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 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K

 Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 For the fiscal year ended December 31, 2023
 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

 98-0439758

 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)

 Registrant's telephone number, including area code: ( 646) 443-8550
 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, par value $.01 per share

 GNK

 New York Stock Exchange

 Securities registered pursuant to Section 12(g) of the Act: None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicated by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 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 every Interactive Data File required to be submitted 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 such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
 The aggregate market value of the registrant's voting common equity held by non-affiliates of the registrant on the last business day of the registrant's most recently completed second fiscal quarter, computed by reference to the last sale price of such stock of $14.03 per share as of June 30, 2023 was approximately $ 588.3 million. The registrant has no non-voting common equity issued and outstanding. The determination of affiliate status for purposes of this paragraph is not necessarily a conclusive determination for any other purpose.
 The number of shares outstanding of the registrant's common stock as of February 27, 2024 was 42,730,455 shares.
 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of our Proxy Statement for the 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023, are incorporated by reference in Part III herein.

 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.

 i

 NOTE ABOUT FORWARD-LOOKING STATEMENTS

 This annual report on Form 10-K 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," "budget," "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 our 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 annual report on Form 10-K are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines 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, general and administrative expenses, 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, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, 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 maintenance, repairs, and installation of equipment to comply with applicable regulations 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 extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) 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; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xix) our financial results for the year ending December 31, 2024 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; (xxiii) those other risks and uncertainties discussed below under the headings "RISK FACTORS RELATED TO OUR BUSINESS & OPERATIONS", and (xxiv) other factors listed from time to time in our filings with the Securities and Exchange Commission (the "SEC"). Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 ITEM 1. BUSINESS

 OVERVIEW

 General

 We are a New York City-based company incorporated in the Marshall Islands in 2004. We transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 45 drybulk carriers, including 18 Capesize drybulk carriers, 15 Ultramax drybulk carriers, and twelve Supramax drybulk carriers with an aggregate carrying capacity of approximately 4,828,000 deadweight tons ("dwt"). The average age of our current fleet is approximately 11.7 years. All of the vessels in our fleet were built in shipyards with reputations for constructing high-quality vessels. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers. Of the vessels currently in our fleet, 20 are on spot market voyage charters, 20 are on fixed-rate time charter contracts, five are on spot market-related time charters, and we are currently time chartering-in four third party vessels.

 See pages 5 – 6 for a table of our current fleet.

 Our approach towards fleet composition is to own a high-quality fleet of vessels that focuses on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Copenhagen and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time charters as well as opportunistically booking longer term fixed-rate coverage. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet. However, depending on market conditions, we may seek to enter into additional longer term time charter contracts or contracts of affreightment. In addition to both short and long-term time charters, we fix our vessels on spot market voyage charters as well as spot market-related time charters depending on market conditions and management's outlook.

 On November 29, 2023, we entered into an amendment to extend and upsize our prior $450 Million Credit Facility. The amended structure consists of a $500 million revolving credit facility (the "$500 Million Revolver") which can be utilized to support growth of our asset base, as well as for general corporate purposes. The maturity date was extended from August 2026 to November 2028.

 Our approach to capital allocation, through the implementation of our value strategy in April 2021, focuses on three key factors:

 Compelling dividends

 Financial deleveraging, and

 Accretive growth of our fleet

 Since 2021, we have executed this strategy by reducing our debt by $249.2 million as of December 31, 2023 while expanding our core Ultramax and Capesize fleet. This has resulted in a debt balance of $200.0 million as of December 31, 2023, a 55% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments. In addition to the $46.9 million of cash on our balance sheet as of December 31, 2023, we have undrawn revolver availability of $294.8 million, bringing our total liquidity to $341.7 million providing us with significant financial flexibility. Furthermore, since the fourth quarter of 2021 through the fourth quarter of 2023, we have declared cumulative dividends under our value strategy of $4.10 per share.

 Our Operations

 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 serves the same type of customer, has similar operations and maintenance requirements, operates in the same regulatory environment, and is subject to similar economic characteristics. Based on this, we have determined that we operate in one reportable segment in which we are engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

 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, spot market 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. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. In September 2021, we entered into a joint venture named GS Shipmanagement Pte. Ltd ("GSSM") with Synergy Marine Pte. Ltd. ("Synergy"), one of our previous technical managers. GSSM currently provides the technical management to all 45 vessels in our current fleet. This joint venture has increased our visibility and control over our vessel operations, augmented fleet-wide fuel efficiency to lower our carbon footprint through an advanced data platform and will potentially provide vessel operating expense savings over time. Members of our New York City-based management team oversee the activities of GSSM.

 AVAILABLE INFORMATION

 We file annual, quarterly and current reports, proxy statements, and other documents with the SEC, under the Securities Exchange Act of 1934, or the Exchange Act. The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov.

 In addition, our company website can be found on the Internet at www.gencoshipping.com. The website contains information about us and our operations. Copies of each of our filings with the SEC on Form 10-K, Form 10-Q and Form 8-K, and all amendments to those reports, can be viewed and downloaded free of charge after the reports and amendments are electronically filed with or furnished to the SEC. To view the reports, access www.gencoshipping.com, click on Investor, then SEC Filings. No information on our company website is incorporated by reference into this annual report on Form 10-K.

 Any of the above documents can also be obtained in print by any shareholder upon request to our Investor Relations Department at the following address:

 Corporate Investor Relations
 299 Park Avenue, 12th Floor
 New York, NY 10171

 BUSINESS STRATEGY

 Our strategy is to manage and expand our fleet in a manner that maximizes our cash flows from operations in a safe and efficient manner. To accomplish this objective, we intend to:

 Continue to operate a high-quality fleet — We intend to maintain a modern, high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements through GSSM's rigorous and comprehensive maintenance program. In addition, GSSM maintains the quality of our vessels by carrying out regular inspections, both while in port and at sea.

 Utilize an active commercial strategy — Our current fleet of 45 drybulk vessels concentrates on the transportation of major and minor bulk commodities globally. We utilize an active commercial operating platform that has provided improved margins and an expanded network of customers over our prior tonnage provider model. We have a global presence with our corporate headquarters in New York and offices in Singapore and Copenhagen. We fix a significant number of vessels on spot market voyage charters, where we provide a vessel for the transportation of goods between a load port and discharge port at a specified per-ton rate or on a lump sum basis, as well as on contracts of affreightment directly with cargo providers. We believe that our active platform provides added flexibility to changing market conditions and improves operational efficiencies within our owned fleet. Furthermore, we also assess arbitrage opportunities on cargoes through utilizing vessel positions by time chartering-in third party vessels and/or reletting cargo commitments on a voyage basis. In addition to these options, we continue to fix our vessels on both short and long-term time charters, as well as spot market-related time charters, depending on market conditions and outlook. Overall, our fleet deployment strategy is currently weighted towards short-term fixtures, which provide optionality for the Company. We continuously monitor the drybulk market and may in the future pursue other market opportunities for our vessels to capitalize on market conditions, including arranging more longer term charters and entering into vessel pools.

 Strategically expand the size of our fleet — We may acquire additional modern, high-quality, fuel-efficient drybulk vessels through timely and selective acquisitions in a manner that is accretive to our cash flows and dividend while maintaining low to moderate financial leverage. If we make such acquisitions, we may consider additional debt or equity financing alternatives.

 Maintain low-cost, highly efficient operations — In September 2021, we formed the GSSM joint venture, which is owned 50% by Genco and 50% by Synergy, to provide ship management services for our existing fleet. By April 2022, we completed the transition of our fleet's technical management to GSSM. Currently, all 45 vessels in our fleet are managed by GSSM. Our management team actively monitors and controls vessel operating expenses incurred by GSSM by overseeing their activities. We also seek to maintain low-cost, highly efficient operations by capitalizing on the cost savings and economies of scale that result from operating a larger fleet as well as sister ships. Sister ships are ships of the same class that are of virtually identical design and are of similar size.

 Capitalize on our management team's reputation — We seek to capitalize on our management team's reputation for high standards of performance, reliability and safety, and maintain strong relationships with major international charterers and cargo providers, many of whom consider the reputation of a vessel owner and operator when entering into time charters. We believe that our management team's track record improves our relationships with high quality shipyards and vendors, as well as financial institutions, many of which consider reputation to be an indicator of creditworthiness.

 OUR FLEET

 The table below summarizes the characteristics of our vessels that have been delivered to us that are currently in our fleet:

 Vessel

 Class

 Dwt

 Year Built

 Genco Augustus

 180,151

 2007

 Genco Claudius

 169,001

 2010

 Genco Constantine

 180,183

 2008

 Genco Hadrian

 169,025

 2008

 Genco London

 177,833

 2007

 Genco Maximus

 169,025

 2009

 Genco Tiberius

 175,874

 2007

 Genco Tiger

 179,185

 2011

 Genco Titus

 177,729

 2007

 Baltic Bear

 177,717

 2010

 Genco Lion

 179,185

 2012

 Baltic Wolf

 177,752

 2010

 Genco Endeavour

 181,057

 2015

 Genco Resolute

 181,060

 2015

 Genco Defender

 180,021

 2016

 Genco Liberty

 180,032

 2016

 Genco Reliance

 181,146

 2016

 Genco Ranger

 180,882

 2016

 Baltic Hornet

 63,574

 2014

 Baltic Wasp

 63,389

 2015

 Baltic Scorpion

 63,462

 2015

 Baltic Mantis

 63,467

 2015

 Genco Weatherly

 61,556

 2014

 Genco Columbia

 60,294

 2016

 Genco Magic

 63,443

 2014

 Genco Vigilant

 63,498

 2015

 Genco Freedom

 63,667

 2015

 Genco Enterprise

 63,472

 2016

 Genco Madeleine

 63,163

 2014

 Genco Mayflower

 63,304

 2017

 Genco Constellation

 63,310

 2017

 Genco Laddey

 61,303

 2022

 Genco Mary

 61,304

 2022

 Genco Aquitaine

 57,981

 2009

 Genco Ardennes

 58,014

 2009

 Genco Auvergne

 58,020

 2009

 Genco Bourgogne

 2010

 Genco Brittany

 58,014

 2010

 Genco Hunter

 58,729

 2007

 Genco Languedoc

 2010

 Genco Picardy

 55,255

 2005

 Genco Predator

 55,407

 2005

 Genco Pyrenees

 2010

 Genco Rhone

 2011

 Genco Warrior

 55,435

 2005

 The following groups of sister ships are included in our current fleet except as noted below:

 Group

 Vessels

 Genco Constantine and Genco Augustus

 Genco Lion and Genco Tiger

 Genco London, Baltic Wolf, Genco Titus and Baltic Bear

 Genco Hadrian, Genco Claudius and Genco Maximus

 Genco Resolute, Genco Endeavour, Genco Ranger and Genco Reliance

 Genco Liberty and Genco Defender

 Genco Enterprise, Baltic Hornet, Baltic Mantis, Baltic Scorpion and Baltic Wasp

 Genco Auvergne, Genco Rhone, Genco Ardennes, Genco Aquitaine, Genco Brittany, Genco Languedoc, Genco Pyrenees and Genco Bourgogne

 Genco Warrior, Genco Predator and Genco Picardy

 Genco Magic, Genco Vigilant and Genco Freedom

 Genco Mayflower and Genco Constellation

 Genco Weatherly, Genco Laddey and Genco Mary

 FLEET MANAGEMENT

 Our management team and other employees are responsible for the commercial and strategic management of our fleet. Commercial management involves negotiating charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters, vessel pools and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management involves locating, purchasing, financing and selling vessels.

 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 GSSM. The head of our technical management team has over 30 years of experience in the shipping industry.

 Under our technical management agreement with GSSM, GSSM is obligated to:

 provide personnel to supervise the maintenance and general efficiency of our vessels;

 arrange and supervise the maintenance of our vessels to our standards to assure that our vessels comply with applicable national and international regulations and the requirements of our vessels' classification societies;

 select and train the crews for our vessels, including assuring that the crews have the correct certificates for the types of vessels on which they serve;

 check the compliance of the crews' licenses with the regulations of the vessels' flag states and the International Maritime Organization, or IMO;

 arrange the supply of spares and stores for our vessels; and

 report expense transactions to us, and make its procurement and accounting systems available to us.

 OUR CHARTERS

 As of February 27, 2024, we fixed 20 of our vessels on spot market voyage charters where we provide a vessel for the transportation of goods between a load port and discharge port at a specified per-ton or on a lump sum basis. Under spot market voyage charters, voyage expenses such as fuel and port charges, are borne by us. Additionally, as of February 27, 2024, we have fixed 20 of our vessels under fixed-rate time charters and five of our vessels under spot market-related time charters. A time charter involves the hiring of a vessel from its owner for a period of time pursuant to a contract under which the vessel owner places its ship (including its crew and equipment) at the disposal of the charterer. Under a time charter, the charterer periodically pays a fixed daily charterhire rate to the owner of the vessel and bears all voyage expenses, including the cost of bunkers (fuel), port expenses, agents' fees and canal dues. Additionally, as of February 27, 2024, we were chartering in four third party vessels that have been employed on spot market voyage charters, all of which are short duration.

 Our vessels operate worldwide within the trading limits imposed by our insurance terms. The technical operation and navigation of the vessel at all times remains the responsibility of the vessel owner, which is generally responsible for the vessel's operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses.

 For the vessels that we employ on time charters or spot market-related time charters, agreements expire within a range of dates (for example, a minimum of 4 months and maximum of 6 months following delivery), with the exact end of the time charter left unspecified to account for the uncertainty of when a vessel will complete its final voyage under the time charter. The charterer may extend the charter period by any time that the vessel is off-hire. If a vessel remains off-hire for more than 30 consecutive days, the time charter may be cancelled at the charterer's option.

 In connection with the charter of each of our vessels, we incur commissions generally ranging from 1.25% to 6.25% of the total daily charterhire rate of each charter or total freight revenue to third parties, depending on the number of brokers involved with arranging the relevant charter.

 We monitor developments in the drybulk shipping industry on a regular basis and strategically adjust the time and duration of employment for our vessels according to market conditions as they become available for hire.

 The following table sets forth information about the current employment of the vessels in our fleet as of February 27, 2024:

 Year

 Charter

 Vessel

 Built

 Expiration(1)

 Cash Daily Rate(2)

 Capesize Vessels

 Genco Augustus

 2007

 Genco Tiberius

 2007

 February 2024

 Genco London

 2007

 Genco Titus

 2007

 Genco Constantine

 2008

 $16,350

 Genco Hadrian

 2008

 $13,750

 Genco Maximus

 2009

 $21,000

 Genco Claudius

 2010

 February 2024

 Genco Tiger

 2011

 Genco Lion

 2012

 Baltic Bear

 2010

 Baltic Wolf

 2010

 Genco Resolute

 2015

 127% of BCI (3)

 Genco Endeavour

 2015

 127% of BCI (3)

 Genco Defender

 2016

 125% of BCI (3)

 Genco Liberty

 2016

 Genco Ranger

 2016

 February 2025

 128% of BCI (3)

 Genco Reliance

 2016

 January 2025

 128% of BCI (3)

 Year

 Charter

 Vessel

 Built

 Expiration(1)

 Cash Daily Rate(2)

 Ultramax Vessels

 Baltic Hornet

 2014

 Baltic Wasp

 2015

 $16,500

 Baltic Scorpion

 2015

 $17,500

 Baltic Mantis

 2015

 Genco Weatherly

 2014

 $17,750

 Genco Columbia

 2016

 Genco Magic

 2014

 Genco Vigilant

 2015

 $19,000

 Genco Freedom

 2015

 Genco Enterprise

 2016

 Genco Constellation

 2017

 $16,000

 Genco Madeleine

 2014

 $16,000

 Genco Mayflower

 2017

 $20,000

 Genco Mary

 2022

 Genco Laddey

 2022

 $30,500

 Supramax Vessels

 Genco Predator

 2005

 Genco Warrior

 2005

 $15,000

 Genco Hunter

 2007

 Genco Aquitaine

 2009

 $6,500

 Genco Ardennes

 2009

 $23,500

 Genco Auvergne

 2009

 $38,000

 Genco Bourgogne

 2010

 $15,000

 Genco Brittany

 2010

 $18,750

 Genco Languedoc

 2010

 $18,250

 Genco Picardy

 2005

 $12,500

 Genco Pyrenees

 2010

 Genco Rhone

 2011

 $17,000

 (1)
 The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of certain contracts, 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.

 (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)
 BCI is the Baltic Capesize Index.

 CLASSIFICATION AND INSPECTION

 All of our vessels have been certified as being "in class" by the American Bureau of Shipping ("ABS"), DNVGL or Lloyd's Register of Shipping ("Lloyd's"). Each of these classification societies is a member of the International Association of Classification Societies. Every commercial vessel's hull and machinery is evaluated by a classification society authorized by its country of registry. The classification society certifies that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel's country of registry and the international conventions of which that country is a member. Each vessel is inspected by a surveyor of the classification society in three surveys of varying frequency and thoroughness: every year for the annual survey, every two to three years for the intermediate survey and every four to five years for special surveys. Special surveys always require drydocking. Vessels that are 15 years old or older are required, as part of the intermediate survey process, to be drydocked every 24 to 36 months for inspection of the underwater portions of the vessel and for necessary repairs stemming from the inspection.

 In addition to the classification inspections, many of our customers regularly inspect our vessels as a precondition to chartering them for voyages. We believe that our well-maintained, high-quality vessels provide us with a competitive advantage in the current environment of increasing regulation and customer emphasis on quality.

 We have implemented the International Safety Management Code, which was promulgated by the International Maritime Organization, or IMO (the United Nations agency for maritime safety and the prevention of marine pollution by ships), to establish pollution prevention requirements applicable to vessels. We obtained documents of compliance and safety management certificates for all of our vessels, which are required by the IMO.

 CREWING AND EMPLOYEES

 Each of our vessels is crewed with 21 to 23 officers and seafarers. We do not provide any seaborne personnel to crew our vessels. Instead, GSSM is responsible for locating and retaining qualified officers for our vessels. The crewing agencies are responsible for each seafarer's training, travel and payroll and ensuring that all the seafarers on our vessels have the qualifications and licenses required to comply with international regulations and shipping conventions. Our vessels are typically manned with more crew members than are required by the country of the vessel's flag in order to allow for the performance of routine maintenance duties.

 We currently employ 35 shore-based personnel, which includes personnel in our Singapore and Copenhagen offices. In addition, approximately 990 seagoing personnel are employed on our vessels. Lastly, GSSM currently employs approximately 80 personnel.

 CUSTOMERS

 Our assessment of a charterer's financial condition and reliability is an important factor in negotiating employment for our vessels. We generally charter our vessels to major trading houses (including commodities traders), major producers and government-owned entities rather than to more speculative or undercapitalized entities. Our customers include national, regional and international companies, such as Rio Tinto Shipping (Asia) Pte. Ltd., Oldendorff Carriers, including its subsidiaries, Cargill International S.A., BHP, Bunge SA, ADMIntermare, a division of ADM International Sarl, and Vale International S.A. For the year ended December 31, 2023, two customers individually accounted for more than 10% of our voyage revenue. Rio Tinto Shipping (Asia) Pte. Ltd. and Oldendorff Carriers, including its subsidiaries, represented 16.1% and 10.9% of voyage revenues, respectively.

 COMPETITION

 Our business fluctuates in line with the main patterns of trade of the major drybulk cargoes and varies according to changes in the supply and demand for these items. We operate in markets that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel location and size, age and condition of the vessel, as well as on our reputation as an owner and operator. We compete with other owners of drybulk carriers in the major and minor bulk sectors, some of whom may also charter our vessels as customers. Ownership of drybulk carriers is highly fragmented and is divided among approximately 2,600 independent drybulk carrier owners.

 PERMITS AND AUTHORIZATIONS

 We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, certificates and other authorizations with respect to our vessels. The kinds of permits, licenses, certificates and other authorizations required for each vessel depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel's crew and the age of the vessel. We believe that we have all material permits, licenses, certificates and other authorizations necessary for the conduct of our operations. However, additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of our doing business.

 INSURANCE

 General

 The operation of any drybulk vessel includes risks such as mechanical failure, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. The United States ("U.S.") Oil Pollution Act of 1990, or OPA, which imposes virtually unlimited liability upon owners, operators and demise charterers of vessels trading in the U.S.-exclusive economic zone for certain oil pollution accidents in the United States, has made liability insurance more expensive for ship owners and operators trading in the U.S. market.

 While we maintain hull and machinery insurance, war risks insurance, protection and indemnity cover, and freight, demurrage and defense cover for our fleet and loss of hire insurance for our major bulk vessels in amounts that we believe to be prudent to cover normal risks in our operations, we may not be able to achieve or maintain this level of coverage throughout a vessel's useful life. Furthermore, while we believe that our present insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates. Additionally, an increase in cost, or unavailability, of insurance for our vessels could have a material adverse impact on our business, financial condition and results of operations.

