navig8 pools	`WorkingCapitalInVesselPool`	$26.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$1.43M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$1.43M	USD	Point-in-time
Goodwill	`Goodwill`	$26.29M	USD	Point-in-time
Goodwill	`Goodwill`	$26.29M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$57.47M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.93M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$2.13B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$2.38B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.61B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.39B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$133.25M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$92.05M	USD	Point-in-time
Long-term debt, current portion	`LongTermDebtCurrent`	$151.22M	USD	Point-in-time
Long-term debt, current portion	`LongTermDebtCurrent`	$135.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$243.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$268.62M	USD	Point-in-time
Long term debt	`LongTermDebtNoncurrentGross`	$1.01B	USD	Point-in-time
Long term debt	`LongTermDebtNoncurrentGross`	$821.69M	USD	Point-in-time
Less: unamortized discount and debt issuance cost	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$48.96M	USD	Point-in-time
Less: unamortized discount and debt issuance cost	`DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet`	$52.41M	USD	Point-in-time
Long-term debt less unamortized discount and debt issuance cost	`LongTermDebtNoncurrent`	$958.60M	USD	Point-in-time
Long-term debt less unamortized discount and debt issuance cost	`LongTermDebtNoncurrent`	$772.72M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$647.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$713.00K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$773.37M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$959.31M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.20B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.04B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
New common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 82,679,922 shares at March 31, 2016 and December 31, 2015	`CommonStockValue`	$827.00K	USD	Point-in-time
New common stock, $0.01 par value per share; authorized 225,000,000 shares; issued and outstanding 82,679,922 shares at March 31, 2016 and December 31, 2015	`CommonStockValue`	$827.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$1.51B	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$1.51B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-102.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-163.42M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$730.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$667.00K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.41B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.35B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.61B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.39B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Navig8 pools revenues	`RevenueFromRelatedParties`	$113.03M	USD	1 Quarter
Time charter revenues	`TimeCharterRevenues`	$6.03M	USD	1 Quarter
Time charter revenues	`TimeCharterRevenues`	$7.23M	USD	1 Quarter
Spot charter revenues	`SpotCharterRevenues`	$3.78M	USD	1 Quarter
Spot charter revenues	`SpotCharterRevenues`	$115.37M	USD	1 Quarter
Total voyage revenues	`SalesRevenueServicesNet`	$124.04M	USD	1 Quarter
Total voyage revenues	`SalesRevenueServicesNet`	$121.40M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$45.89M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$2.36M	USD	1 Quarter
Direct vessel operating expenses	`DirectOperatingCosts`	$20.90M	USD	1 Quarter
Direct vessel operating expenses	`DirectOperatingCosts`	$24.53M	USD	1 Quarter
Navig8 charterhire expenses	`CostsAndExpensesRelatedParty`	$3.27M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.62M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDispositionOfAssets1`	$-135.00K	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDispositionOfAssets1`	$-131.00K	USD	1 Quarter
Closing of Portugal office	`BusinessExitCosts1`	$192.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$82.74M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$55.86M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$68.18M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$38.66M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-7.29M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-7.43M	USD	1 Quarter
Other financing costs	`OtherDebtIssuanceCosts`	$2.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-319.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-29.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-7.75M	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-7.33M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$30.92M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$60.86M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.93	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.93	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.74	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$30.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.86M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDispositionOfAssets1`	$-135.00K	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDispositionOfAssets1`	$-131.00K	USD	1 Quarter
Payment-in-kind interest expense	`PaidInKindInterest`	$2.64M	USD	1 Quarter
Payment-in-kind interest expense	`PaidInKindInterest`	$4.24M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00M	USD	1 Quarter
Amortization of fair value of related-party chartered-in vessel	`RelatedPartyAmortizationOfFairValueOfAsset`	$427.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$2.57M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$187.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$242.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.43M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$1.86M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$1.62M	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$5.28M	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-5.24M	USD	1 Quarter
Increase in due from Navig8 pools	`RelatedPartyIncreaseDecreaseInAccountsReceivable`	$8.45M	USD	1 Quarter
Decrease in prepaid expenses and other current and noncurrent assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-60.45M	USD	1 Quarter
Decrease in prepaid expenses and other current and noncurrent assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.24M	USD	1 Quarter
Increase in working capital at Navig8 pools	`IncreaseDecreaseInOperatingCapital`	$967.00K	USD	1 Quarter
Decrease in accounts payable and other current and noncurrent liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.62M	USD	1 Quarter
Decrease in accounts payable and other current and noncurrent liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.54M	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$1.87M	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$790.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$39.29M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$134.86M	USD	1 Quarter
Payments for purchase of Acquired VLCC Newbuildings	`PaymentsToAcquirePropertyPlantAndEquipment`	$338.68M	USD	1 Quarter
Payments for purchase of Acquired VLCC Newbuildings	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.56M	USD	1 Quarter
Payment of capitalized interest	`InterestPaidCapitalized`	$2.21M	USD	1 Quarter
Payment of capitalized interest	`InterestPaidCapitalized`	$6.87M	USD	1 Quarter
Proceeds from sale of vessels	`ProceedsFromSaleOfOtherProductiveAssets`	$16.93M	USD	1 Quarter
Purchase of vessel improvements and other fixed assets	`PaymentsToAcquireOtherProductiveAssets`	$1.08M	USD	1 Quarter
Purchase of vessel improvements and other fixed assets	`PaymentsToAcquireOtherProductiveAssets`	$2.24M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-22.85M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-330.87M	USD	1 Quarter
Borrowings under credit facilities and senior notes	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$244.08M	USD	1 Quarter
Repayments of credit facilities	`RepaymentsOfLongTermDebt`	$43.15M	USD	1 Quarter
Payments of professional fees in connection with IPO	`PaymentsOfProfessionalFeesOfInitialPublicOffering`	$449.00K	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$6.02M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$194.91M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-449.00K	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$382.00K	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$63.00K	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.03M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.37M	USD	1 Quarter
CASH AND CASH EQUIVALENTS, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$163.67M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$157.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$156.50M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$147.30M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of period	`CashAndCashEquivalentsAtCarryingValue`	$163.67M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of period	`CashAndCashEquivalentsAtCarryingValue`	$157.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of period	`CashAndCashEquivalentsAtCarryingValue`	$156.50M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of period	`CashAndCashEquivalentsAtCarryingValue`	$147.30M	USD	Point-in-time
Cash paid during the period for interest, net of capitalized interest	`InterestPaidNet`	$5.11M	USD	1 Quarter
Cash paid during the period for interest, net of capitalized interest	`InterestPaidNet`	$4.66M	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.41B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.35B	USD	Point-in-time
Net income	`NetIncomeLoss`	$30.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.86M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$63.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$263.00K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.43M	USD	1 Quarter
Balance	`StockholdersEquity`	$1.41B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.35B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$30.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.86M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$63.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$263.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$31.18M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$60.92M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.