 Hull and Machinery, War Risks, Kidnap and Ransom Insurance

 We maintain marine hull and machinery, war risks and kidnap and ransom insurance, which cover the risk of actual or constructive total loss for all of our vessels. Our vessels are each covered up to at least fair market value with deductibles, which depend primarily on the class of the insured vessel and are subject to change. We are covered, subject to limitations in our policy, to have the crew released in the case of kidnapping due to piracy in the Gulf of Aden off the coast of Somalia and the Gulf of Guinea. Currently, we have no ships in the southern Red Sea or Gulf of Aden region. Furthermore, given the recent attacks on commercial vessels, we do not currently intend to transit these regions; however, we will continue to monitor events in these regions.

 Protection and Indemnity Insurance

 Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&I Associations, which insure our third party liabilities in connection with our shipping activities. This includes third party liability and other related expenses resulting from the injury or death of crew, passengers and other third parties, the loss or damage to cargo, claims arising from collisions with other vessels, damage to other third party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by P&I Associations, or "Clubs." Subject to the "capping" discussed below, our coverage, except for pollution, is unlimited.

 We maintain protection and indemnity insurance coverage for pollution of $1 billion per vessel per incident. The 13 P&I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each Association's liabilities. The International Group's website states that the pool provides a mechanism for sharing all claims in excess of $10 million up to, currently, approximately $8.9 billion. We are a member of two P&I Associations, both members of the International Group. As a result, we are subject to calls payable to the Associations based on the Group's claim records as well as the claim records of all other members of the individual P&I Associations and members of the pool of Associations comprising the International Group.

 Loss of Hire Insurance

 We maintain loss of hire insurance for our major bulk vessels, which covers business interruptions and related losses that result from the loss of use of a vessel. Our loss of hire insurance has a 14-day deductible and provides claim coverage for up to 60 days.

 Cyber Liability Insurance

 We maintain cyber liability insurance against financial losses resulting from data breaches and cyberattacks. Our cyber liability insurance policy encompasses various expenses associated with cybersecurity incidents, including first-party coverages such as legal fees, restoration of affected personal identities, recovery of compromised data, the cost of repairing damage to compromised computer systems, financial expenses related to notifying customers of potential data breaches, post-breach reputational harm repair, and public relations efforts. Additionally, third-party coverages include errors and omissions, such as failure to safeguard data or defamation, along with investigative expenses.

 ENVIRONMENTAL AND OTHER REGULATIONS
 Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications, procurement of specialized fuels and implementation of certain operating procedures.
 A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard ("USCG"), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels.
 Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict our ability to comply and the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.
 As one of the largest drybulk shipping companies in the world, we recognize the need to operate a safe, responsible and sustainable business built for the long term. We regularly integrate Environmental, Social and Governance (ESG) practices into our operational and strategic decision making. As such, we aim to meet and, if possible and appropriate for our business, exceed minimum compliance levels set forth in rules and regulations governing the maritime industry, including certain rules and regulations described below.
 Over the last several years, we have taken various steps to reduce our carbon footprint and improve the environment, including through investments made to our fleet. Specifically, we have:

 Purchased modern, fuel-efficient vessels with lower overall fuel consumption than older vessels in order to reduce our fleet's greenhouse gas emissions;

 Divested certain older, less fuel-efficient vessels;

 Outfitted 37 of our vessels with Energy Saving Devices (ESDs) to reduce the fuel consumptions of these vessels, which may include Mewis Ducts, Fins, Propellers, Propeller Boss Cap Fins and LED lamps;

 Installed performance-monitoring systems on board the majority of our vessels to gather real-time fuel consumption data to optimize the voyage efficiency of these vessels and are in the process of installing such systems on our remaining vessels;

 Utilized a third-party data collection platform that analyzes information from our vessels in an effort to reduce fuel consumption, CO2 and greenhouse gas emissions;

 Established and executed a compliance program regarding IMO 2020 fuel regulations (as described below);

 Installed ballast water treatment systems on the entire fleet;

 Partnered with a third-party firm to conduct internal audits of our vessels with a goal of identifying areas of potential improvement on the daily maintenance and operation of our vessels in order to improve the quality of the services our vessels provide and to mitigate operational risks;

 Installed Engine Power Limitation (EPL) systems on certain major bulk vessels to increase the level of energy efficiency by optimizing maintenance of the ship's engine power level; and

 Implemented an IMO 2023 compliance plan for select vessels within our fleet in which we have installed ESDs and applied high performance paint systems, among other initiatives

 International Maritime Organization (IMO)
 The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the "IMO"), has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as "MARPOL," the International Convention for the Safety of Life at Sea of 1974 ("SOLAS Convention"), and the International Convention on Load Lines of 1966 (the "LL Convention"). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions. Annex VI was separately adopted by the IMO in September of 1997; new emissions standards, titled IMO-2020, took effect on January 1, 2020.
 In 2013, the IMO's Marine Environmental Protection Committee, or the "MEPC," adopted a resolution amending MARPOL Annex I Condition Assessment Scheme, or "CAS." These amendments became effective on October 1, 2014 and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or "ESP Code," which provides for enhanced inspection programs. We may need to make certain financial expenditures to comply with these amendments, which could be significant.
 Air Emissions
 In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits "deliberate emissions" of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of "volatile organic compounds" from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. We believe that all our vessels are currently compliant in all material respects with these regulations.
 The MEPC adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020. This limitation can

 be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Ships are now required to obtain bunker delivery notes and International Air Pollution Prevention ("IAPP") Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships were adopted and took effect March 1, 2020, with the exception of vessels fitted with exhaust gas cleaning equipment ("scrubbers") which can carry fuel of higher sulfur content. These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs, including those related to the purchase, installation and operation of scrubbers and the purchase of compliant fuel oil.
 Sulfur content standards are even stricter within certain "Emission Control Areas," or ("ECAs"). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Certain ports in which our vessels call, including China and Singapore, are currently or may become subject to local regulations that impose stricter emission controls. In December 2021, the member states of the Convention for the Protection of the Mediterranean Sea Against Pollution (the "Barcelona Convention") agreed to support the designation of a new ECA in the Mediterranean. On December 15, 2022, MEPC 79 adopted the designation of a new ECA in the Mediterranean, with an effective date of May 1, 2025. In July 2023, MEPC 80 announced three new ECA proposals, including the Canadian Arctic waters and the North-East Atlantic Ocean. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency ("EPA") or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations. Refer to "Capital Expenditures" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations and "We are subject to regulation and liability under environmental and operational safety laws that could require significant expenditures or subject us to increased liability" in Item 1A. Risk Factors for further details of our plan for compliance and potential costs.
 Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect. Under the amendments, Tier III NOx standards apply to ships that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine diesel engine installed and constructed on or after January 1, 2016. Tier III requirements could apply to areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in 2010 and we are compliant with the Tier I and Tier II requirements for NOx emissions under the EPA standards and Annex VI. We do not currently own any vessels subject to the Tier III requirements, although we may acquire such vessels in the future. As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.
 As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.
 As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans ("SEEMP"), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index ("EEDI"). Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014. MEPC 75 adopted amendments to MARPOL Annex VI which brings forward the effective date of the EEDI's "phase 3" requirements from January 1, 2025 to April 1, 2022 for several ship types, including gas carriers, general cargo ships, and LNG carriers.

 Additionally, MEPC 75 introduced draft amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. These amendments introduce requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index ("EEXI"), and (2) operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator ("CII"). The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. Additionally, MEPC 75 proposed draft amendments requiring that, on or before January 1, 2023, all ships above 400 gross tonnage must have an approved SEEMP on board. For ships above 5,000 gross tonnage, the SEEMP would need to include certain mandatory content. MEPC 75 also approved draft amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil ("HFO") by ships in Arctic waters on and after July 1, 2024. The draft amendments introduced at MEPC 75 were adopted at the MEPC 76 session in June 2021 and entered into force in November 2022, with the requirements for EEXI and CII certification coming into effect from January 1, 2023. MEPC 77 adopted a non-binding resolution which urges Member States and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of Black Carbon emissions from ships when operating in or near the Arctic. MEPC 79 adopted amendments to MARPOL Annex VI, Appendix IX to include the attained and required CII values, the CII rating and attained EEXI for existing ships in the required information to be submitted to the IMO Ship Fuel Oil Consumption Database. MEPC 79 revised the EEDI calculation guidelines to include a CO2 conversion factor for ethane, a reference to the updated ITCC guidelines, and a clarification that in case of a ship with multiple load line certificates, the maximum certified summer draft should be used when determining the deadweight. The amendments will enter into force on May 1, 2024. In July 2023, MEPC 80 approved the plan for reviewing CII regulations and guidelines, which must be completed at the latest by January 1, 2026. There will be no immediate changes to the CII framework, including correction factors and voyage adjustments, before the review is completed.

 We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition. Genco plans to continue to invest in its existing fleet to improve fuel efficiency and comply with these revised standards through its comprehensive IMO 2023 plan.

 Safety Management System Requirements

 The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation of Liability for Maritime Claims (the "LLMC") sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.

 Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the "ISM Code"), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.
 The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. GSSM has valid documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.

 Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers. The SOLAS Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers ("GBS Standards").
 Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code ("IMDG Code"). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements. Amendments that took effect on January 1, 2020, also reflect the latest material from the UN Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups, and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas. Additional amendments, which came into force on June 1, 2022, include (1) addition of a definition of dosage rate, (2) additions to the list of high consequence dangerous goods, (3) new provisions for medical/clinical waste, (4) addition of various ISO standards for gas cylinders, (5) a new handling code, and (6) changes to stowage and segregation provisions.
 The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers ("STCW"). As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.
 The IMO's Maritime Safety Committee and MEPC, respectively, each adopted relevant parts of the International Code for Ships Operating in Polar Water (the "Polar Code"). The Polar Code, which entered into force on January 1, 2017, covers design, construction, equipment, operational, training, search and rescue as well as environmental protection matters relevant to ships operating in the waters surrounding the two poles. It also includes mandatory measures regarding safety and pollution prevention as well as recommendatory provisions. The Polar Code applies to new ships constructed after January 1, 2017, and after January 1, 2018, ships constructed before January 1, 2017 are required to meet the relevant requirements by the earlier of their first intermediate or renewal survey.
 Furthermore, recent action by the IMO's Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. By IMO resolution, administrations are encouraged to ensure that cyber-risk management systems are incorporated by ship-owners and managers by their first annual Document of Compliance audit after January 1, 2021. In February 2021, the U.S. Coast Guard published guidance on addressing cyber risks in a vessel's safety management system. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of future regulations is hard to predict at this time.
 In June 2022, SOLAS also set out new amendments that took effect on January 1, 2024, which include new requirements for: (1) the design for safe mooring operations, (2) the Global Maritime Distress and Safety System ("GMDSS"), (3) watertight integrity, (4) watertight doors on cargo ships, (5) fault-isolation of fire detection systems, (6) life-saving appliances, and (7) safety of ships using LNG as fuel. These new requirements may impact the cost of our operations.
 Pollution Control and Liability Requirements
 The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention

 for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention") in 2004. The BWM Convention entered into force on September 8, 2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.
 On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM Convention. This, in effect, makes all vessels delivered before the entry into force date "existing vessels" and allows for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (IOPP) renewal survey following entry into force of the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention's implementation dates was also discussed and amendments were introduced to extend the date existing vessels are subject to certain ballast water standards. Those changes were adopted at MEPC 72. Ships over 400 gross tons generally must comply with a "D-1 standard," requiring the exchange of ballast water only in open seas and away from coastal waters. The "D-2 standard" specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast water management systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3). As of October 13, 2019, MEPC 72's amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water Management Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and formalized an implementation schedule for the D-2 standard. Under these amendments, all ships must meet the D-2 standard by September 8, 2024. Costs of compliance with these regulations may be substantial. Additionally, in November 2020, MEPC 75 adopted amendments to the BWM Convention which would require a commissioning test of the ballast water management system for the initial survey or when performing an additional survey for retrofits. This analysis will not apply to ships that already have an installed BWM system certified under the BWM Convention. These amendments entered into force on June 1, 2022. In December 2022, MEPC 79 agreed that it should be permitted to use ballast tanks for temporary storage of treated sewage and grey water. MEPC 79 also established that ships are expected to return to D-2 compliance after experiencing challenging uptake water and bypassing a BWM system should only be used as a last resort. In July 2023, MEPC 80 approved a plan for a comprehensive review of the BWM Convention over the next three years and the corresponding development of a package of amendments to the Convention. MEPC 80 also adopted further amendments relating to Appendix II of the BWM Convention concerning the form of the Ballast Water Record Book, which are expected to enter into force in February 2025. A protocol for ballast water compliance monitoring devices and unified interpretation of the form of the BWM Convention certificate were also adopted.
 Once mid-ocean exchange ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. The system specification requirements for trading in the U.S. have been formalized and we have been installing ballast water treatment systems on our vessels as their special survey deadlines come due. These ballast water treatment systems range in cost from $0.5 million to $1.09 million each, primarily dependent on the size of the vessel. Refer to "Capital Expenditures" section for further information.
 The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 (the "CLC"). Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed

 using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&I Clubs in the International Group issue the required Bunkers Convention "Blue Cards" to enable signatory states to issue certificates. All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force.
 The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the "Bunker Convention") to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.
 Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States where the CLC or the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.
 Anti-Fouling Requirements

 In 2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the "Anti-fouling Convention." The Anti-fouling Convention, which entered into force on September 17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. The exteriors of vessels constructed prior to January 1, 2003 that have not been in drydock must, as of September 17, 2008, either not contain the prohibited compounds or have coatings applied to the vessel exterior that act as a barrier to the leaching of the prohibited compounds. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti-fouling System Certificate, or the "IAFS Certificate," is issued for the first time; and subsequent surveys when the anti-fouling systems are altered or replaced. Vessels of 24 meters in length or more but less than 400 gross tonnage engaged in international voyages will have to carry a Declaration on Anti-fouling Systems signed by the owner or authorized agent.

 In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne, which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. In addition, the IAFS Certificate has been updated to address compliance options for anti-fouling systems to address cybutryne. Ships which are affected by this ban on cybutryne must receive an updated IAFS Certificate no later than two years after the entry into force of these amendments. Ships which are not affected (i.e. with anti-fouling systems which do not contain cybutryne) must receive an updated IAFS Certificate at the next Anti-fouling application to the vessel. These amendments were formally adopted at MEPC 76 in June 2021, and entered into force on January 1, 2023.

 We have obtained Anti-fouling System Certificates for all of our vessels that are subject to the Anti-fouling Convention.

 Compliance Enforcement
 Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.
 United States Regulations
 The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act
 The U.S. Oil Pollution Act of 1990 ("OPA") established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all "owners and operators" whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.'s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define "owner and operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.
 Under OPA, vessel owners and operators are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:

 i.
 injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;

 ii.
 injury to, or economic losses resulting from, the destruction of real and personal property;

 iii.
 loss of subsistence use of natural resources that are injured, destroyed or lost;

 iv.
 net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;

 v.
 lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and

 vi.
 net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.

 OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. On December 23, 2022, the USCG issued a final rule to adjust the limitation of liability under the OPA. Effective March 23, 2023, the new adjusted limits of OPA liability for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation) (previous limit was $1,200 per gross ton or $997,100).
 These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as

 requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.
 CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.
 OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG's financial responsibility regulations by providing applicable certificates of financial responsibility.
 The 2010 Deepwater Horizon oil spill in the Gulf of Mexico resulted in additional regulatory initiatives and statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement's ("BSEE") revised Production Safety Systems Rule ("PSSR"), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, the BSEE amended the Well Control Rule, effective July 15, 2019, which rolled back certain reforms regarding the safety of drilling operations, and former U.S. President Trump had proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling. In January 2021, current U.S. President Biden signed an executive order temporarily blocking new leases for oil and gas drilling in federal waters. However, attorney generals from 13 states filed suit in March 2021 to lift the executive order, and in June 2021, a federal judge in Louisiana granted a preliminary injunction against the Biden administration, stating that the power to pause offshore oil and gas leases "lies solely with Congress." In August 2022, a federal judge in Louisiana sided with Texas Attorney General Ken Paxton, along with the other 12 plaintiff states, by issuing a permanent injunction against the Biden Administration's moratorium on oil and gas leasing on federal public lands and offshore waters. After being blocked by the courts, in September 2023, the Biden Administration announced a scaled-back offshore oil drilling plan, including just three oil lease sales in the Gulf of Mexico. With these rapid changes, compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely affect our business.
 OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners' responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call.

 While we do not carry oil as cargo, we do carry fuel and lube oil in our drybulk carriers. We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage, it could have a material adverse effect on our business, financial condition, and results of operations, cash flows, and ability to pay dividends.
 Other United States Environmental Regulations
 The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) ("CAA") requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels.
 The U.S. Clean Water Act ("CWA") prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition of "waters of the United States" ("WOTUS"), thereby expanding federal authority under the CWA. Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the Army proposed a revised, limited definition of WOTUS. In 2019 and 2020, the agencies repealed the prior WOTUS Rule and promulgated the Navigable Waters Protection Rule ("NWPR") which significantly reduced the scope and oversight of EPA and the Department of the Army in traditionally non-navigable waterways. On August 30, 2021, a federal district court in Arizona vacated the NWPR and directed the agencies to replace the rule with the pre-2015 definition. In January 2023, the revised WOTUS rule was codified in place of the vacated NWPR. On May 25, 2023, the United States Supreme Court ruled in the case Sackett v. EPA that only wetlands and permanent bodies of water with a "continuous surface connection" to "traditional interstate navigable waters" are covered by the CWA, further narrowing the application of the WOTUS rule. On August 2023, the EPA and the Department of Army issued the final WOTUS rule, effective on September 8, 2023, that largely reinstated the pre-2015 definition and applied the Sackett ruling.
 The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act ("VIDA"), which was signed into law on December 4, 2018 and replaces the 2013 Vessel General Permit ("VGP") program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act ("NISA"), such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance, and enforcement regulations within two years of EPA's promulgation of standards. Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized. Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent ("NOI") or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.

 European Union Regulations
 In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.
 The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulations also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so-called "SOx-Emission Control Area"). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.
 On September 15, 2020, the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European Union's carbon market, the EU Emissions Trading System ("EU ETS") as part of its "Fit-for-55" legislation to reduce net greenhouse gas emissions by at least 55% by 2030 as compared to 1990 levels. On July 14, 2021, the European Parliament formally proposed its plan, which would involve gradually including the maritime sector from 2023 and phasing the sector in over a three-year period. This will require shipowners to buy permits to cover these emissions. The Environment Council adopted a general approach on the proposal in June 2022. On December 18, 2022, the Environmental Council and European Parliament agreed to include maritime shipping emissions within the scope of the EU ETS on a gradual introduction of obligations for shipping companies to surrender allowances equivalent to a portion of their carbon emissions: 40% for verified emissions from 2024, 70% for 2025 and 100% for 2026. Most large vessels will be included in the scope of the EU ETS from the start. Big offshore vessels of 5,000 gross tonnage and above will be included in the 'MRV' on the monitoring, reporting and verification of CO2 emissions from maritime transport regulation from 2025 and in the EU ETS from 2027. General cargo vessels and off-shore vessels between 400-5,000 gross tonnage will be included in the MRV regulation from 2025 and their inclusion in EU ETS will be reviewed in 2026. Furthermore, starting from January 1, 2026, the ETS regulations will expand to include emissions of two additional greenhouse gases: nitrous oxide and methane. Compliance with the Maritime EU ETS will result in additional compliance and administration costs to properly incorporate the provisions of the Directive into our business routines. Additional EU regulations which are part of the EU's "Fit-for-55," could also affect our financial position in terms of compliance and administration costs when they take effect.
 Additionally, on July 25, 2023, the European Council of the European Union adopted the Maritime Fuel Regulation under the FuelEU Initiative of its "Fit-for-55" package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by covered vessels. Among other things, the Maritime Fuel Regulation requires that greenhouse gas emissions from covered vessels are reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% from January 1, 2050).

 Greenhouse Gas Regulation
 Our industry currently is heavily dependent on the consumption of fossil fuels, which has been linked by certain experts to greenhouse gas emissions and the warming of the global climate system. We are committed to working to reduce our carbon footprint, including by transitioning to low-carbon fuels while continuing to deliver for our customers. Our governance, strategy, risk management and performance monitoring efforts with respect to managing this challenge continue to evolve.
 Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships. The U.S. initially entered into the agreement, but on June 1, 2017, former U.S. President Trump announced that the United States intended to withdraw from the Paris Agreement, and the withdrawal became effective on November 4, 2020. On January 20, 2021, U.S. President Biden signed an executive order to rejoin the Paris Agreement, which the U.S. officially rejoined on February 19, 2021.
 At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies "levels of ambition" to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses. At MEPC 77, the Member States agreed to initiate the revision of the Initial IMO Strategy on Reduction of GHG emissions from ships, recognizing the need to strengthen the ambition during the revision process. In July 2023, MEPC 80 adopted a revised strategy, which includes an enhanced common ambition to reach net-zero greenhouse gas emissions from international shipping around or close to 2050, a commitment to ensure an uptake of alternative zero and near-zero greenhouse gas fuels by 2030, as well as i). reducing the total annual greenhouse gas emissions from international shipping by at least 20%, striving for 30%, by 2030, compared to 2008; and ii). reducing the total annual greenhouse gas emissions from international shipping by at least 70%, striving for 80%, by 2040, compared to 2008. At MEPC 80, the IMO also announced its intention to develop and approve mid-term greenhouse gas reduction measures by Spring 2025, with entry into force of those measures in 2027. These measures include (1) a goal-based marine fuel standard regulating the phased reduction of the marine fuel's GHG intensity, and (2) a global carbon pricing mechanism.
 The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol's second period from 2013 to 2020. Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information. Under the European Climate Law, the EU committed to reduce its net greenhouse gas emissions by at least 55% by 2030 through its "Fit-for-55" legislation package. As part of this initiative, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union's carbon market, EU ETS, are also forthcoming.
 In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, former U.S. President Trump signed an executive order to review and possibly eliminate the EPA's plan to cut greenhouse gas emissions, and in August

 2019, the Administration announced plans to weaken regulations for methane emissions. Further, on August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic compound emissions from new oil and gas facilities. However, U.S. President Biden recently directed the EPA to publish a proposed rule suspending, revising, or rescinding certain of these rules. On November 2, 2021, the EPA issued a proposed rule under the CAA designed to reduce methane emissions from oil and gas sources. The proposed rule would reduce 41 million tons of methane emissions between 2023 and 2035 and cut methane emissions in the oil and gas sector by approximately 74 percent compared to emissions from this sector in 2005. EPA issued a supplemental proposed rule in November 2022 to include additional methane reduction measures. On December 2, 2023, the Biden Administration announced the final rule that includes updated and strengthened standards for methane and other air pollutants from new, modified, and reconstructed sources, as well as Emissions Guidelines to assist states in developing plans to limit methane emissions from existing sources. These new regulations could potentially affect our operations.
 Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.
 International Labour Organization
 The International Labour Organization (the "ILO") is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 ("MLC 2006"). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating from a port, or between ports, in another country. We believe that all of our vessels are in substantial compliance with and are certified to meet MLC 2006.
 Vessel Security Regulations
 Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002 ("MTSA"). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.
 Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facility Security Code ("the ISPS Code"). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate ("ISSC") from a recognized security organization approved by the vessel's flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel's hull; a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.
 The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel's compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.

 The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and Arabian Sea area, as well as off the coast of Western Africa. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.
 Inspection by Classification Societies

 The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified "in class" by a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or "the Rules," which apply to oil tankers and bulk carriers contracted for construction on or after July 1, 2015. The Rules attempt to create a level of consistency between IACS Societies. All of our vessels are certified as being "in class" by all the applicable Classification Societies (American Bureau of Shipping, DNVGL, or Lloyd's Register of Shipping). All new and secondhand vessels that we purchase must be certified prior to their delivery under our standard agreements.
 A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be surveyed every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.
 SEASONALITY

 We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, there have been seasonal variations in freight and charter rates. We may seek to mitigate the risk of these seasonal variations by entering into long-term time charters for certain of our vessels, where possible. However, this seasonality may result in quarter-to-quarter volatility in our operating results, depending on when we enter into our time charters or if our vessels trade on the spot market. The drybulk sector is typically stronger during the second half of the fiscal year due to increased cargo volumes from major export origins. As a result, our revenues could be weaker during the fiscal quarters ended March 31 and June 30, and conversely, our revenues could be stronger during the quarters ended September 30 and December 31.

 ITEM 1A. RISK FACTORS

 The following risk factors and other information included in this report should be carefully considered. If any of the following risks actually occur, our business, financial condition, operating results or cash flows could be materially and adversely affected, and the trading price of our common stock could decline.

 RISK FACTORS RELATED TO OUR BUSINESS AND OPERATIONS

 Industry Specific Risk Factors

 A downturn in the global economic environment may negatively impact our business.

 If the current global economic environment worsens, we may be negatively affected in a number of ways.

 As a result of low freight and charter rates that in some instances may not allow us to operate our vessels profitably, our earnings and cash flows could decline. Continuation of these types of conditions for a prolonged period may leave us with insufficient cash resources for our operations or would potentially accelerate the repayment of our outstanding indebtedness.

 If our earnings and cash flows decline for a prolonged period, we may also breach one or more of our credit facility covenants, such as those relating to our minimum cash balance, collateral maintenance, or minimum working capital. This also would potentially accelerate the repayment of outstanding indebtedness. Additionally, our charterers may fail to meet their obligations under our time charter and freight agreements.

 A significant number of our vessels' port calls involve loading or discharging raw materials and semi-finished products in the Asia Pacific region. As a result, a negative change in economic conditions in any Asia Pacific country, particularly in China, India, or Japan, could adversely affect our business. In recent years, China has been one of the world's fastest growing economies in terms of gross domestic product, and our business substantially depends on economic activity in China. To the extent the Chinese government does not pursue economic growth and urbanization generally, including infrastructure stimulus spending, the level of imports to and exports from China could be adversely affected, as well as by changes in political, economic and social conditions or other Chinese government policies. The Chinese government may adopt policies that favor domestic drybulk shipping companies and may hinder our ability to compete with them effectively. The Chinese government has also taken actions seen as protecting domestic industries such as coal or steel, which may reduce the demand for China-bound drybulk cargoes and negatively impact the drybulk industry. Given the current state of the Chinese property sector, the Chinese government has continued to attempt to stimulate the economy to achieve economic growth targets. China's property market remains a key sector driving commodity demand for various cargoes that we ship. Moreover, a significant or protracted slowdown in the economies of the U.S., the European Union or various Asian countries may adversely affect economic growth in China and elsewhere.

 Any increased trade barriers or restrictions, especially involving China, could adversely impact global economic conditions and, as a result, the amount of cargo transported on drybulk vessels. As an example of such restrictions, and most notable in term of drybulk trade volumes, China imposed tariffs on U.S. soybean exports in 2019 as part of the U.S.-China trade dispute. A deterioration in the trading relationship or a re-escalation of protectionist measures taken between these countries or others could lead to reduced drybulk trade volumes.

 Freight and charterhire rates for drybulk carriers could decrease in the future, which may adversely affect our earnings.

 A prolonged downturn in the drybulk charter market, from which we derive the large majority of our revenues, has been volatile over the past five years. The Baltic Dry Index ("BDI"), an index published by The Baltic Exchange of shipping rates for key drybulk routes increased during 2021 after a decline in 2020 principally caused by the COVID-19 pandemic, while another firm year was seen in 2022. In 2023, the BDI declined from 2021 and 2022 highs, but was firm from a historical perspective. There can be no assurance that the drybulk charter market will not experience future downturns.

 Shipping capacity supply and demand strongly influences freight rates. Factors that influence demand include demand for and production of drybulk products; global and regional economic and political conditions, including developments in international trade, fluctuations in industrial and agricultural production and armed conflicts; the distance drybulk cargo is to be moved by sea; environmental and other regulatory developments; events impacting production of the commodities that we carry; and changes in seaborne and other transportation patterns. Factors that influence the supply of vessel capacity include the number of newbuilding deliveries; port and canal congestion; scrapping of older vessels; vessel casualties; conversion of vessels to other uses; the number of vessels out of service (laid-up, drydocked, awaiting repairs or otherwise not available for hire); and environmental concerns and regulations.

 In addition to prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of fuel and other operating costs, costs associated with classification society surveys, normal maintenance and insurance coverage, the efficiency and age profile of the existing fleet in the market and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations.

 Adverse economic, political, social or other developments, including a change in worldwide fleet capacity, could have a material adverse effect on our business, results of operations, cash flows, financial condition, ability to pay dividends, and ability to continue as a going concern.

 Although vessel supply growth rates have slowed in recent years, if the supply of newbuilding vessels outpaces the demand for vessels, it could negatively impact freight rates and charterhire rates. If market conditions deteriorate following our vessels' current employment, we may not be able to employ our vessels at profitable rates or at all. The occurrence of these events could have a material adverse effect on our business, results of operations, cash flows, financial condition, ability to pay dividends, and ability to continue as a going concern.

 Prolonged declines in freight and charter rates, changes in the useful life of vessels, and other market deterioration could cause us to incur impairment charges.

 We evaluate the carrying amounts of our vessels to determine if events have occurred that would require us to evaluate our vessels for an impairment of their carrying amounts. The recoverable amounts of vessels are reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recovered. The review for potential impairment indicators and projection of future cash flows related to the vessels is complex and requires us to make various estimates including future freight rates and earnings from the vessels. All of these items have been historically volatile.

 We determine each vessel's recoverable amount by estimating the vessel's undiscounted future cash flows. If the recoverable amount is less than the vessel's carrying amount, the vessel is deemed impaired and written down to its fair market value. Our vessels' carrying values may not represent their fair market value because market prices of secondhand vessels tend to fluctuate with freight and charter rate changes and the cost of newbuildings. Any impairment charges incurred as a result of declines in freight and charter rates could have a material adverse effect on our business, results of operations, cash flows, financial condition, ability to pay dividends, and ability to continue as a going concern.

 Inflation could continue to adversely affect our business and financial results.

 Inflation could continue to adversely affect our business and financial results by increasing the costs of labor and materials needed to operate our business. During the year ended December 31, 2023, we experienced increased costs for crew, spares, and stores, which we currently expect to continue into 2024. In an inflationary environment such as the current economic environment, depending on the drybulk industry and other economic conditions, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease our profit margins. Inflation may also raise our costs of capital and decrease our purchasing power, making it more difficult to maintain sufficient funds to operate our business.

 Our vessels are exposed to international risks that could reduce revenue or increase expenses.

 Our vessels are at risk of damage or loss because of events such as mechanical failure, collision, human error, war, terrorism, piracy, cargo loss and bad weather. All these can result in death or injury to persons, repair and other increased costs, loss of revenues, loss or damage to property (including cargo), environmental damage, higher insurance rates, damage to our customer relationships, harm to our reputation as a safe and reliable operator and delay or rerouting. Public health threats, such as COVID-19, influenza and other highly communicable diseases or viruses, could adversely impact our and our customers' operations. Changing economic, regulatory and political conditions, including political and military conflicts, have resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. Our vessels may operate in dangerous areas, including areas of the South China Sea, the Arabian Sea, the Indian Ocean, the Gulf of Aden off the coast of Somalia, the Gulf of Guinea, and the Red Sea. In November 2013, the Chinese government announced an Air Defense Identification Zone (ADIZ) covering much of the East China Sea. A number of nations do not honor the ADIZ, which includes certain maritime areas that have been contested among various nations in the region. Tensions relating to the Chinese ADIZ or other territorial disputes may escalate and result in interference with shipping routes or in market disruptions.

 In recent years, tensions have been rising between the U.S. and China as a result of significantly increased Chinese military flights into Taiwan's air defense zone, U.S. claims that China tested a hypersonic missile, and the establishment of the AUKUS pact among Australia, the U.K., and the U.S. under which the U.S. is to assist Australia in developing a nuclear submarine program. In addition, China imposed restrictions on the imports of coal and certain other products from Australia following Australia's alignment with the U.S. on a number of issues, which China perceived as adverse to its interests. Developments around these restrictions are dynamic and uncertain. The escalation of such trade issues or tensions or development of any military conflict could result in interference with shipping routes or in market disruptions. In addition, unfavorable weather conditions brought on by climate change or otherwise could result in disruption to our operations or require infrastructure adaptations or new or different investments for our vessels. Any of the foregoing could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

 At the end of 2023, Houthi rebels began to attack commercial vessels transiting the southern Red Sea and Gulf of Aden region. At the start of 2024, the attacks have increased in frequency despite intervention from several outside countries, including the United States through Operation Prosperity Guardian. These attacks have led to augmented risks regarding transit in the region. As a result, many shipping companies across the drybulk, tanker and container sectors have elected to re-route their vessels around the Cape of Good Hope, increasing sailing distances. On January 17, 2024, the Genco Picardy, a 2005-built 55,255 dwt Supramax vessel, was impacted by an unidentified projectile while transiting through the Gulf of Aden laden with a cargo of phosphate rock. No seafarers aboard the vessel were injured, and the damage to the vessel was limited.

 We are subject to regulation and liability under environmental and operational safety laws that could require significant expenditures or subject us to increased liability.

 Governments regulate our business and vessel operations through international conventions and national, state and local laws and regulations. Various governmental and quasi-governmental agencies require us to obtain permits, licenses, certificates, and financial assurances regarding our operations. Given frequent regulatory changes, we cannot predict their effect on our ability to do business, the cost of complying with them, or their impact on vessels' useful lives or resale value. Our failure to comply with any such conventions, laws, or regulations could cause us to incur substantial liability. See "Overview — Environmental and Other Regulation" in Item 1, "Business" of this annual report.

 Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.

 International shipping is subject to various security and customs inspection and related procedures in countries of origin and destination. Inspection procedures can result in the seizure of the contents of our vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other penalties against us. Changes to inspection procedures could impose additional financial and legal obligations on us. Such changes could also impose additional costs and obligations on our customers and may render the shipment of certain types of cargo uneconomical

 or impractical. Any such changes or developments may have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

 Our vessels may suffer damage, resulting in unexpected drydocking costs.

 If our vessels suffer damage, they may need to be repaired at a drydocking facility for substantial and unpredictable costs that may not be fully covered by insurance. Space at drydocking facilities is sometimes limited, and not all drydocking facilities are conveniently located. The loss of earnings while our vessels are not operable could negatively impact our business, results of operations, cash flows, financial condition and ability to pay dividends.

 The operation of drybulk vessels has certain unique operational risks which could affect our earnings and cash flow.

 A drybulk vessel's cargo and its interaction with the vessel can be an operational risk. By their nature, drybulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure. Drybulk vessels are often subjected to battering treatment that may damage the vessel during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold) and small bulldozers. Vessels so damaged may be more susceptible to hull breaches, which may lead to the flooding of the vessels' holds. This may cause the bulk cargo to become so dense and waterlogged that its pressure buckles the vessel's bulkheads, leading to the loss of a vessel. If we are unable to adequately maintain our vessels, we may be unable to prevent these events. Any of these circumstances or events may have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends. In addition, the loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator.

 Acts of piracy on ocean-going vessels have continued and could adversely affect our business.

 Acts of piracy have historically affected vessels trading in such regions as the South China Sea, the Arabian Sea, the Indian Ocean, the Gulf of Aden off the coast of Somalia, the Gulf of Guinea, and the Red Sea. Piracy incidents continue to occur particularly in the Gulf of Aden, the Gulf of Guinea and increasingly in Southeast Asia. Our vessels could be subject to detention hijacking as a result of acts of piracy, rendering our vessels unable to perform their charters and earn revenues. Moreover, if these piracy attacks result in regions characterized by insurers as "war risk" zones, or Joint War Committee (JWC) "war and strikes" listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain, if available at all. In addition, crew costs, including costs that may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents. In response to piracy incidents, following consultation with regulatory authorities, we may station guards on some of our vessels. This may increase our risk of liability for death or injury to persons or damage to personal property, and we may not have adequate insurance in place to cover such liability. The occurrence of any of any of the foregoing could have a material adverse impact on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 Acts of war, terrorist attacks, and other acts of violence may have an adverse effect on our business.

 Acts of war, terrorism, or other forms of violence may result in lower trading volumes, decreased demand for drybulk cargo, or damage to or destruction of our vessels. Such acts may result in temporary increases in shipping rates as vessels are rerouted, which may result in declines in shipping rates after such acts cease. Any of the foregoing could have a material adverse impact on our business, results of operation, financial condition, and ability to pay dividends.

 On February 24, 2022, Russia invaded Ukraine leading to what is now a multi-year war and a continued humanitarian crisis. The impact on the drybulk market has been a redirection of cargo flows, volatile commodity prices, a greater emphasis on energy and food security and sanctions on various Russian exports. The U.S., Europe and other countries have imposed unprecedented economic sanctions in response to Russian actions which could be increased with uncertain effects on the drybulk market and the world economy. In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. The longer term impact of Russia's war in Ukraine remains unknown, which may take some time to materialize. Russia and Ukraine export significant volumes of coal and grain cargoes. A reduction of these exports as well as the global effect of these reduced supplies may result in lower trade volumes, higher commodity prices, increased inflation, and potential demand destruction. U.S. officials have also warned of the increased possibility of Russian cyberattacks, which could disrupt the

 operations of businesses involved in the drybulk industry, including ours. As a reaction to the war, China has increased domestic coal production as well as their imports of the commodity as a way to bolster energy security. The scope or intensity of the ongoing military conflict as well as sanctions and other actions undertaken in response to it could increase, potentially having negative effects on the global economy and markets.

 Since the Black Sea Grain Initiative was established on July 27, 2022 to allow for the export of grain from Ukrainian ports while the war in Ukraine continues, a total of approximately 33 million metric tons of grain were exported from three Ukrainian ports under this agreement, of which nearly 80% has been corn and wheat cargoes. However, Russia exited the agreement in July 2023. Since then, Ukraine has established its own corridor to export the country's agricultural products outside of the Black Sea Grain Initiative. Overall, volumes along these routes have been lower relative to pre-war levels. Ukraine has been using the corridor in an attempt to revive its seaborne exports without Russia's approval. Future prospects for Ukrainian grain shipments and the impact on drybulk markets for the shipment of grain and other cargoes remain unpredictable. Failure to reinstate the agreement or the continuation or worsening of the war in Ukraine could have an adverse impact on our business, financial condition, results of operations, and ability to pay dividends.

 In addition, on October 7, 2023, the Palestinian Sunni Islamist group Hamas led surprise attacks against Israel from the Gaza Strip by land, sea, and air, reportedly killing more than 1,400 Israelis and other nationals and taking a number of hostages. In response, Israel's cabinet formally declared war on Hamas, and Israel has commenced military operations against Hamas in Gaza. The impacts of the Israel-Hamas war on the global economy, including commodity pricing and demand, among other factors, are currently unknown. The continuation or worsening of the Israel-Hamas war could have an adverse impact on our business, financial condition, results of operations, and ability to pay dividends. The Houthi attacks on commercial vessels in the southern Red Sea and Gulf of Aden have led to many shipping companies to make a decision to avoid transiting the region. This will extend the duration of many trade routes, effectively reducing vessel capacity. While the containership industry is most impacted by the re-routing, due to the amount of cargo volume transiting the area, drybulk is likely to experience an impact to the supply and demand balance as well. Key cargoes loaded by our vessels that could have longer trade routes include iron ore, coal, grain and various minor bulk commodities. The extent of the impact as well as the trajectory of the current situation is fluid and we continue to monitor current events.

 Terrorist attacks continue to cause uncertainty in the world's financial markets and may affect our business. Continuing conflicts and recent developments in the Middle East and the presence of U.S. and other armed forces in the Middle East may lead to additional acts of terrorism and armed conflict, which may contribute to further economic instability. Following the U.S.' withdrawal from the Joint Comprehensive Plan of Action agreed to on July 14, 2015 regarding the Iranian nuclear program, tensions have been rising between Iran on the one hand and the U.S. and its allies on the other. As our vessels transit the Arabian Gulf from time to time, they may face increased risk of damage or seizure. Political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Any of these occurrences could have a material adverse impact on our business, results of operation, financial condition, and ability to pay dividends.

 Compliance with safety and other vessel requirements imposed by classification societies may be costly and could reduce our net cash flows and net income.

 The hull and machinery of commercial vessels must be certified as being "in class" by a classification society authorized by its country of registry and undergo annual surveys, intermediate surveys and special surveys as described in Item 1., "Business – Classification and Inspection" in this report. If any vessel does not maintain its class or fails any annual, intermediate or special survey, the vessel will be unable to trade between ports and unemployable, and we could be in violation of certain covenants in our credit facility, which could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 If our vessels call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments, that could adversely affect our reputation and the market for our common shares.

 All of our charters with customers prohibit our vessels from entering any countries or conducting any trade prohibited by the U.S. However, on such customers' instructions, our vessels could call on ports in countries subject to

 sanctions or embargoes imposed by the U.S. government or countries identified by the U.S. government as state sponsors of terrorism, such as Iran, Sudan and Syria. Moreover, the ongoing war in Ukraine could result in the imposition of further economic sanctions by the U.S. and the European Union against Russia. Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the governments of the U.S., European Union, and/or other international bodies. Any violation of sanctions and embargo laws and regulations could result in fines or other penalties and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. Additionally, some investors may decide to divest their interest, or not to invest, in us simply because we do business with companies that do business in sanctioned countries. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. War, terrorism, civil unrest and governmental actions in these and surrounding countries may adversely affect investor perception of the value of our common stock.

 We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act, UK Bribery Act, and other applicable worldwide anti-corruption laws.

 The U.S. Foreign Corrupt Practices Act ("FCPA") and other applicable worldwide anti-corruption laws generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business. These laws include the U.K. Bribery Act, which is broader in scope than the FCPA, as it contains no facilitating payments exception. We charter our vessels into some jurisdictions that international monitoring groups have identified as having high levels of corruption. Our activities create the risk of unauthorized payments or offers of payments by our employees or agents that could violate the FCPA or other applicable anti-corruption laws. Our policies mandate compliance with applicable anti-corruption laws. If we violate the FCPA or other applicable anti-corruption laws, we could suffer from civil and criminal penalties or other sanctions.

 We may be unable to attract and retain qualified, skilled employees or crew necessary to operate our business.

 Our success largely depends on attracting and retaining highly skilled and qualified personnel. In crewing our vessels, we require technically skilled employees with specialized training who can perform physically demanding work. Competition to attract and retain qualified crew members is intense. Any inability that GSSM or we experience in the future to hire, train and retain a sufficient number of qualified employees could impair our ability to manage, maintain and grow our business, which could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 Arrests of our vessels by maritime claimants could cause a significant loss of earnings for the related off-hire period.

 Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien by arresting or attaching a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels could result in a significant loss of earnings for the related off-hire period. In addition, in jurisdictions where the "sister ship" theory of liability applies, a claimant may arrest the vessel subject to the claimant's maritime lien and any associated vessel, which is any vessel owned or controlled by the same owner.

 Labor interruptions could disrupt our business.

 Our vessels are manned by masters, officers and crews employed by third parties. If not resolved in a timely and cost-effective manner, labor unrest could prevent or hinder our normal operations and have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.

 Our vessels sometimes call in ports in South America and other areas where smugglers attempt to hide drugs and other contraband on vessels. To the extent our vessels are found with contraband, whether inside or attached to the hull and regardless of our crew's knowledge, we may face governmental or other regulatory claims, which could have an adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 Governments could requisition our vessels during a period of war or emergency, resulting in loss of earnings.

 A government of a vessel's registry could requisition for title or seize our vessels. A government could also requisition our vessels for hire, becoming the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Such requisitioning of one or more of our vessels could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 Changes in fuel prices could adversely affect our profits.

 We operate a large portion of our vessels on spot market voyage charters, which generally require the vessel owner to bear the cost of fuel in the form of bunkers, a significant operating expense. Depending on the timing of increases in the price of fuel and market conditions, we may be unable to pass along fuel price increases to our customers. In standard time charter arrangements, under which the balance of our vessels operate, the charterer bears the cost of fuel bunkers. At the commencement of a charter, the charterer purchases fuel from us at then-prevailing market rates, and we must repurchase fuel at that same initial rate when the charterer redelivers the vessel to us. Market rates at the time the charterer redelivers the vessel may be more or less than the prevailing market rates at the commencement of the charter. In certain of our short-term time charter agreements, we sell the charterer the amount of the bunkers actually consumed and the charterer is required to redeliver the vessel to us without replenishment of the bunkers consumed. The date of redelivery of vessels and fluctuations in the price and supply of fuel are unpredictable, and therefore, these arrangements could result in losses or reductions in working capital that are beyond our control.

 As part of our approach to comply with IMO regulations that limit sulfur emissions, we retrofitted our Capesize vessels with scrubbers. The performance of our investment in scrubbers depends in part upon the fuel spread between compliant low sulfur fuel and high sulfur fuel. Any decrease in the spread between these two fuel types could reduce the return for this investment. In addition, certain countries have imposed regulations regarding the operations of scrubbers. These restrictions could become more restrictive or widespread, and we may be further limited in or prevented from operating scrubbers on our vessels as a result. To the extent we cannot operate scrubbers on our vessels, we would no longer be able to recover our investment in scrubbers and would have to use low sulfur fuel instead. Low sulfur fuel, which we currently use in our minor bulk fleet is more expensive than standard marine fuel. Increased demand for low sulfur fuel has resulted in an increase in prices for such fuel and may result in further increases, which we may not be able to include in our freight rates.

 To mitigate the risk associated with fuel price increases, we may enter into forward bunker contracts that permit us to purchase fuel at a fixed price in exchange for payment of a certain amount. We may incur a loss on such contracts if the price of fuel declines below the price at which the contract permits us to purchase fuel, or a significant increase in the price of fuel may not be mitigated by our entry into any such contracts. Either occurrence could h ave a material adverse effect on our business, financial condition, and results of operations, cash flows, and ability to pay dividends.

 Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition.

 We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, freight and charter rates. This seasonality may result in quarterly volatility in our operating results, depending on when and whether we enter into time charters or trade on the spot market. The drybulk sector is typically stronger in the fall and winter months in anticipation of increased consumption of coal and raw materials in the northern hemisphere during the winter months. As a result, our revenues could be weaker during the fiscal quarters ended March 31 and June 30, and conversely, our revenue could be stronger during the quarters ended September 30 and December 31. This seasonality could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

 Company Specific Risk Factors

 Our earnings and our ability to pay dividends will be adversely affected if we do not successfully employ our vessels.

 The charterhire rates for our vessels have sometimes declined below the operating costs of our vessels. Because

 we currently charter most of our vessels on spot market voyage charters, we are exposed to the cyclicality and volatility of the spot charter market, and we do not have significant long-term, fixed-rate time charters to ameliorate the adverse effects of downturns in the spot market. Capesize vessels, which we operate as part of our fleet, have been particularly susceptible to significant freight rate fluctuations in spot charter rates.

 Spot market voyage charter rates may fluctuate dramatically based primarily on the worldwide supply of drybulk vessels and the worldwide demand for transportation of drybulk cargoes. Future freight rates and charterhire rates may not enable us to operate our vessels profitably. Further, our standard time charter contracts with our customers specify certain performance parameters that can result in customer claims if not met. Such claims may have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 To the extent our vessels undertake spot market voyages, we face operational risks from responsibility for delays in delivery of the cargo, which may be due to weather, vessel breakdown, port congestion, or other factors that may be beyond our control. Such delays can result in customer claims. In addition, spot market voyages require us to make payments directly to third parties that our charterers would ordinarily make. Such arrangements carry a risk of disputes and fraud by third parties. As a result of any of these circumstances, we may experience a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 In addition, while we try to capture arbitrage opportunities by taking cargo positions, a significant fluctuation in the rate environment could adversely affect profitability.

 We may face liquidity issues if conditions in the drybulk market worsen for a prolonged period.

 If the drybulk market environment declines over a prolonged period of time, we may have insufficient liquidity to fund ongoing operations or satisfy our obligations under our credit facility, which may lead to a default under our credit facility. As a result, the repayment of our indebtedness could potentially be accelerated, and we could experience a material adverse effect on our business, results of operations, cash flows, financial condition, ability to pay dividends.

 The market values of our vessels may decrease, which could adversely affect our operating results.

 If the book value of one of our vessels is impaired due to unfavorable market conditions or a vessel is sold at a price below its book value, we would incur a loss that could adversely affect our financial results. See "Impairment of long-lived assets" section under the heading "Critical Accounting Policies" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." The occurrence of these events could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 Restrictive covenants under our credit facility may restrict our growth and operations.

 Our credit facility imposes operating and financial restrictions that may limit our ability to utilize cash above a certain amount; incur additional indebtedness on satisfactory terms or at all; incur liens on our assets; sell our vessels or the capital stock of our subsidiaries; make investments; engage in mergers or acquisitions; pay dividends; make capital expenditures; compete effectively or change management arrangements relating to any of our vessels. Therefore, we may need to seek permission from our lenders in order to engage in some corporate actions, which we may not be able to obtain when needed. This may prevent us from taking actions that are in our best interest and from executing our business strategy of growth and may restrict or limit our ability to pay dividends and finance our future operations.

 We depend upon ten charterers for a large part of our revenues. The loss of any significant customers could adversely affect our financial performance.

 For the year ended December 31, 2023, approximately 48% of our revenues were derived from ten charterers. While we are seeking to expand customer relationships with cargo providers, this may not sufficiently diversify our customer base to mitigate this risk. If we were to lose any of our major customers or if any of them significantly reduced use of our services or were unable to make payments to us, it could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 The aging of our fleet and our practice of purchasing and operating previously owned vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings.

 The majority of our drybulk carriers were previously owned by third parties. We may seek additional growth by acquiring previously owned vessels. The pre-inspection of such vessels does not provide us with the same knowledge about their condition that we would have had if these vessels had been built for and operated exclusively by us. We may not detect all defects or problems before purchase. Any such defects or problems may be expensive to repair, and if not timely detected, may result in accidents or other incidents for which we may become liable. Also, we do not receive the benefit of any builder warranties if the vessels we buy are older than one year.

 The costs to maintain a vessel in good operating condition generally increase with its age. Older vessels are typically less fuel efficient than newer ones due to improvements in engine technology. Cargo insurance rates increase with the age of a vessel, making older vessels less desirable to charterers. We may not be able to incur borrowings on favorable terms or at all to fund the cost of maintaining our vessels.

 Governmental regulations and safety and other equipment standards related to vessel age may require expenditures for vessel equipment and restrict our vessels' activities. Market conditions may not justify such expenditures or enable us to operate our vessels profitably. As a result, regulations and standards could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 An increase in interest rates could adversely affect our cash flow and financial condition.

 We are subject to market risks relating to changes in SOFR rates because we have significant amounts of floating rate debt outstanding. If SOFR or any alternative reference rate were to increase significantly, the amount of interest payable on our outstanding indebtedness could increase significantly and could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 We depend significantly on our GSSM joint venture for technical management of our fleet.

 We formed the GSSM joint venture for technical management of our fleet, including fulfilling the functions of crewing, maintenance and repair services. The failure of GSSM to perform its obligations could materially and adversely affect our business, results of operations, cash flows, financial condition and ability to pay dividends. Although we may have rights against GSSM if it defaults on its obligations to us, our shareholders will share that recourse only indirectly to the extent that we recover funds.

 We may not be able to compete for charters with new entrants or established companies with greater resources in the drybulk industry.

 We employ our vessels in a highly competitive, capital intensive, and fragmented market. Competition arises primarily from other vessel owners, some of whom have substantially greater resources than ours. Competition for the transportation of drybulk cargoes can be intense and depends on price, location, size, age, condition and the acceptability of the vessel and its managers to the charterers. Competitors with greater resources could enter and operate larger and better fleets that offer better prices than ours.

 Future dividends are subject to the discretion of our Board of Directors; dividends and share repurchases are subject to covenant compliance under our credit facility.

 Our declaration and payment of dividends is subject to legally available funds, compliance with law and contractual obligations and our Board of Directors' determination that each declaration and payment is in the best interest of the Company and our shareholders. Our policy may change in the future, and we have no legal obligation to continue paying dividends at the same rate or at all.

 Under our credit facility, we may not declare or pay dividends if an event of default has occurred and is continuing or would occur as a result of the declaration or we would not be in pro forma compliance with our financial covenants after giving effect to the dividend. Any dividend or stock repurchase is subject to the discretion of our Board

 of Directors. The principal business factors that our Board of Directors expects to consider when determining the timing and amount of dividend payments or stock repurchases include our earnings, financial condition, and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends or stock repurchases other than from surplus or while a company is insolvent or would be rendered insolvent by such a payment or repurchase.

 We may incur other expenses or liabilities that would reduce or eliminate cash available for dividends. We may also enter into agreements or the Marshall Islands or another jurisdiction may adopt laws or regulations that further restrict our ability to pay dividends. If we decrease, suspend or terminate our dividends, our stock price may decline.

 We may not be able to grow or effectively manage our growth, which could cause us to incur additional indebtedness and other liabilities.

 Our future growth depends on a number of factors, some of which we cannot control. These factors include our ability to identify vessels for acquisition; consummate acquisitions or establish joint ventures on favorable terms; integrate acquired vessels successfully with our existing operations; expand our customer base; and obtain required financing for our existing and new operations. As of December 31, 2023, we had $294.8 million of availability under our credit facility. These limitations place restrictions on financing that we could use for our growth.

 We currently maintain all of our cash and cash equivalents with eight financial institutions, which causes credit risk.

 We currently maintain all of our cash and cash equivalents with eight financial institutions. None of our balances are covered by insurance in the event of default by the financial institutions

 As a holding company, we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.

 As a holding company, we have no significant assets other than the equity interests in our wholly owned subsidiaries. As a result, our ability to satisfy our financial obligations and to pay dividends depends on the ability of our subsidiaries, which are all directly or indirectly wholly owned, to distribute funds to us. In turn, the ability of our subsidiaries to make dividend payments to us depends on their results of operations.

 We are at risk for the creditworthiness of our charterers.

 The actual or perceived credit quality of our charterers, and any defaults by them, or market conditions affecting the time charter market and the credit markets, may materially affect our ability to obtain the additional capital resources that may be required to purchase additional vessels or may significantly increase our costs of obtaining such capital. Our inability to obtain additional financing at all or at a higher than anticipated cost may have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 If we cannot obtain certain reports as to the effectiveness of our internal control over financial reporting, it could result in a decrease in the value of our common stock.

 Under Section 404 of the Sarbanes-Oxley Act of 2002, we are required to include in this and each of our future annual reports on Form 10-K a report containing our management's assessment of the effectiveness of our internal control over financial reporting and, if we are an accelerated or large accelerated filer, a related attestation of our independent registered public accounting firm. If, in such future annual reports on Form 10-K, our management cannot provide a report as to the effectiveness of our internal control over financial reporting or our independent registered public accounting firm is unable to provide us with an unqualified attestation report as to the effectiveness of our internal control over financial reporting if required by Section 404, investors could lose confidence in the reliability of our consolidated financial statements, which could result in a decrease in the value of our common stock.

 We may not have adequate insurance to compensate us if we lose our vessels or to compensate third parties.

 We are insured against tort claims and some contractual claims (including claims related to environmental damage and pollution) through memberships in Protection and Indemnity Associations or Clubs, or P&I Associations. A

 P&I Association provides mutual insurance based on the aggregate tonnage of a member's vessels entered into the Association. Claims are paid through the aggregate premiums of all members, although members remain subject to calls for additional funds if the aggregate premiums are insufficient to cover claims submitted to the Association. Claims submitted to the Association may include those incurred by members of the Association, as well as claims submitted to the Association from other P&I Associations with which our P&I Association has entered into inter-association agreements. The P&I Associations to which we belong might not remain viable, or we may become subject to funding calls that could adversely affect us.

 We also carry hull and machinery insurance and war risk insurance for our fleet. We also currently maintain insurance against loss of hire for our major bulk vessels, which covers business interruptions that result in the loss of use of a vessel. We may not be able to renew our insurance policies on commercially reasonable terms, or at all, in the future. In addition, our insurance may be voidable by the insurers as a result of certain of our actions. Further, our insurance policies may not cover all losses that we incur, and disputes over insurance claims could arise with our insurance carriers. Any claims covered by insurance would be subject to deductibles. In addition, our insurance policies are subject to limitations and exclusions, which may increase our costs or lower our revenues. Any uninsured or underinsured loss could harm our business, results of operations, cash flows, financial condition, and ability to pay dividends.

 We may have to pay U.S. tax on U.S. source income, which will reduce our net income and cash flows.

 If we do not qualify for an exemption pursuant to Section 883 of the U.S. Internal Revenue Code of 1986, as amended, or the "Code" (which we refer to as the "Section 883 exemption"), then we will be subject to U.S. federal income tax on our shipping income that is derived from U.S. sources. If we are subject to such tax, our net income and cash flows would be reduced by the amount of such tax.

 We will qualify for the Section 883 exemption if, among other things, (i) our stock is treated as primarily and regularly traded on an established securities market in the U.S. (the "publicly traded test"), or (ii) we satisfy the qualified shareholder test or (iii) we satisfy the controlled foreign corporation test (the "CFC test"). Under applicable Treasury Regulations, the publicly-traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5% or more of our stock (which we sometimes refer to as "5% shareholders"), together own 50% or more of our stock (by vote and value) for more than half the days in such year (the "five percent override rule"), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50% of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more "qualified shareholders." A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a "controlled foreign corporation" and one or more qualified U.S. persons own more than 50% of the total value of all the outstanding stock.

 Based on the ownership and trading of our stock in 2023 and 2022, we believe that we satisfied the publicly traded test and qualified for the Section 883 exemption in 2023 and 2022. If we do not qualify for the Section 883 exemption, our U.S. source shipping income, i.e., 50% of our gross shipping income attributable to transportation beginning or ending in the U.S., would be subject to a 4% tax without allowance for deductions (the "U.S. gross transportation income tax"). We can provide no assurance that changes and shifts in the ownership of our stock by 5% shareholders will not preclude us from qualifying for the Section 883 exemption in 2024 or future taxable years. Refer to Note 2 – Summary of Significant Accounting Policies in our Consolidated Financial Statements for further information.

 To the extent Genco's U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, currently imposed at a 21% rate. In addition, Genco may be subject to a 30% "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100% to the U.S. if attributable to transportation exclusively between U.S. ports (Genco is prohibited from conducting such voyages), 50% to the U.S. if attributable to transportation that begins or ends, but does not both begin and end, in the U.S. and otherwise 0% to the U.S.

 Genco's U.S. source shipping income would be considered effectively connected income only if (i) Genco has,

 or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and (ii) substantially all of Genco's U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.

 Genco does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of Genco and Genco's expected future shipping operations and other activities, Genco believes that none of its U.S. source shipping income will constitute effectively connected income. However, Genco may from time to time generate non-shipping income that may be treated as effectively connected income.

 If Genco qualifies for the Section 883 exemption in respect of its shipping income, gain from the sale of a vessel likewise should be exempt from tax under Section 883 of the Code. If, however, Genco's shipping income does not qualify for the Section 883 exemption, and assuming that any gain derived from the sale of a vessel is attributable to Genco's U.S. office, as Genco believes would likely be the case, such gain would likely be treated as effectively connected income (determined under rules different from those discussed above) and subject to the net income and branch profits tax regime described above.

 U.S. tax authorities could treat us as a "passive foreign investment company," which could have adverse U.S. federal income tax consequences to U.S. shareholders.

 A foreign corporation generally will be treated as a "passive foreign investment company," which we sometimes refer to as a PFIC, for U.S. federal income tax purposes if, after applying certain look through rules, either (1) at least 75% of its gross income for any taxable year consists of "passive income" or (2) at least 50% of the average value or adjusted bases of its assets (determined on a quarterly basis) produce or are held for the production of passive income, i.e., "passive assets." U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to distributions they receive from the PFIC and gain, if any, they derive from the sale or other disposition of their stock in the PFIC.

 For purposes of these tests, "passive income" generally includes dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business, as defined in applicable Treasury Regulations. Income derived from the performance of services does not constitute "passive income." By contrast, rental income would generally constitute passive income unless such income was treated under specific rules as derived from the active conduct of a trade or business. We do not believe that our past or existing operations would cause, or would have caused, us to be deemed a PFIC with respect to any taxable year. In this regard, we treat the gross income we derive or are deemed to derive from our time and spot chartering activities as services income, rather than rental income. Accordingly, we believe that (1) our income from our time and spot chartering activities does not constitute passive income and (2) the assets that we own and operate in connection with the production of that income do not constitute passive assets.

 While there is no direct legal authority under the PFIC rules addressing our method of operation, there is legal authority supporting this position consisting of pronouncements by the U.S. Internal Revenue Service (which we sometimes refer to as the "IRS"), concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also legal authority, consisting of case law, which characterizes time charter income as rental income rather than services income for other tax purposes.

 No assurance can be given that the IRS or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, there can be no assurance that we will not become a PFIC in any future taxable year because the PFIC test is an annual test, there are uncertainties in the application of the PFIC rules, and although we intend to manage our business so as to avoid PFIC status to the extent consistent with our other business goals, there could be changes in the nature and extent of our operations in future taxable years.

 If we were to be treated as a PFIC for any taxable year (and regardless of whether we remain a PFIC for subsequent taxable years), our U.S. shareholders would face adverse U.S. tax consequences. Under the PFIC rules,

 unless a shareholder makes certain elections available under the Code (which elections could themselves have adverse consequences for such shareholder), such shareholder would be liable to pay U.S. federal income tax at the highest applicable ordinary income tax rates upon the receipt of excess distributions and upon any gain from the disposition of our common stock, plus interest on such amounts, as if such excess distribution or gain had been recognized ratably over the shareholder's holding period of our common stock.

 Because we generate all of our revenues in U.S. dollars but incur a portion of our expenses in other currencies, exchange rate fluctuations could hurt our business.

 We generate all of our revenues in U.S. dollars, but we may incur drydocking costs, voyage expenses (such as port costs), special survey fees and other expenses in other currencies. If our expenditures on such costs and fees were significant, and the U.S. dollar were weak against such currencies, our business, results of operations, cash flows, financial condition and ability to pay dividends could be adversely affected.

 Legislative action relating to taxation could materially and adversely affect us.

 Our tax position could be adversely impacted by changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by any tax authority. We cannot predict the outcome of any specific legislative proposals.

 For example, on November 15, 2023, the Organisation for Economic Cooperation and Development (OECD) announced that 145 countries and jurisdictions had signed on as members of the OECD/G20 Inclusive Framework on base erosion and profit shifting, which issued an outcome statement on July 11, 2023 describing a two-pillar framework to address the tax challenges arising from the digitalization of the economy. While the United States has signed the agreement, it has not enacted legislation that would implement either pillar, and the Marshall Islands is not among the signatories. Pillar Two of that framework agreement subjects certain multinational enterprises with consolidated revenues of at least 750 million euros to a minimum 15% tax rate. The agreement would also reallocate certain taxing rights over multinational enterprises from their home countries to the markets where they have business activities and earn profits—regardless of whether the multinational enterprises have a physical presence in such markets. While certain international shipping income is exempt from some or all of the provisions included in the agreement, the impact of these provisions is uncertain and may not become evident for some period of time.

 RISK FACTORS RELATED TO OUR COMMON STOCK

 Because we are a foreign corporation, you may not have the same rights or protections that a shareholder in a U.S. corporation may have.

 We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law and may make it more difficult for our shareholders to protect their interests. Our corporate affairs are governed by our amended and restated articles of incorporation and by-laws and the Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the U.S., and the BCA specifically incorporates the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions. However, the rights and fiduciary responsibilities of directors and shareholder rights are not as clearly established under Marshall Islands law as they are in certain U.S. jurisdictions, and there have been few judicial cases in the Marshall Islands interpreting the BCA. As a result, it may be difficult for our shareholders to protect their interests.

 Future sales of our common stock could cause the market price of our common stock to decline.

 The market price of our common stock could decline due to sales of a large number of shares in the market or the perception that these sales could occur. These sales could also make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate to raise funds. We cannot predict the effect that future sales of common stock or other equity-related securities would have on the market price of our common stock.

 We may need to raise additional capital in the future, which may not be available on favorable terms or at all or which may dilute our common stock or adversely affect its market price.

 We may require additional capital to expand our business and increase revenues, add liquidity in response to negative economic conditions, meet unexpected liquidity needs, and reduce our outstanding debt. To the extent our existing capital and borrowing capabilities are insufficient, we will need to raise additional funds through debt or equity financings, including offerings of our common stock, securities convertible into our common stock, or rights to acquire our common stock or curtail our growth and reduce our assets or restructure arrangements with existing security holders. Any equity or debt financing, or additional borrowings, if available at all, may be on terms that are not favorable to us. Equity financings could result in dilution to our stockholders, and the securities issued in future financings may have rights, preferences, and privileges that are senior to those of our common stock. To the extent that an existing shareholder does not purchase shares of voting stock, that shareholder's interest in our company will be diluted, representing a smaller percentage of the vote in our Board of Directors' elections and other shareholder decisions. If our need for capital arises because of significant losses, the occurrence of these losses may make it more difficult for us to raise the necessary capital. If we cannot raise funds on acceptable terms if and when needed, we may not be able to take advantage of future opportunities, grow our business or respond to competitive pressures or unanticipated requirements.

 Volatility in the market price and trading volume of our common stock could adversely impact its trading price.

 The market price of our common stock, could fluctuate significantly for many reasons, such as reports by industry analysts, investor perceptions or negative announcements by our competitors or suppliers regarding their own performance, as well as industry conditions and general financial, economic and political instability. A decrease in the market price of our common stock would adversely impact the value of your shares of common stock.

 Provisions of our articles of incorporation and by-laws may have anti-takeover effects which could adversely affect the market price of our common stock.

 Several provisions of our articles of incorporation and by-laws are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire our company. However, these provisions could also discourage, delay or prevent (1) the merger or acquisition of our company through a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.

 Election and Removal of Directors. Our articles of incorporation prohibit cumulative voting in the director elections. Our by-laws require parties other than the board of directors to give advance written notice of nominations for director elections. These provisions may discourage, delay or prevent the removal of incumbent officers or directors.

 Limited Actions by Shareholders. Our articles of incorporation and our by-laws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by our shareholders' unanimous written consent. Our articles of incorporation and our by-laws provide that, subject to certain exceptions, our Chairman, President, or Secretary at the direction of the Board of Directors or our Secretary at the request of one or more shareholders that hold in the aggregate at least a majority of our outstanding shares entitled to vote may call special meetings of shareholders. The business transacted at the special meeting is limited to the purposes stated in the notice.

 Advance Notice Requirements for Shareholder Proposals and Director Nominations. Our by-laws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, the notice must be received at our principal executive offices not less than 120 days nor more than 150 days before the anniversary date of the immediately preceding annual meeting of shareholders. Our by-laws also specify requirements as to the form and content of a shareholder's notice. These provisions may impede a shareholder's ability to bring matters before or nominate directors at an annual meeting of shareholders.

 It may not be possible for our investors to enforce U.S. judgments against us.

 We and most of our subsidiaries are organized in the Marshall Islands. Substantially all of our assets and those of our subsidiaries are located outside the U.S. As a result, it may be difficult or impossible for U.S. shareholders to serve process within the U.S. upon us or to enforce judgment upon us for civil liabilities in U.S. courts. You should not assume that courts in the countries in which we are incorporated or where our assets are located (1) would enforce judgments of U.S. courts obtained in actions against us based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us based upon these laws.

 Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and expose us to liability.

 We rely on information technology systems, some of which are managed by third parties, to process, transmit, and store information and manage or support a variety of business processes and activities. We also collect and store certain data, including proprietary business information and customer and employee data. Despite our cybersecurity measures, our information technology networks and infrastructure may be vulnerable to damage, disruptions, or shutdowns due to attack by hackers or breaches, employee error or malfeasance, power outages, computer viruses, telecommunication or utility failures, systems failures, natural disasters, or other catastrophic events, which could result in legal claims or proceedings, liability or penalties under privacy laws, disruption in operations, and damage to our reputation, which could materially adversely affect our business.

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 Not applicable.

 ITEM 1C. CYBERSECURITY

 Our Board of Directors oversees our risk management process, including risks from cybersecurity threats. Our Board of Directors reviews strategic risk exposure, and members of our management are responsible for addressing the material risks we face on a day-to-day basis. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole as well as through our Audit Committee. Our Board and our Audit Committee receive updates from time to time from our management as appropriate on cybersecurity.

 Our Chief Financial Officer, our Internal Audit Director and our external Information Technology department are primarily responsible to assess and manage material risks from cybersecurity threats and oversee key cybersecurity policies and processes. They are informed about policies and processes to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. The Chief Information Manager of our Information Technology department has 35 years of experience in the design, implementation, and support of information technology infrastructures with significant expertise in information technology forensics. He is assisted by two network engineers with 26 years of information technology experience with a focus on information technology forensics.

 Network and information systems and other technologies play an important role in our business activities. We also obtain certain confidential, proprietary and personal information about our charterers, personnel, and vendors. To protect our data, we have employed cybersecurity protocols which are designed to work in tandem with internal controls to safeguard our information technology environment. Our information technology infrastructure is designed with commercial flexibility, data integrity, and safety in mind. We utilize a layered approach of systems and policies intended to provide a secure operating environment and promote business continuity. Our hardware and software systems are equipped with technology intended to offer access and intrusion protection, software and communications systems protections, and mitigate cybersecurity threats.

 We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information maintained in them.

 We conduct regular risk assessments to identify cybersecurity threats. These risk assessments include identifying reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls, and other safeguards in place to manage such risks. As part of our risk management process, we may engage third party experts to help identify and assess risks from cybersecurity threats. For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization based cybersecurity capability maturity assessment every two years, which is reviewed with our Chief Financial Officer. We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year. We hold online cybersecurity trainings for our employees. Our risk management process also encompasses cybersecurity risks associated with our use of third-party service providers. Following these risk assessments, we design, implement, and maintain safeguards intended to minimize the identified risks; address any identified gaps in existing safeguards; update existing safeguards as necessary; and monitor the effectiveness of our safeguards.

 The Company also maintains a cyber liability insurance policy. See Item 1 – "Business – Insurance – Cyber Liability Insurance" in this report.

 While we develop and maintain protocols, controls, and systems, that seek to prevent cybersecurity incidents from occurring, we must constantly monitor and update these protocols, controls, and systems in the face of sophisticated and rapidly evolving attempts to overcome them. The occurrence of cybersecurity incidents could cause a variety of material adverse impacts on our business, although no such incident has had any such impact to date. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, "Risk Factors," in this report, including the risk factor entitled "Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and expose us to liability." and Item 1, "Business – Environmental and Other Regulations - Safety Management System Requirements" in this report.

 ITEM 2. PROPERTIES

 We do not own any real property. Effective April 4, 2011, we entered into a seven-year sub-sublease agreement for our main office 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 $0.1 million per month until May 31, 2015 and thereafter were $0.1 million per month until the end of the seven-year term. We also entered into a direct lease with the over-landlord of such office space that commenced 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 provided 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 are $0.2 million per month from October 1, 2018 to April 30, 2023 and $0.2 million per month from May 1, 2023 to September 30, 2025.

 Future minimum rental payments on the above lease for the next two years are as follows: $2.5 million for 2024 and $1.8 million for 2025.

 On June 14, 2019, we entered into a sublease agreement for a portion of this leased space for our main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income is $0.1 million per month until September 29, 2025.

 In addition, during October 2017 we entered into a lease for office space in Singapore that expired in January 2019. A lease was signed for a new office space in Singapore effective January 17, 2019 for a three-year term, which has been extended effective January 17, 2022 for a two-year term. This lease was further extended effective January 17, 2024 for a two-year term.

 Lastly, during July 2018, we entered into a lease for office space in Copenhagen which commenced on July 1, 2018 and ended on April 30, 2019. A lease was signed for a new office space in Copenhagen effective May 1, 2019 which ended January 31, 2023. During June 2022, a lease was signed for a new office space in Copenhagen effective January 1, 2023 for a minimum period ending January 1, 2025.

 For a description of our vessels, see "Our Fleet" in Item 1, "Business" in this report. As of December 31, 2023, 45 of the vessels in our fleet served as collateral under our credit facility. Please see "Liquidity and Capital Resources" and "Critical Accounting Policies — Vessels and Depreciation" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operation" for a further description. The foregoing descriptions are incorporated into this Item 2 by reference.

 We consider each of our significant properties to be suitable for its intended use.

 ITEM 3. LEGAL PROCEEDINGS

 On December 14, 2022, a sub-charterer of the Genco Constellation asserted a claim for monetary losses in connection with alleged delays of the loading of their cargo, short loading, or both at the port of Longkou, China. Hizone Group Co. Ltd ("Hizone") had sub-chartered the vessel from SCM Corporation Limited, which had subchartered the vessel from BG Shipping Co. Limited, which in turn had chartered the vessel from us. A dispute arose due to the need to restow the cargo to ensure the safety of the crew and the vessel. Following the vessel's arrival at Tema Harbour in Ghana, Hizone petitioned the Superior Court of Judicature to have the vessel arrested in connection with a claim alleging damages. The petition was granted on December 14, 2022 and although Genco offered security to release the vessel shortly thereafter, the vessel was only released at the end of February 2023. Moreover, Hizone petitioned the Superior Court of Judicature to have the vessel arrested again on February 2, 2023 on an allegedly different claim. The vessel was not generating revenue while it was subject to arrest. We vigorously defended them while continuing to seek reimbursement of damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees. The Company obtained security from BG Shipping Co. Limited and proceeded with arbitration. During the first quarter of 2024, we settled all disputes and claims pertaining to this matter by entering into settlement agreements with the opposing parties. Under the settlement terms, which are currently being implemented, we will be reimbursed for damages we sustained because of the arrest of the Genco Constellation (including contractual revenue and affiliated expenses) as well as for the ensuing legal and security fees and costs we have incurred in order to defend against the claims brought by the other parties.

 The claim has not had a significant effect on our results of operations or cash flows to date, and we do not anticipate that it will have such an effect in the future, although there can be no assurance that it will not.

 We are not involved in any other legal proceedings that we believe are likely to have, or have had a significant effect on our business, financial position, results of operations or cash flows, nor are we aware of any other proceedings that are pending or threatened which we believe are likely to have a significant effect on our business, financial position, results of operations or liquidity. From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. These claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 MARKET INFORMATION, HOLDERS AND DIVIDENDS

 Our common stock is traded on the New York Stock Exchange ("NYSE") under the symbol "GNK."

 As of February 27, 2024, there were approximately eleven holders of record of our common stock.

 On April 19, 2021, our Board of Directors adopted a new quarterly dividend policy commencing in the first quarter of 2022 in respect to our financial results for the fourth quarter of 2021 based on a formulaic approach. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable laws and contractual obligations (including our credit facility) and our Board's determination that each declaration and payment is at that time in the best interests of the Company and its shareholders after its review of our financial performance.

 For a discussion of restrictions applicable to our payment of dividends as well as the formula for calculating the quarterly dividends, please see "Liquidity and Capital Resources—Dividends" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operation" below.

 ITEM 6. (Reserved)
 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 General

 The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Item 8 – Financial Statements and Supplementary Data.

 The MD&A generally discusses 2023 and 2022 items and year-to-year comparisons between 2023 and 2022. Discussions of 2021 items and year-to-year comparisons between 2022 and 2021 that are not included in this Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 22, 2023.

 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 consist of 45 drybulk carriers, including 18 Capesize drybulk carriers, 15 Ultramax drybulk carriers, and twelve Supramax drybulk carriers with an aggregate carrying capacity of approximately 4,828,000 deadweight tons ("dwt"). The average age of our current fleet is approximately 11.7 years. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers. The majority of the vessels in our current fleet are presently engaged under time charter, spot market voyage charters and spot market-related time charters that expire (assuming the option periods in the time charters are not exercised) between February 2024 and February 2025.

 See pages 5 – 6 for a table of our current fleet.

 IMO 2023 Compliance

 In 2021, Genco initiated a comprehensive plan to comply with IMO regulations that took effect in 2023, namely the Energy Efficiency Existing Ship Index ("EEXI") and the Carbon Intensity Indicator ("CII") metrics, which call for a reduction in vessel greenhouse gas emissions. These metrics are intended to assess and measure the energy efficiency of all ships and these new regulations set required attainment values, with the goal of reducing the carbon intensity of international shipping.

 We have invested and plan to continue to invest in energy conservation programs to install various energy-saving devices, or ESDs, high performance paint systems, upgrade propellers among other initiatives on select vessels in our fleet. We began installing these ESDs on certain ships that entered drydocking in 2022, and we plan to continue to invest in our fleet.

 These requirements are discussed above under "Item 1 – Environmental and Other Regulations – Air Emissions."

 IMO 2030 to 2050 Guidelines

 During the week of July 3, 2023, the Marine Environment Protection Committee, a sub-committee of the IMO, met in London focusing on medium to long term decarbonization targets for the shipping industry. New targets for greenhouse gas emissions reductions as compared to 2008 levels are below which are to be reviewed every five years:

 2030: 20% reduction while striving for 30%

 2040: 70% reduction while striving for 80%

 2050: net zero at or around 2050

 These requirements are discussed above under "Item 1 – Environmental and Other Regulations – Greenhouse Gas Regulations."

 Vessel Sales and Acquisitions

 On October 10, 2023 and November 14, 2023, we entered into agreements to acquire two 2016-built 181,000 dwt Capesize vessels, the Genco Ranger and Genco Reliance, respectively. The purchase price of the Genco Ranger and Genco Reliance were $43.1 million and $43.0 million, respectively, and the vessels were delivered on November 27, 2023 and November 21, 2023, respectively. We drew down a total of $65 million on our revolving credit facility under the $450 Million Credit Facility during the fourth quarter of 2023 and utilized cash on hand to finance the purchases.

 In order to opportunistically renew our fleet, in addition to the above vessel purchases, we agreed to divest three older, less fuel efficient vessels with their third special survey due in 2024. During the fourth quarter of 2023, we entered into agreements to sell three of our Capesize vessels, the Genco Claudius, Genco Commodus and Genco Maximus. The Genco Commodus was delivered to its third-party buyer on February 7, 2024. On February 24, 2024, we terminated the agreements to sell the Genco Claudius and the Genco Maximus due to the buyers' breach of the agreements' terms. We continue to market these vessels for sale in what we believe are favorable market conditions that may allow us to sell the vessels at prices above those previously agreed with the former buyers.

 On May 18, 2021, we entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $29.2 million each, which were renamed the Genco Mary and the Genco Laddey. The vessels were delivered on January 6, 2022, and we used cash on hand to finance the purchases.

 We will continue to seek opportunities to renew our fleet going forward.

 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, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the years ended December 31, 2023 and 2022 on a consolidated basis.

 Increase

 2023

 2022

 (Decrease)

 % Change

 Fleet Data:

 Ownership days (1)

 6,280.2

 6,205.0

 75.2

 1.2

 %

 5,475.0

 5,464.9

 10.1

 0.2

 %

 4,380.0

 4,380.0

 —

 —

 %

 Total

 16,135.2

 16,049.9

 85.3

 0.5

 %

 Chartered-in days (2)

 —

 —

 —

 —

 %

 435.4

 476.8

 (41.4)

 (8.7)

 %

 120.9

 584.9

 (464.0)

 (79.3)

 %

 Total

 556.3

 1,061.7

 (505.4)

 (47.6)

 %

 Available days (owned & chartered-in fleet) (3)

 6,138.2

 5,458.2

 680.0

 12.5

 %

 5,880.0

 5,793.5

 86.5

 1.5

 %

 4,244.5

 4,817.8

 (573.3)

 (11.9)

 %

 Total

 16,262.7

 16,069.5

 193.2

 1.2

 %

 Available days (owned fleet) (4)

 6,138.2

 5,458.2

 680.0

 12.5

 %

 5,444.6

 5,316.7

 127.9

 2.4

 %

 4,123.6

 4,232.9

 (109.3)

 (2.6)

 %

 Total

 15,706.4

 15,007.8

 698.6

 4.7

 %

 Operating days (5)

 6,088.6

 5,329.2

 759.4

 14.2

 %

 5,745.4

 5,730.0

 15.4

 0.3

 %

 4,167.4

 4,681.6

 (514.2)

 (11.0)

 %

 Total

 16,001.4

 15,740.8

 260.6

 1.7

 %

 Fleet utilization (6)

 98.1

 %

 96.8

 %

 1.3

 %

 1.3

 %

 97.2

 %

 97.7

 %

 (0.5)

 %

 (0.5)

 %

 96.1

 %

 94.7

 %

 1.4

 %

 1.5

 %

 Fleet average

 97.3

 %

 96.5

 %

 0.8

 %

 0.8

 %

 Increase

 2023

 2022

 (Decrease)

 % Change

 Average Daily Results:

 Time Charter Equivalent (7)

 $

 18,280

 $

 22,492

 $

 (4,212)

 (18.7)

 %

 13,780

 25,945

 (12,165)

 (46.9)

 %

 10,840

 22,873

 (12,033)

 (52.6)

 %

 Fleet average

 14,766

 23,824

 (9,058)

 (38.0)

 %

 Major bulk vessels

 18,280

 22,492

 (4,212)

 (18.7)

 %

 Minor bulk vessels

 12,512

 24,585

 (12,073)

 (49.1)

 %

 Daily vessel operating expenses (8)

 $

 6,270

 $

 6,023

 $

 4.1

 %

 5,449

 5,450

 (1)

 (0.0)

 %

 6,405

 7,382

 (977)

 (13.2)

 %

 Fleet average

 6,017

 6,197

 (180)

 (2.9)

 %

 (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)
 Chartered-in days. We define chartered-in days as the aggregate number of days in a period during which we chartered-in third party vessels.

 (3)
 Available days (owned and chartered-in fleet). We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. 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.

 (4)
 Available days (owned fleet). We define available days for the owned fleet as available days less chartered-in days.

 (5)
 Operating days. We define operating days as the number of our total 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.

 (6)
 Fleet utilization. We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.

 (7)
 Time Charter Equivalent ("TCE"). We define TCE rates as our voyage revenues less voyage expenses, charter-hire expenses, and realized gains or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. 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.

 Entire Fleet

 Major Bulk

 Minor Bulk

 2023

 2022

 2023

 2022

 2023

 2022

 Voyage revenues (in thousands)

 $

 $

 $

 190,176

 $

 191,934

 $

 193,649

 $

 345,000

 Voyage expenses (in thousands)

 142,971

 153,889

 77,968

 69,166

 65,003

 84,723

 Charter hire expenses (in thousands)

 9,135

 27,130

 —

 —

 9,135

 27,130

 Realized gain on fuel hedges (in thousands)

 1,631

 —

 —

 1,631

 231,921

 357,546

 112,208

 122,768

 119,713

 234,778

 Total available days for owned fleet

 15,706

 15,008

 6,138

 5,458

 9,568

 9,550

 Total TCE rate

 $

 14,766

 $

 23,824

 $

 18,280

 $

 22,492

 $

 12,512

 $

 24,585

 (8)
 Daily vessel operating expenses. We define daily vessel operating expenses to 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. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.

 Operating Data

 The following tables represent the operating data and certain balance sheet and other data as of and for the years ended December 31, 2023 and 2022 on a consolidated basis.

 2023

 2022

 Change

 % Change

 Income Statement Data:

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

 Revenue:

 Voyage revenues

 $

 $

 $

 (153,109)

 (28.5)

 %

 Total revenues

 (153,109)

 (28.5)

 %

 Operating Expenses:

 Voyage expenses

 142,971

 153,889

 (10,918)

 (7.1)

 %

 Vessel operating expenses

 97,093

 99,469

 (2,376)

 (2.4)

 %

 Charter hire expenses

 9,135

 27,130

 (17,995)

 (66.3)

 %

 General and administrative expenses (inclusive of nonvested stock amortization expense of $5,530 and $3,242, respectively)

 28,268

 25,708

 2,560

 10.0

 %

 Technical management fees

 4,021

 3,310

 21.5

 %

 Depreciation and amortization

 66,465

 60,190

 6,275

 10.4

 %

 Impairment of vessel assets

 41,719

 —

 41,719

 100.0

 %

 Total operating expenses

 389,672

 369,696

 19,976

 5.4

 %

 Operating (loss) income

 (5,847)

 167,238

 (173,085)

 (103.5)

 %

 Other expense, net

 (6,509)

 (7,874)

 1,365

 (17.3)

 %

 (12,356)

 (171,720)

 (107.8)

 %

 Less: Net income attributable to noncontrolling interest

 (274)

 (34.8)

 %

 Net (loss) income attributable to Genco Shipping & Trading Limited

 (12,870)

 (171,446)

 (108.1)

 %

 Net (loss) earnings per share-basic

 $

 (0.30)

 $

 3.74

 $

 (4.04)

 (108.0)

 %

 Net (loss) earnings per share-diluted

 $

 (0.30)

 $

 3.70

 $

 (4.00)

 (108.1)

 %

 Weighted average common shares outstanding-basic

 42,412,722

 353,540

 0.8

 %

 Weighted average common shares outstanding-diluted

 42,915,496

 (149,234)

 (0.3)

 %

 2023

 2022

 Change

 % Change

 Balance Sheet Data:

 (U.S. Dollars in thousands, at end of period)

 Cash, including restricted cash

 $

 46,857

 $

 64,100

 $

 (17,243)

 (26.9)

 %

 Total assets

 1,141,902

 1,173,866

 (31,964)

 (2.7)

 %

 Total debt (long-term, net of deferred financing fees)

 190,169

 164,921

 25,248

 15.3

 %

 Total equity

 914,646

 968,309

 (53,663)

 (5.5)

 %

 Other Data:

 (U.S. Dollars in thousands)

 Net cash provided by operating activities

 $

 91,784

 $

 189,323

 $

 (97,539)

 (51.5)

 %

 Net cash used in investing activities

 (91,624)

 (55,015)

 (36,609)

 66.5

 %

 Net cash used in financing activities

 (17,403)

 (190,739)

 173,336

 (90.9)

 %

 EBITDA (1)

 $

 59,708

 $

 226,818

 $

 (167,110)

 (73.7)

 %

 (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 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 Consolidated Statements of Cash Flows. The definition of EBITDA used here may not be comparable to that used by other companies. The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net income attributable to Genco Shipping & Trading Limited for each of the periods presented above:

 2023

 2022

 Net (loss) income attributable to Genco Shipping & Trading Limited

 $

 (12,870)

 $

 Net interest expense

 6,113

 8,052

 Income tax expense

 —

 —

 Depreciation and amortization

 66,465

 60,190

 EBITDA (1)

 $

 59,708

 $

 226,818

 Results of Operations

 VOYAGE REVENUES-

 Our revenues are driven primarily by the number of vessels in our fleet, the number of days during which our vessels operate, the type of fixture our vessels are chartered on (spot market voyage charters or fixed rate time charters), and the amount of daily charterhire or freight rates that our vessels earn, that, in turn, are affected by a number of factors, including:

 the duration of our charters;

 our decisions relating to vessel acquisitions and disposals;

 the amount of time that we spend positioning our vessels;

 the amount of time that our vessels spend in drydock undergoing repairs, which is expected to be higher during 2025 due to scheduled drydockings;

 maintenance and upgrade work;

 the age, condition and specifications of our vessels;

 levels of supply and demand in the drybulk shipping industry; and

 other factors affecting spot market charter rates for drybulk carriers.

 During 2023, voyage revenues decreased by $153.1 million, or 28.5%, to $383.8 million as compared to $536.9 million during 2022. The decrease in voyage revenues was primarily due to lower rates earned by our minor bulk vessels. Additionally, there was a decrease in voyage revenues earned by third party chartered-in vessels primarily as a result of fewer chartered-in days, as well as decrease in rates earned. During 2023, the drybulk freight market continued to experience significant volatility. Following the seasonal softness at the start of the year, the market began to strengthen during the end of the first quarter of 2023 and the early part of the second quarter of 2023. Subsequently, while trade volumes of iron ore and coal into China were strong, and unwinding of port congestion from April to September increased effective capacity of the fleet and pressured freight rates. This impact was notable during the third quarter in particular, which historically is a strong period for the market but in fact was atypically soft. During the fourth quarter of 2023, the market significantly rebounded reaching multi-year highs due to strong Brazilian iron ore volumes, as well as solid bauxite and coal trades while the unwinding of port congestion paused. On top of this, additional geopolitical factors began to materialize, including reductions in vessel traffic instituted by the Panama Canal Authority due to low water levels beginning in October and the later Houthi attacks on commercial vessels in the southern Red Sea and Gulf of Aden region. These two situations have resulted in vessel re-routing and increased fleet inefficiencies in the market. The impact of this is uncertain, as it may have the effect of raising drybulk shipping rates but may also impact global economic conditions, contributing to inflation and influencing monetary policy decisions, particularly in the West.

 The average Time Charter Equivalent, or TCE rate, of our overall fleet decreased by 38.0% to $14,766 a day during 2023 from $23,824 a day during 2022. The TCE for our major bulk vessels decreased by 18.7% from $22,492 a day during 2022 to $18,280 a day during 2023. This decrease was primarily a result of higher voyage expenses incurred by our Capesize vessels. The TCE for our minor bulk vessels decreased by 49.1% from $24,585 a day during 2022 to $12,512 a day during 2023 primarily a result of lower rates achieved by our Ultramax and Supramax vessels, offset by lower voyage expenses.

 For 2023 and 2022, we had ownership days of 16,135.2 days and 16,049.9 days, respectively. The increase in ownership days was due to the delivery of two Ultramax vessels during January 2022 and two Capesize vessels during November 2023. Fleet utilization increased from 96.5% during 2022 to 97.3% during 2023 primarily due to less offhire time for our Capesize vessels.

 Please see pages 7 - 8 for a table that sets forth information about the current employment of the vessels in our fleet.

 VOYAGE EXPENSES-

 In time charters and spot market-related time charters, 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. These expenses are borne by the Company during spot market voyage charters. 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 spot market 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. Voyage expenses also include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Additionally, we may record lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. Refer to Note 2 — Summary of Significant Accounting Policies in our Consolidated Financial Statements.

 Voyage expenses were $143.0 million and $153.9 million during 2023 and 2022, respectively. This decrease was primarily due to lower bunker expenses for our minor bulk vessels and third-party chartered-in vessels, partially offset by higher voyage expenses incurred by our major bulk vessels.

 VESSEL OPERATING EXPENSES-

 Vessel operating expenses decreased by $2.4 million from $99.5 million during 2022 to $97.1 million during 2023. This decrease was primarily due to an absence of COVID-19 related expenses, partially offset by an increase in the purchase of spare parts, higher insurance related costs, and higher crew costs due to the timing of crew changes.

 Average daily vessel operating expenses ("DVOE") for our fleet decreased to $6,017 per vessel per day during 2023 from $6,197 per vessel per day during 2022. The decrease in daily vessel operating expenses was primarily due to the absence of COVID-19 related expenses, partially offset by an increase in the purchase of spare parts, higher insurance related costs, as well as higher crew costs due to the timing of crew changes.

 The potential impact of the war in Ukraine, the Israel-Hamas war and the Houthi conflict in the Red Sea, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.

 Our vessel operating expenses 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. Crew costs on our vessels could increase in the future due to higher wages as a result of the potential impact of the war in Ukraine, the Israel-Hamas war, and the Houthi conflict in the Red Sea among other potential macroeconomic events. We expect our 2024 vessel operating expenses to be higher than in 2023 as a result of increased expenses for crewing as well as spares and stores.

 Based on estimates provided by GSSM, our DVOE budget for the full year of 2024 is expected to be $6,150 per vessel per day. The potential impacts of the war in Ukraine, the Israel-Hamas war, and the Houthi conflict in the Red Sea among other potential macroeconomic events, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.

 CHARTER HIRE EXPENSES-

 Charter hire expenses decreased by $18.0 million from $27.1 million during 2022 to $9.1 million during 2023. The decrease was primarily due to a decrease in chartered-in days during 2023 as compared to 2022, as well as a decrease in hire rates.

 GENERAL AND ADMINISTRATIVE EXPENSES-

 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, operating lease expense, legal, auditing and other professional expenses. General and administrative expenses include nonvested stock amortization expense which represents the amortization of stock-based compensation that has been issued to our Directors and employees pursuant to the 2015 Equity Incentive Plan. Refer to Note 16 — Stock-Based Compensation in our Consolidated Financial Statements. General and administrative expenses also include legal and professional fees associated with our credit facilities, which are not capitalizable to deferred financing costs. We also incur general and administrative expenses for our overseas offices located in Singapore and Copenhagen. We expect our 2024 general and administrative expenses to be higher than in 2023 as a result of costs related to our 2024 annual meeting.

 General and administrative expenses increased by $2.6 million from $25.7 million during 2022 to $28.3 million during 2023. The increase was primarily due to higher nonvested stock amortization expense.

 TECHNICAL MANAGEMENT FEES-

 Technical management fees include the direct costs incurred by GSSM for the technical management of the vessels under its management.

 Technical management fees were $4.0 million and $3.3 million during 2023 and 2022, respectively. The variance was due to the timing of expenses during the year.

 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.

 Depreciation and amortization expenses increased by $6.3 million from $60.2 million during 2022 to $66.5 million during 2023. This increase was primarily due to an increase in drydocking amortization expense for the major bulk vessels that completed their drydockings during the second quarter of 2022 through the first quarter of 2023.

 IMPAIRMENT OF VESSEL ASSETS-

 During 2023, we recorded $41.7 million of impairment of vessel assets. This included impairment losses for three of our Capesize vessels. There was no vessel impairment recorded during 2022.

 Refer to Note 2 — Summary of Significant Accounting Policies in our Consolidated Financial Statements for further information regarding the impairment of the vessels.

 OTHER INCOME (EXPENSE)-

 INTEREST EXPENSE-

 Interest expense decreased by $0.3 million from $9.1 million during 2022 to $8.8 million during 2023. Interest expense during 2023 and 2022 consisted primarily of interest expense under our credit facilities and amortization of deferred financing costs for those facilities. The decrease was primarily a result of lower outstanding debt and settlement payments received our interest rate cap agreements partially offset by higher interest rates. Refer to Note 7 — Debt in the Consolidated Financial Statements for information regarding our credit facilities.

 INTEREST INCOME-

 Interest income increased by $1.7 million from $1.0 million during 2022 to $2.7 million during 2023 primarily due to higher interest income earned on our cash and cash equivalents.

 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –

 During 2023 and 2022, net income attributable to noncontrolling interest was $0.5 million and $0.8 million, respectively, which is associated with the net income attributable to the noncontrolling interest of GSSM, which was formed during September 2021.

 LIQUIDITY AND CAPITAL RESOURCES

 Our primary sources of liquidity are cash flow from operations, cash on hand, equity offerings and credit facility borrowings. We currently use our funds primarily for the acquisition of vessels, fleet renewal, drydocking for our vessels, payment of dividends, debt repayments and satisfying working capital requirements as may be needed to support our business. 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, 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.

 We believe, given our current cash holdings, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include unrestricted cash and cash equivalents of $46.5 million as of December 31, 2023 in addition to the $294.8 million availability under the $500 Million Revolver as of December 31, 2023, which compares to a minimum liquidity requirement under our credit facility of approximately $23 million as of the date of this report, as well as the net proceeds from our agreed upon vessel sales of approximately $55

 million. Given anticipated capital expenditures related to drydockings and fuel efficiency upgrade costs of $22.3 million and $35.4 million during 2024 and 2025, respectively, as well as any quarterly dividend payments, we anticipate to continue to have significant cash expenditures. Refer to "Capital Expenditures" below for further details. However, if market conditions were to worsen significantly due to the war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, or other causes, then our cash resources may decline to a level that may put at risk our ability to pay dividends per our capital allocation strategy or at all. During the fourth quarter of 2023, we drew down $65 million under the revolver of the $450 Million Credit Facility to partially fund the purchase of two Capesize vessels that were delivered during the fourth quarter of 2023. Throughout 2022 and 2023, the Company made a total of $111.0 million of voluntary debt prepayments, resulting in a reduced cash flow breakeven rate from previous levels. Of that amount, there were seven $8.8 million quarterly repayments that represented the previously announced quarterly debt reduction payment as part of our plan to reduce our debt. These amounts were deducted from operating cash flows in each of our quarterly 2022 and 2023 dividend payment calculations. The remainder of the debt we paid down included $40.0 million which was prepaid to optimize our working capital management, using our revolver to keep funds available while saving interest expense. Additionally, during the fourth quarter of 2023, we paid down $9.75 million under the $500 Million Revolver. Going forward, given the nature of our new revolving credit facility, we plan to actively manage our debt balance to reduce interest expense. As of December 31, 2023, there are no mandatory debt repayments until we must repay $200.0 million in 2028. Although we do not have any mandatory debt repayments until 2028, we intend to continue to pay down debt on a voluntary basis with a medium-term goal of zero net debt.

 As of December 31, 2023, the $500 Million Revolver contained collateral maintenance covenants that require the aggregate appraised value of collateral vessels to be at least 140% of the principal amount of the loan outstanding under such facility. If the values of our vessels were to decline as a result of the various geopolitical factors previously mentioned or otherwise, we may not satisfy this collateral maintenance requirement. If we do not satisfy the collateral maintenance requirement, we will need to post additional collateral or prepay outstanding loans to bring us back into compliance, or we will need to seek waivers, which may not be available or may be subject to conditions.

 In the future, we may require capital to fund acquisitions or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from the war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, and the trajectory of China's economic recovery. We may from time to time seek to raise additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise. We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business, or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to accomplish any of the foregoing on acceptable terms or at all.

 On November 29, 2023, we entered into a fourth amendment to amend, extend and upsize our existing $450 Million Credit Facility and implement the $500 Million Revolver. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of our asset base as well as general corporate purposes. Refer to Note 7 — Debt in our Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.

 In the fourth quarter of 2023, we drew down $65 million under our revolver to partially fund the acquisition of the Genco Ranger and Genco Reliance, 2016-built Capesize vessels.

 As of December 31, 2023, we were in compliance with all financial covenants under the $500 Million Revolver.

 Dividends

 We disclosed on April 19, 2021 that, on management's recommendation, our Board of Directors adopted a quarterly dividend policy for dividends payable which commenced in the first quarter of 2022 in respect of our financial results for the fourth quarter of 2021. Under the quarterly dividend policy, the amount available for quarterly dividends is to be calculated based on the following formula:

 Operating cash flow
 Less: Capital expenditures for drydocking
 Less: Voluntary quarterly reserve
 Cash flow distributable as dividends

 The amount of dividends payable under the foregoing formula for each quarter of the year will be determined on a quarterly basis.

 For purposes of the foregoing calculation, operating cash flow is defined as voyage revenue less voyage expenses, charter hire expenses, realized gains or losses on fuel hedges, vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management fees, and interest expense other than non-cash deferred financing costs. Anticipated uses for the voluntary quarterly reserve include, but are not limited to, vessel acquisitions, debt prepayments and repayments, and general corporate purposes. In order to set aside funds for these purposes, the voluntary reserve will be set on a quarterly basis in the discretion of our Board and is anticipated to be based on future quarterly debt repayments and interest expense.

 On February 21, 2024, our Board declared a quarterly dividend of $0.41 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facilities) and our Board's determination that each declaration and payment is at that time in the best interests of the Company and its shareholders after its review of our financial performance.

 In connection with our comprehensive value strategy, we have paid down additional indebtedness under our credit facilities and amended, extended and upsized our existing $450 Million Credit Facility with the $500 Million Revolver.

 The declaration and payment of any dividend or any stock repurchase is subject to the discretion of our Board of Directors. Our Board of Directors and management continue to closely monitor market developments together with the evaluation of our quarterly dividend policy in the current market environment. The principal business factors that our Board of Directors expects to consider when determining the timing and amount of dividend payments or stock repurchases include our earnings, financial condition, and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends or stock repurchases other than from surplus. Marshall Islands law also prohibits the declaration and payment of dividends or stock repurchases while a company is insolvent or would be rendered insolvent by the payment of such a dividend or such a stock repurchase. Heightened economic uncertainty and the potential for renewed drybulk market weakness as a result of the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and related economic conditions may result in our suspension, reduction, or termination of future quarterly dividends.

 U.S. Federal Income Tax Treatment of Dividends

 U.S. Holders

 For purposes of this discussion, the term "U.S. Holder" means a beneficial owner of our common stock that is, for U.S. federal income tax purposes, (i) an individual U.S. citizen or resident, (ii) a corporation that is created or organized in or under the laws of the United States, any state thereof or the District of Columbia, or any other U.S. entity taxable as a corporation, (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source, or (iv) a trust if either (x) a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (y) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. If a partnership, or an entity treated for U.S. federal income tax purposes as a partnership, such as a limited liability company, holds common stock, the tax treatment of a partner will generally depend on the status of the partner and upon the activities of the partnership. If you are a partner in such a partnership holding our common stock, you are encouraged to consult your tax advisor. A beneficial owner of our common stock (other than a partnership) that is not a U.S. Holder is referred to below as a "Non-U.S. Holder."

 Subject to the discussion of passive foreign investment company (PFIC) status on pages 36 - 37 of this report, any distributions made by us to a U.S. Holder with respect to our common shares generally will constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of those earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder's tax basis in our common shares (determined on a share-by-share basis), and thereafter as capital gain. U.S. Holders that own at least 10% of our shares may be able to claim a dividends-received-deduction and should consult their tax advisors.

 Dividends paid on our common shares to a U.S. Holder who is an individual, trust or estate, or a "non-corporate U.S. Holder," will generally be treated as "qualified dividend income" that is taxable to such non-corporate U.S. Holder at preferential tax rates, provided that (1) our common shares are readily tradable on an established securities market in the United States (such as the NYSE, on which our common shares are traded); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not believe we have been, are, or will be); (3) the non-corporate U.S. Holder's holding period of our common shares includes more than 60 days in the 121-day period beginning 60 days before the date on which our common shares becomes ex-dividend; and (4) the non-corporate U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. A non-corporate U.S. Holder will be able to take qualified dividend income into account in determining its deductible investment interest (which is generally limited to its net investment income) only if it elects to do so; in such case, the dividend will be taxed at ordinary income rates. Non-corporate U.S. Holders also may be required to pay a 3.8% surtax on all or part of such holder's "net investment income," which includes, among other items, dividends on our shares, subject to certain limitations and exceptions. Investors are encouraged to consult their own tax advisors regarding the effect, if any, of this surtax on their ownership of our shares.

 Amounts taxable as dividends generally will be treated as passive income from sources outside the U.S. However, if (a) we are 50% or more owned, by vote or value, by U.S. Holders and (b) at least 10% of our earnings and profits are attributable to sources within the U.S., then for foreign tax credit purposes, a portion of our dividends would be treated as derived from sources within the U.S. With respect to any dividend paid for any taxable year, the U.S. source ratio of our dividends for foreign tax credit purposes would be equal to the portion of our earnings and profits from sources within the U.S. for such taxable year divided by the total amount of our earnings and profits for such taxable year. The rules related to U.S. foreign tax credits are complex and U.S. Holders should consult their tax advisors to determine whether and to what extent a credit would be available.

 Special rules may apply to any "extraordinary dividend" — generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted basis (or fair market value in certain circumstances) in a share of our common shares — paid by us. If we pay an "extraordinary dividend" on our common shares that is treated as "qualified dividend income", then any loss derived by a non-corporate U.S. Holder from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.

 Tax Consequences if We Are a Passive Foreign Investment Company

 As discussed in "U.S. tax authorities could treat us as a 'passive foreign investment company,' which could have adverse U.S. federal income tax consequences to U.S. shareholders" in Item 1.A Risk Factors in this report, a foreign corporation generally will be treated as a PFIC for U.S. federal income tax purposes if, after applying certain look through rules, either (1) at least 75% of its gross income for any taxable year consists of "passive income" or (2) at least 50% of the average value or adjusted bases of its assets (determined on a quarterly basis) produce or are held for the production of passive income, i.e., "passive assets." As discussed above, we do not believe that our past or existing operations would cause, or would have caused, us to be deemed a PFIC with respect to any taxable year. No assurance can be given that the IRS or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, there can be no assurance that we will not become a PFIC in any future taxable year because the PFIC test is an annual test, there are uncertainties in the application of the PFIC rules, and although we intend to manage our business so as to avoid PFIC status to the extent consistent with our other business goals, there could be changes in the nature and extent of our operations in future taxable years.

 If we were to be treated as a PFIC for any taxable year in which a U.S. Holder owns shares of our common stock (and regardless of whether we remain a PFIC for subsequent taxable years), the tax consequences to such a U.S. holder upon the receipt of distributions in respect of such shares that are treated as "excess distributions" would differ from those described above. In general, an excess distribution is the amount of distributions received during a taxable year that exceed 125% of the average amount of distributions received by a U.S. Holder in respect of the common shares during the preceding three taxable years, or if shorter, during the U.S. Holder's holding period prior to the taxable year of the distribution. The distributions that are excess distributions would be allocated ratably over the U.S. Holder's holding period for the common shares. The amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were a PFIC would be taxed as ordinary income. The amount allocated to each of the other taxable years would be subject to tax at the highest marginal rate in effect for the U.S. Holder for that taxable year, and an interest charge for the deemed deferral benefit would be imposed on the resulting tax allocated to such other taxable years. The tax liability with respect to the amount allocated to taxable years prior to the year of the distribution cannot be offset by net operating losses. As an alternative to such tax treatment, a U.S. Holder may make a "qualified electing fund" election or "mark to market" election, to the extent available, in which event different rules would apply. The U.S. federal income tax consequences to a U.S. Holder if we were to be classified as a PFIC are complex. A U.S. Holder should consult with his or her own advisor with regard to those consequences, as well as with regard to whether he or she is eligible to and should make either of the elections described above.

 Non-U.S. Holders

 Non-U.S. Holders generally will not be subject to U.S. federal income tax on dividends received from us on our common shares unless the income is effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the United States ("effectively connected income") (and, if an applicable income tax treaty so provides, the dividends are attributable to a permanent establishment maintained by the Non-U.S. Holder in the U.S.). Effectively connected income (or, if an income tax treaty applies, income attributable to a permanent establishment maintained in the U.S.) generally will be subject to regular U.S. federal income tax in the same manner discussed above relating to taxation of U.S. Holders. In addition, earnings and profits of a corporate Non-U.S. Holder that are attributable to such income, as determined after allowance for certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable income tax treaty. Non-U.S. Holders may be subject to tax in jurisdictions other than the United States on dividends received from us on our common shares.

 Dividends paid on our common shares to a non-corporate U.S. Holder may be subject to U.S. federal backup withholding tax if the non-corporate U.S. Holder:

 fails to provide us with an accurate taxpayer identification number;

 is notified by the IRS that they have become subject to backup withholding because they previously failed to report all interest and dividends required to be shown on their federal income tax returns; or

 fails to comply with applicable certification requirements

 A holder that is not a U.S. Holder or a partnership may be subject to U.S. federal backup withholding with respect to such dividends unless the holder certifies that it is a non-U.S. person, under penalties of perjury, or otherwise establishes an exemption therefrom. Backup withholding tax is not an additional tax. Holders generally may obtain a refund of any amounts withheld under backup withholding rules that exceed their income tax liability by timely filing a refund claim with the IRS.

 You are encouraged to consult your own tax advisor concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local, or foreign law from the payment of dividends on our common stock.

 Cash Flows

 Net cash provided by operating activities for the years ended December 31, 2023 and 2022 was $91.8 million and $189.3 million, respectively. This decrease in cash provided by operating activities was primarily due to lower net revenue earned by our minor and major bulk vessels, as well as changes in working capital. These decreases were partially offset by a decrease in drydocking costs incurred during 2023 as compared to 2022.

 Net cash used in investing activities during the years ended December 31, 2023 and 2022 was $91.6 million and $55.0 million, respectively. The increase was primarily due to a $38.8 million increase in the purchase of vessels, principally resulting from the purchase of two Capesize vessels that delivered during the fourth quarter of 2023 as compared to the purchase of two Ultramax vessels that delivered during the first quarter of 2022. There was also a $1.4 million increase in insurance proceeds for hull and machinery claims for our vessels.

 Net cash used in financing activities during the years ended December 31, 2023 and 2022 was $17.4 million and $190.7 million, respectively. During 2023, the decrease in total net cash used in financing activities related to our credit facilities was $104.0 million as compared to 2022. This was a result of the $65.0 million drawn down during the fourth quarter of 2023 used to partially finance the purchase two Capesize vessels that delivered during the fourth quarter of 2023, as well as a decrease in debt repayments during 2023 as compared to 2022. Additionally, there was a $74.8 million decrease in the payment of dividends during 2023 as compared to 2022. These decreases were partially offset by a $5.5 million increase in deferred financing costs during 2023 as compared to 2022 related to the $500 Million Revolver that was entered into on November 29, 2023 to amend our $450 Million Credit Facility.

 Credit Facilities

 On August 3, 2021, we entered into the $450 Million Credit Facility. On November 29, 2023, we entered into a fourth amendment to amend, extend and upsize our existing $450 Million Credit Facility, implementing the $500 Million Revolver. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of our asset base as well as general corporate purposes. Refer to Note 7 — Debt in our Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.

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

 At December 31, 2023, we had one interest rate cap agreement to manage interest costs and the risk associated with changing interest rates. Such agreements cap the borrowing rate on our variable debt to provide a hedge against the risk of rising rates. At December 31, 2023, the total notional principal amount of the interest rate cap agreements was $50.0 million.

 Refer to the table in Note 8 — Derivative instruments of our Consolidated Financial Statements which summarizes the interest rate cap agreement in place as of December 31, 2023.

 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 consider the creditworthiness of both the counterparty and ourselves, which has not changed significantly and has no effect on the

 valuation. 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 also enter into arrangements commonly known as forward freight agreements, or FFAs, to hedge and manage our exposure to the charter market risks relating to the deployment of our vessels. 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. Upon settlement, if the contracted charter rate is less than the average of the rates (as reported by an identified index) for the specified route and period, the seller of the FFA is required to pay the buyer an amount equal to the difference between the contracted rate and the settlement rate multiplied by the number of days in the specific period. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. 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 December 31, 2023 and 2022.

 Interest Rates

 The effective interest rate for the years ended December 31, 2023 and 2022 include interest rates associated with the interest expense for our various credit facilities, including the following: the $500 Million Revolver and the $450 Million Credit Facility (until the $450 Million Credit Facility was amended to become the $500 Million Revolver on November 29, 2023).

 The effective interest rate for the aforementioned credit facilities, including the cost associated with unused commitment fees, if applicable, was 8.29% and 4.63% during 2023 and 2022, respectively. The effective interest rate does not include the effect of any interest rate cap agreements. The interest rate on the debt, excluding unused commitment fees, ranged from 6.43% to 7.58% and 2.26% to 6.54% during 2023 and 2022, respectively.

 Capital Expenditures

 We make capital expenditures from time to time in connection with our vessel acquisitions. Our fleet currently consists of 45 drybulk vessels, including 18 Capesize drybulk carriers, 15 Ultramax drybulk carriers and twelve Supramax drybulk carriers.

 As previously announced, we have implemented a fuel efficiency upgrade program for certain of our vessels in an effort to generate fuel savings and increase the future earnings potential for these vessels. The upgrades have been successfully installed during previous drydockings.

 Under our comprehensive IMO 2023 compliance plan, we have and intend to install energy saving devices and apply high performance paint systems in order to reduce fuel consumption and emissions among other key initiatives, on select vessels. We have and plan to undertake most, if not all, of these initiatives while our vessels undergo their regularly scheduled drydocking. The future estimated expenditures are included in the table 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, ballast water treatment systems ("BWTS") costs, fuel efficiency upgrades and scheduled off-hire days for our fleet through 2025 to be:

 Year

 Estimated Drydocking
Costs

 Estimated BWTS
Costs

 Estimated Fuel Efficiency Upgrade Costs

 Estimated Off-hire
Days

 (U.S. dollars in millions)

 2024

 $

 18.1

 $

 1.1

 $

 3.1

 2025

 $

 31.5

 $

 1.1

 $

 2.8

 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 on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.

 Actual length of drydocking will vary based on the condition of the vessel, yard schedules and other factors. Higher repairs and maintenance expenses 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 2023 and 2022, we incurred a total of $10.9 million and $25.8 million of drydocking costs, respectively, excluding costs incurred during drydocking that were capitalized to vessel assets or vessel equipment.

 We completed the drydocking of five of our vessels during 2023, one of which began during the fourth quarter of 2022. We estimate that ten of our vessels will be drydocked during 2024 and 20 of our vessels will be drydocked during 2025.

 CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 The discussion and analysis of our financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions and conditions.

 Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We have described below what we believe are our most critical accounting policies, because they generally involve a comparatively higher degree of judgment in their application. For an additional description of our significant accounting policies, see Note 2 to our Consolidated Financial Statements included in this report.

 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 $400/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 below under the heading "Impairment of long-lived assets."

 During 2023, we recorded losses of $41.7 million related to the impairment of vessel assets. There were no impairment losses incurred during 2022. During 2023, we recorded an impairment loss for three of our Capesize vessels (the Genco Claudius, the Genco Commodus and the Genco Maximus) which have been classified as held for sale as of December 31, 2023. Refer to Note 2 — Summary of Significant Accounting Policies in our Consolidated Financial Statements for further information regarding the impairment recorded during 2023.

 Under our 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 credit facility. 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. We were in compliance with the collateral maintenance covenant under our $500 Million Revolver as of December 31, 2023. Refer to Note 7 — Debt in our Consolidated Financial Statements for additional information. We obtained valuations for all of the vessels in our fleet pursuant to the terms of the $500 Million Revolver.

 We compare the carrying value of our vessels with the vessel valuations obtained for covenant compliance purposes to determine whether an indicator of impairment is present (excluding the three vessels held for sale as of December 31, 2023 as noted above). As of December 31, 2023, eight of our Capesize vessels had carrying values that exceeded their vessel valuations, which is an indicator of impairment. As of December 31, 2022, 17 of our vessels, including 16 Capesize vessels and one Ultramax vessel, had carrying values that exceeded their vessel valuations, which is an indicator of impairment. However, based on the analysis of the anticipated undiscounted future net cash flows to be derived from each of these vessels as of December 31, 2023 and 2022, there were no impairment losses recorded for these vessels during 2023 and 2022 (excluding the three vessels held for sale as of December 31, 2023 as noted above).

 The amount by which the carrying value at December 31, 2023 of eight of our Capesize vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $4.1 million to $8.3 million per vessel, and $47.9 million on an aggregate fleet basis. Comparatively, the amount by which the carrying value at December 31, 2022 of 16 of our Capesize vessels and one of our Ultramax vessels exceeded the valuation of such vessels for covenant compliances ranged, on an individual vessel basis, from $0.1 million to $11.9 million per vessel, and $130.0 million on an aggregate fleet basis. The average amount by which the carrying value of these vessels exceeded the valuation of such vessels for covenant compliance purposes was $6.0 million and $7.6 million as of December 31, 2023 and 2022, respectively. However, neither such valuation nor the carrying value in the table below reflects the value of long-term time charters, if any, related to some of our vessels.

 In the chart below, we list each of our vessels, the year it was built, the year we acquired it, and its carrying value as of December 31, 2023 and 2022. Vessels have been grouped according to their collateralized status as of December 31, 2023 and does not include any vessels held for sale.

 Carrying Value (U.S.

 dollars in

 thousands) as of

 Year

 Vessels

 Year Built

 Acquired

 2023

 2022

 $500 Million Revolver

 Genco Commodus

 2009

 2009

 $

 —

 $

 33,227

 Genco Maximus

 2009

 2009

 —

 33,275

 Genco Claudius

 2010

 2009

 —

 34,850

 Carrying Value (U.S.

 dollars in

 thousands) as of

 Year

 Vessels

 Year Built

 Acquired

 2023

 2022

 Baltic Bear

 2010

 2010

 32,724

 34,682

 Baltic Wolf

 2010

 2010

 33,078

 35,004

 Genco Lion

 2012

 2013

 28,508

 29,853

 Genco Tiger

 2011

 2013

 26,954

 28,207

 Baltic Scorpion

 2015

 2015

 21,440

 22,448

 Baltic Mantis

 2015

 2015

 21,677

 22,689

 Genco Hunter

 2007

 2007

 7,564

 7,769

 Genco Warrior

 2005

 2007

 6,211

 6,501

 Genco Aquitaine

 2009

 2010

 7,948

 8,254

 Genco Ardennes

 2009

 2010

 7,955

 8,258

 Genco Auvergne

 2009

 2010

 7,971

 8,270

 Genco Bourgogne

 2010

 2010

 8,580

 8,943

 Genco Brittany

 2010

 2010

 8,590

 8,931

 Genco Languedoc

 2010

 2010

 8,588

 8,932

 Genco Picardy

 2005

 2010

 6,972

 6,899

 Genco Pyrenees

 2010

 2010

 8,641

 8,979

 Genco Rhone

 2011

 2011

 9,792

 10,203

 Genco Constantine

 2008

 2008

 29,377

 31,638

 Genco Augustus

 2007

 2007

 27,052

 29,321

 Genco London

 2007

 2007

 27,295

 29,181

 Genco Titus

 2007

 2007

 27,856

 29,823

 Genco Tiberius

 2007

 2007

 27,127

 29,455

 Genco Hadrian

 2008

 2008

 29,671

 31,623

 Genco Predator

 2005

 2007

 6,888

 6,816

 Baltic Hornet

 2014

 2014

 20,084

 21,058

 Baltic Wasp

 2015

 2015

 20,326

 21,300

 Genco Endeavour

 2015

 2018

 39,022

 40,498

 Genco Resolute

 2015

 2018

 39,177

 40,852

 Genco Columbia

 2016

 2018

 22,455

 23,480

 Genco Weatherly

 2014

 2018

 18,118

 18,939

 Genco Liberty

 2016

 2018

 42,162

 43,942

 Genco Defender

 2016

 2018

 42,165

 43,964

 Genco Magic

 2014

 2020

 13,373

 13,872

 Genco Vigilant

 2015

 2021

 14,323

 14,901

 Genco Freedom

 2015

 2021

 14,407

 14,996

 Genco Enterprise

 2016

 2021

 18,996

 19,806

 Genco Madeleine

 2014

 2021

 21,209

 22,253

 Genco Constellation

 2017

 2021

 23,872

 24,897

 Genco Mayflower

 2017

 2021

 24,251

 25,328

 Genco Laddey

 2022

 2022

 28,299

 29,326

 Genco Mary

 2022

 2022

 28,336

 29,367

 Genco Ranger

 2016

 2023

 43,108

 —

 TOTAL

 $

 902,142

 $

 1,002,810

 Unencumbered

 Genco Reliance

 2016

 2023

 $

 42,972

 $

 —

 $

 42,972

 $

 —

 Consolidated Total

 $

 945,114

 $

 1,002,810

 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, net of costs to sell, we would record a loss in the amount of the difference. Refer to Note 2 — Summary of Significant Accounting Policies and Note 4 — Vessel Acquisitions and Dispositions in our Consolidated Financial

 Statements for information regarding the sale of vessel assets and the classification of vessel assets held for sale as of December 31, 2023.

 Deferred drydocking costs

 Our vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. We defer the costs associated with drydockings as they occur and amortize these costs on a straight-line basis over the period between drydockings. Deferred drydocking costs include actual costs incurred at the drydock yard; cost of travel, lodging and subsistence of our personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. We believe that these criteria are consistent with U.S. GAAP guidelines and industry practice and that our policy of deferral reflects the economics and market values of the vessels. Costs that are not related to drydocking, including routine maintenance and repairs, are expensed as incurred. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the drydock.

 Impairment of long-lived assets

 We follow the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") subtopic 360-10, " Property, Plant and Equipment " ("ASC 360-10") which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets.

 Although rates have been strong on a relative basis in 2023 and 2022, the drybulk charter market has been volatile in recent years. Shipping rates for key drybulk routes increased during 2021 after a decline in 2020 which was principally as a result of the global economic slowdown caused by the COVID-19 pandemic, while another firm year was seen in 2022. Rates in 2023 declined from 2021 and 2022 highs, but were firm from a historical perspective.

 When indicators of impairment are present and our estimate of future undiscounted cash flows for any vessel is lower than the vessel's carrying value, the carrying value is written down, by recording a charge to operations, to the vessel's fair market value if the fair market value is lower than the vessel's carrying value.

 We determined that as of December 31, 2023, the future income streams expected to be earned by such vessels over their remaining operating lives and upon disposal on an undiscounted basis would be sufficient to recover their carrying values. As of December 31, 2023, only eight of our Capesize vessels had indicators of impairment and the estimated future undiscounted cash flows for those Capesize vessels exceeded each of those vessels' carrying values by a margin of approximately 15% to 30% of the carrying value. Our vessels remain fully utilized and have a relatively long average remaining useful life of approximately 13 years in which to recover sufficient cash flows on an undiscounted basis to recover their carrying values as of December 31, 2023. Management will continue to monitor developments in charter rates in the markets in which it participates with respect to the expectation of future rates over an extended period of time that are utilized in the analyses.

 In developing estimates of future undiscounted cash flows, we make assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, vessels' operating expenses, vessels' capital expenditures and drydocking requirements, vessels' residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends. Specifically, we utilize the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing. For periods of time where our vessels are not fixed on time charters or spot market voyage charters, we utilize an estimated daily time charter equivalent for our vessels' unfixed days based on the most recent ten year historical one-year time charter average. In addition, we consider the current market rate environment and, if necessary, adjust our estimates of undiscounted cash flows to reflect the current rate environment. It is reasonably possible that the estimate of undiscounted cash flows may change in the future due to changes in current rates which could adversely affect the average rates being utilized and could result in impairment of certain of our older vessels. It is also reasonably possible that vessels that were not subject

 to impairment testing during 2023 because there was no indicator of impairment could be subject to such testing in the future.

 Of the inputs that the Company uses for its impairment analysis, future charter rates are the most significant and most volatile. Based on the sensitivity analysis performed by the Company, the Company would record impairment on its vessels for time charter declines from their most recent ten-year historical one-year time charter averages as follows:

 Percentage Decline from Ten-Year

 Historical One-Year Time Charter

 Average at Which Point Impairment

 Would be Recorded

 As of

 As of

 Vessel Class

 2023

 2022

 (10.5)

 %

 (18.0)

 %

 Ultramax (1)

 N/A

 (9.5)

 Supramax (2)

 N/A

 N/A

 (1)
 There were no indicators of impairment for our Ultramax vessels at December 31, 2023, as the respective fair market values of these vessels were higher than their respective carrying values. As such, these vessels were not subject to impairment testing as of December 31, 2023.

 (2)
 There were no indicators of impairment for our Supramax vessels as of December 31, 2023 and 2022, as the respective fair market values of these vessels were higher than their respective carrying values. As such, these vessels were not subject to impairment testing as of December 31, 2023 and 2022.

 For our impairment analysis, we utilize the ten-year historical one-year time charter average, as well as considering the current rate environment, to project future charter rates, which we believe appropriately takes into account the volatility and highs and lows of the shipping cycle.

 Our time charter equivalent (TCE) rates for our fiscal years ended December 31, 2023 and 2022, respectively, were above or (below) the ten-year historical one-year time charter average as of such dates as follows:

 TCE Rates as Compared with Ten-

 Year Historical One-Year Time

 Charter Average

 (as percentage above/(below))

 Vessel Class

 2023

 2022

 21.6

 %

 37.7

 %

 8.2

 %

 104.3

 %

 (6.0)

 %

 98.8

 %

 The projected net operating cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, reduced by brokerage and address commissions, expected outflows for vessels' maintenance and vessel operating expenses (including planned drydocking and special survey expenditures) and required capital expenditures adjusted annually for inflation, assuming fleet utilization of 98%. The salvage value used in the impairment test is estimated to be $400 per light weight ton, consistent with our vessels' depreciation policy discussed above.

 Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for a prolonged period of time, which could adversely affect our revenue and profitability, and future assessments of vessel impairment.

 ITEM 7A. 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. We held one interest rate cap agreement as of December 31, 2023 to manage future interest costs and the risk associated with changing interest rates. The total notional amount of the cap at December 31, 2023 is $50.0 million and the cap has a specified rate and duration and will expire during March 2024. Refer to Note 8 — Derivative Instruments of our Consolidated Financial Statements.

 Interest rate cap agreements cap the borrowing rate on our variable debt to provide a hedge against the risk of rising rates.

 The total asset associated with the cap at December 31, 2023 is $0.6 million which has been classified as a current asset on the consolidated balance sheet. As of December 31, 2023, the Company has accumulated other comprehensive income ("AOCI") of $0.5 million related to the interest rate cap agreement. At December 31, 2023, $0.5 million of AOCI is expected to be reclassified into income over the next 12 months associated with interest rate derivatives.

 We are subject to market risks relating to changes in SOFR rates because we have significant amounts of floating rate debt outstanding. On May 30, 2023, we entered into an amendment to the $450 Million Credit Facility to transition from the use of LIBOR to calculate interest to SOFR effective June 30, 2023, During the years ended December 31, 2023 and 2022, we were subject to the following interest rates on the outstanding debt under our credit facilities (refer to Note 7 — Debt in our Consolidated Financial Statements for effective dates and termination dates for our credit facilities outlined below):

 $450 Million Credit Facility

 One-month or three-month LIBOR plus 2.15% until June 30, 2023. Effective June 30, 2023, we transitioned from the use of LIBOR to SOFR Rates. Additionally, on August 3, 2023, the applicable margin was reduced from 2.15% to 2.10% pursuant to the sustainability link term of the facility. These rates were applicable until November 29, 2023, when we entered into the $500 Million Revolver.

 $500 Million Revolver

 One-month SOFR plus 1.85%

 A 1% increase in LIBOR and SOFR would have resulted in an increase of $1.6 million in interest expense for the year ended December 31, 2023.

 From time to time, the Company may consider derivative financial instruments such as swaps and caps or other means to protect itself against interest rate fluctuations.

 Derivative financial instruments

 As part of our business strategy, we may enter into interest rate swap agreements or interest rate cap agreements to manage interest costs and the risk associated with changing interest rates. As of December 31, 2023, we held one interest rate cap agreement to manage interest costs and the risk associated with changing interest rates. The total notional amount of the cap at December 31, 2023 is $50.0 million and the cap has a specified rate and duration and will expire during March 2024. Refer to Note 8 — Derivative Instruments of our Consolidated Financial Statements.

 The interest rate cap agreement was initially designated and qualified as a cash flow hedge. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in AOCI and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings.

 During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated as a cash flow hedge. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of de-designation will be released over the remaining original hedge period.

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

 We have entered into bunker swap and forward fuel purchase agreements with the objective of reducing the risk of the effect of changing fuel prices. Our bunker swap and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains or losses are recognized as other (expense) income. Refer to the "Bunker swap and forward fuel purchase agreements" section of Note 2 — Summary of Significant Accounting Policies for further information.

 Currency and exchange rate risk

 The majority of transactions in the international shipping industry are denominated in U.S. Dollars. 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.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Consolidated Financial Statements
 Index to Consolidated Financial Statements

 Page

 a)

 Report of Independent Registered Public Accounting Firm (PCAOB ID 34)

 b)

 Consolidated Balance Sheets as of December 31, 2023 and 2022

 c)

 Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021

 d)

 Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2023, 2022 and 2021

 e)

 Consolidated Statements of Equity for the years ended December 31, 2023, 2022 and 2021

 f)

 Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021

 g)

 Notes to Consolidated Financial Statements

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the shareholders and the Board of Directors of
 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of Genco Shipping & Trading Limited and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive (loss) income, equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matter
 The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Impairment of Vessel Assets – Future Charter Rates – Refer to Note 2 of the consolidated financial statements
 Critical Audit Matter Description
 The Company's evaluation of vessel assets for impairment involves an initial assessment of each vessel asset to determine whether events or changes in circumstances exist that may indicate that the carrying amount of the vessel asset may no longer be recoverable.

 If indicators of impairment exist for a vessel asset, the Company determines the recoverable amount by estimating the undiscounted future cash flows associated with the vessel. If the Company's estimate of undiscounted future cash flows for any vessel asset for which indicators of impairment exist is lower than the vessel asset's carrying value, and the vessel's carrying value is greater than its fair market value, the carrying value is written down, by recording a charge to operations, to the vessel asset's fair market value. The Company makes significant assumptions and judgments to determine the undiscounted future cash flows expected to be generated over the remaining useful life of the asset, including estimates and assumptions related to the future charter rates, fleet utilization, vessel operating expenses, vessel capital expenditures and drydocking requirements, vessel residual value and the estimated remaining useful life of each vessel. Projected future charter rates are the most significant and volatile assumption that the Company uses for its impairment analysis. Total vessel assets as of December 31, 2023, were $945.1 million, with $41.7 million of impairment losses recorded during the year ended December 31, 2023.
 We identified future charter rates used in the undiscounted future cash flows analysis as a critical audit matter because of the complex judgments made by management to estimate future charter rates and the significant impact they have on undiscounted cash flows expected to be generated over the remaining useful life of the vessel. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management's estimate of future charter rates.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the future charter rates utilized in the undiscounted future cash flows included the following, among others:

 We tested the effectiveness of controls over management's review of the impairment analysis, including the future charter rates used within the undiscounted future cash flows analysis.

 We evaluated the reasonableness of the Company's estimate of future charter rates through the performance of the following procedures:

 o
 Evaluated the Company's methodology for estimating the future charter rates which reflect the rates currently in effect for the duration of their current charters, without assuming additional profit sharing. For periods of time where the vessels are not fixed on time charters or spot market voyage charters, the Company estimates the future daily time charter equivalent for the vessels' unfixed days based on the most recent ten-year historical one-year time charter average for the vessel class, as well as also considering the current rate environment, to project future charter rates.

 o
 Compared the future charter rates utilized in the undiscounted future cash flow analysis to 1) the Company's historical rates, 2) historical rate information by vessel class published by third parties and 3) other external market sources, including analysts' reports and freight forward agreement curves.

 o
 Obtained from the Company's management the assumptions used in the future charter rates and considered the consistency of the assumptions used with evidence obtained in other areas of the audit. This included 1) internal communications by management to the board of directors and 2) external communications by management to analysts and investors.

 /s/ Deloitte & Touche LLP

 New York, New York

 February 27, 2024
 We have served as the Company's auditor since 2005.

 Consolidated Balance Sheets as of December 31, 2023 and 2022
 (U.S. Dollars in thousands, except for share and per share data)

 2023

 2022

 Assets

 Current assets:

 Cash and cash equivalents

 $

 46,542

 $

 58,142

 Restricted cash

 —

 5,643

 Due from charterers, net of a reserve of $ 3,257 and $ 2,141, respectively

 17,815

 25,333

 Prepaid expenses and other current assets

 10,154

 8,399

 Inventories

 26,749

 21,601

 Fair value of derivative instruments

 6,312

 Vessels held for sale

 55,440

 —

 Total current assets

 157,272

 125,430

 Noncurrent assets:

 Vessels, net of accumulated depreciation of $ 296,452 and $ 303,098, respectively

 945,114

 1,002,810

 Deferred drydock, net of accumulated amortization of $ 23,047 and $ 15,456 respectively

 29,502

 32,254

 Fixed assets, net of accumulated depreciation and amortization of $ 8,063 and $ 6,254, respectively

 7,071

 8,556

 Operating lease right-of-use assets

 2,628

 4,078

 Restricted cash

 Fair value of derivative instruments

 —

 Total noncurrent assets

 984,630

 1,048,436

 Total assets

 $

 1,141,902

 $

 1,173,866

 Liabilities and Equity

 Current liabilities:

 Accounts payable and accrued expenses

 $

 24,245

 $

 29,475

 Deferred revenue

 8,746

 4,958

 Current operating lease liabilities

 2,295

 2,107

 Total current liabilities:

 35,286

 36,540

 Noncurrent liabilities:

 Long-term operating lease liabilities

 1,801

 4,096

 Long-term debt, net of deferred financing costs of $ 9,831 and $ 6,079, respectively

 190,169

 164,921

 Total noncurrent liabilities

 191,970

 169,017

 Total liabilities

 227,256

 205,557

 Commitments and contingencies (Note 17)

 Equity:

 Common stock, par value $ 0.01; 500,000,000 shares authorized; 42,546,959 and 42,327,181 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively

 Additional paid-in capital

 1,553,421

 1,588,777

 Accumulated other comprehensive income

 6,480

 Accumulated deficit

 ( 641,117)

 ( 628,247)

 Total Genco Shipping & Trading Limited shareholders' equity

 913,256

 967,433

 Noncontrolling interest

 1,390

 Total equity

 914,646

 968,309

 Total liabilities and equity

 $

 1,141,902

 $

 1,173,866

 Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021
 (U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)

 2023

 2022

 2021

 Revenues:

 Voyage revenues

 $

 $

 $

 547,129

 Total revenues

 547,129

 Operating expenses:

 Voyage expenses

 142,971

 153,889

 146,182

 Vessel operating expenses

 97,093

 99,469

 82,089

 Charter hire expenses

 9,135

 27,130

 36,370

 General and administrative expenses (inclusive of nonvested stock amortization expense of $ 5,530, $ 3,242 and $ 2,267, respectively)

 28,268

 25,708

 24,454

 Technical management fees

 4,021

 3,310

 5,612

 Depreciation and amortization

 66,465

 60,190

 56,231

 Impairment of vessel assets

 41,719

 —

 —

 Gain on sale of vessels

 —

 —

 ( 4,924)

 Total operating expenses

 389,672

 369,696

 346,014

 Operating (loss) income

 ( 5,847)

 167,238

 201,115

 Other income (expense):

 Other (expense) income

 ( 396)

 Interest income

 2,667

 1,042

 Interest expense

 ( 8,780)

 ( 9,094)

 ( 15,357)

 Loss on debt extinguishment

 —

 —

 ( 4,408)

 Other expense, net

 ( 6,509)

 ( 7,874)

 ( 19,070)

 ( 12,356)

 182,045

 Less: Net income attributable to noncontrolling interest

 Net (loss) income attributable to Genco Shipping & Trading Limited

 $

 ( 12,870)

 $

 $

 182,007

 Net (loss) earnings per share-basic

 $

 ( 0.30)

 $

 3.74

 $

 4.33

 Net (loss) earnings per share-diluted

 $

 ( 0.30)

 $

 3.70

 $

 4.27

 Weighted average common shares outstanding-basic

 42,412,722

 42,060,996

 Weighted average common shares outstanding-diluted

 42,915,496

 42,588,871

 Consolidated Statements of Comprehensive (Loss) Income
 For the Years Ended December 31, 2023, 2022 and 2021
 (U.S. Dollars in Thousands)

 2023

 2022

 2021

 $

 ( 12,356)

 $

 $

 182,045

 Other comprehensive (loss) income

 ( 5,953)

 5,655

 Comprehensive (loss) income

 $

 ( 18,309)

 $

 165,019

 $

 182,870

 Less: Comprehensive income attributable to noncontrolling interest

 Comprehensive (loss) income attributable to Genco Shipping & Trading Limited

 $

 ( 18,823)

 $

 164,231

 $

 182,832

 Consolidated Statements of Equity
 For the Years Ended December 31, 2023, 2022 and 2021
 (U.S. Dollars in Thousands)

 Genco

 Shipping &

 Accumulated

 Trading

 Additional

 Other

 Limited

 Common

 Paid-in

 Comprehensive

 Accumulated

 Shareholders'

 Noncontrolling

 Stock

 Capital

 Income

 Deficit

 Equity

 Interest

 Total Equity

 Balance — January 1, 2021

 $

 $

 1,713,406

 $

 —

 $

 ( 968,830)

 $

 744,994

 $

 —

 $

 744,994

 Net income

 182,007

 182,007

 182,045

 Other comprehensive income

 Issuance of shares due to vesting of RSUs and exercise of options

 ( 1)

 —

 —

 Cash dividends declared ($ 0.32 per share)

 ( 13,506)

 ( 13,506)

 ( 13,506)

 Nonvested stock amortization

 2,267

 2,267

 2,267

 Non-controlling interest initial investment

 Balance — December 31, 2021

 $

 $

 1,702,166

 $

 $

 ( 786,823)

 $

 916,587

 $

 $

 916,675

 Net income

 Other comprehensive income

 5,655

 5,655

 5,655

 Issuance of shares due to vesting of RSUs and exercise of options

 ( 4)

 —

 —

 Cash dividends declared ($ 2.74 per share)

 ( 116,627)

 ( 116,627)

 ( 116,627)

 Nonvested stock amortization

 3,242

 3,242

 3,242

 Balance — December 31, 2022

 $

 $

 1,588,777

 $

 6,480

 $

 ( 628,247)

 $

 967,433

 $

 $

 968,309

 ( 12,870)

 ( 12,870)

 ( 12,356)

 Other comprehensive loss

 ( 5,953)

 ( 5,953)

 ( 5,953)

 Issuance of shares due to vesting of RSUs and exercise of options, net of forfeitures

 ( 2)

 —

 —

 Cash dividends declared ($ 0.95 per share)

 ( 40,884)

 ( 40,884)

 ( 40,884)

 Nonvested stock amortization

 5,530

 5,530

 5,530

 Balance — December 31, 2023

 $

 $

 1,553,421

 $

 $

 ( 641,117)

 $

 913,256

 $

 1,390

 $

 914,646

 Consolidated Statements of Cash Flows
 For the Years Ended December 31, 2023, 2022 and 2021
 (U.S. Dollars in Thousands)

 2023

 2022

 2021

 Cash flows from operating activities:

 $

 ( 12,356)

 $

 $

 182,045

 Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 Depreciation and amortization

 66,465

 60,190

 56,231

 Amortization of deferred financing costs

 1,779

 1,694

 3,536

 Amortization of fair market value of time charters acquired

 —

 —

 ( 4,263)

 Right-of-use asset amortization

 1,450

 1,417

 1,387

 Amortization of nonvested stock compensation expense

 5,530

 3,242

 2,267

 Impairment of vessel assets

 41,719

 —

 —

 Gain on sale of vessels

 —

 —

 ( 4,924)

 Loss on debt extinguishment

 —

 —

 4,408

 Amortization of premium on derivatives

 Interest rate cap premium payment

 —

 —

 ( 240)

 Insurance proceeds for protection and indemnity claims

 Insurance proceeds for loss of hire claims

 —

 —

 Change in assets and liabilities:

 Decrease (increase) in due from charterers

 7,518

 ( 5,217)

 ( 7,125)

 Increase in prepaid expenses and other current assets

 ( 4,767)

 ( 317)

 ( 783)

 (Increase) decrease in inventories

 ( 5,148)

 2,962

 ( 2,980)

 (Decrease) increase in accounts payable and accrued expenses

 ( 2,205)

 ( 2,134)

 5,405

 Increase (decrease) in deferred revenue

 3,788

 ( 5,123)

 1,660

 Decrease in operating lease liabilities

 ( 2,107)

 ( 1,858)

 ( 1,765)

 Deferred drydock costs incurred

 ( 10,867)

 ( 25,812)

 ( 4,925)

 Net cash provided by operating activities

 91,784

 189,323

 231,119

 Cash flows from investing activities:

 Purchase of vessels and ballast water treatment systems, including deposits

 ( 91,305)

 ( 52,473)

 ( 115,680)

 Purchase of scrubbers (capitalized in Vessels)

 —

 —

 ( 199)

 Purchase of other fixed assets

 ( 2,707)

 ( 3,566)

 ( 1,585)

 Net proceeds from sale of vessels

 —

 —

 49,473

 Insurance proceeds for hull and machinery claims

 2,388

 1,024

 Net cash used in investing activities

 ( 91,624)

 ( 55,015)

 ( 67,573)

 Cash flows from financing activities:

 Proceeds from the $500 Million Revolver

 209,750

 —

 —

 Repayments on the $500 Million Revolver

 ( 9,750)

 —

 —

 Proceeds from the $450 Million Credit Facility

 65,000

 —

 350,000

 Repayments on the $450 Million Credit Facility

 ( 236,000)

 ( 75,000)

 ( 104,000)

 Repayments on the $133 Million Credit Facility

 —

 —

 ( 114,940)

 Repayments on the $495 Million Credit Facility

 —

 —

 ( 334,288)

 Investment by non-controlling interest

 —

 —

 2023

 2022

 2021

 Cash dividends paid

 ( 40,910)

 ( 115,728)

 ( 13,463)

 Payment of deferred financing costs

 ( 5,493)

 ( 11)

 ( 6,053)

 Net cash used in financing activities*

 ( 17,403)

 ( 190,739)

 ( 222,694)

 Net decrease in cash, cash equivalents and restricted cash

 ( 17,243)

 ( 56,431)

 ( 59,148)

 Cash, cash equivalents and restricted cash at beginning of period

 64,100

 120,531

 179,679

 Cash, cash equivalents and restricted cash at end of period

 $

 46,857

 $

 64,100

 $

 120,531

 (U.S. Dollars in Thousands, Except per Share Data)
 Notes to Consolidated Financial Statements for the Years Ended December 31, 2023, 2022 and 2021

 1 – GENERAL INFORMATION

 The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited ("GS&T") and its direct and indirect subsidiaries (collectively, the "Company"). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2023, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited ("Baltic Trading"); and the ship-owning subsidiaries as set forth below under "Other General Information."

 During September 2021, the Company and Synergy Marine Pte. Ltd. ("Synergy"), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. ("GSSM"). GSSM is owned 50 % by the Company and 50 % by Synergy as of December 31, 2023 and 2022, and was formed to provide ship management services to the Company's vessels. As of December 31, 2023 and 2022, the cumulative investments GSSM received from the Company and Synergy totaled $ 50 and $ 50, respectively, which were used for expenditures directly related to the operations of GSSM.

 Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM's economic performance. Accordingly, the Company consolidates GSSM.

 Other General Information

 As of December 31, 2023, 2022 and 2021, the Company's fleet consisted of 46, 44 and 42 vessels, respectively.

 Below is the list of Company's wholly owned ship-owning subsidiaries as of December 31, 2023:

 Wholly Owned Subsidiaries

 Vessel Acquired

 Dwt

 Delivery Date

 Year Built

 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 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 Constantine Limited

 Genco Constantine

 180,183

 2/21/08

 2008

 Genco Hadrian Limited

 Genco Hadrian

 169,025

 12/29/08

 2008

 Genco Commodus Limited

 Genco Commodus

 169,098

 7/22/09

 2009

 Genco Maximus Limited

 Genco Maximus

 169,025

 9/18/09

 2009

 Genco Claudius Limited

 Genco Claudius

 169,001

 12/30/09

 2010

 Genco Aquitaine Limited

 Genco Aquitaine

 57,981

 8/18/10

 2009

 Genco Ardennes Limited

 Genco Ardennes

 58,014

 8/31/10

 2009

 Genco Auvergne Limited

 Genco Auvergne

 58,020

 8/16/10

 2009

 Genco Bourgogne Limited

 Genco Bourgogne

 8/24/10

 2010

 Genco Brittany Limited

 Genco Brittany

 58,014

 9/23/10

 2010

 Genco Languedoc Limited

 Genco Languedoc

 9/29/10

 2010

 Genco Picardy Limited

 Genco Picardy

 55,255

 8/16/10

 2005

 Genco Pyrenees Limited

 Genco Pyrenees

 8/10/10

 2010

 Genco Rhone Limited

 Genco Rhone

 3/29/11

 2011

 Genco Weatherly Limited

 Genco Weatherly

 61,556

 7/26/18

 2014

 Genco Columbia Limited

 Genco Columbia

 60,294

 9/10/18

 2016

 Genco Endeavour Limited

 Genco Endeavour

 181,057

 8/15/18

 2015

 Genco Resolute Limited

 Genco Resolute

 181,060

 8/14/18

 2015

 Genco Defender Limited

 Genco Defender

 180,021

 9/6/18

 2016

 Genco Liberty Limited

 Genco Liberty

 180,032

 9/11/18

 2016

 Genco Magic Limited

 Genco Magic

 63,443

 12/23/20

 2014

 Genco Vigilant Limited

 Genco Vigilant

 63,498

 1/28/21

 2015

 Genco Freedom Limited

 Genco Freedom

 63,667

 2/2/21

 2015

 Genco Enterprise Limited

 Genco Enterprise

 63,472

 8/23/21

 2016

 Genco Madeleine Limited

 Genco Madeleine

 63,163

 8/23/21

 2014

 Genco Mayflower Limited

 Genco Mayflower

 63,304

 8/24/21

 2017

 Genco Constellation Limited

 Genco Constellation

 63,310

 9/3/21

 2017

 Genco Laddey Limited

 Genco Laddey

 61,303

 1/6/22

 2022

 Genco Mary Limited

 Genco Mary

 61,304

 1/6/22

 2022

 Genco Reliance Limited

 Genco Reliance

 181,146

 11/21/23

 2016

 Genco Ranger Limited

 Genco Ranger

 180,882

 11/27/23

 2016

 Baltic Lion Limited

 Genco Lion

 179,185

 4/8/15

 (1)

 2012

 Baltic Tiger Limited

 Genco Tiger

 179,185

 4/8/15

 (1)

 2011

 Baltic Bear Limited

 Baltic Bear

 177,717

 5/14/10

 2010

 Baltic Wolf Limited

 Baltic Wolf

 177,752

 10/14/10

 2010

 Baltic Hornet Limited

 Baltic Hornet

 63,574

 10/29/14

 2014

 Baltic Wasp Limited

 Baltic Wasp

 63,389

 1/2/2015

 2015

 Baltic Scorpion Limited

 Baltic Scorpion

 63,462

 8/6/15

 2015

 Baltic Mantis Limited

 Baltic Mantis

 63,467

 10/9/15

 2015

 (1)
 The delivery date for these vessels represents the date that the vessel was purchased from Baltic Trading.

 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Principles of consolidation

 The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which includes the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.

 Accounting estimates

 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates.

 Business geographics

 The Company's vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable.

 Segment reporting

 The Company reports financial information and evaluates its operations by voyage 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 operation 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, the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.

 Cash, cash equivalents and restricted cash

 The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current and non-current restricted cash includes cash that is restricted pursuant to our credit facilities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:

 2023

 2022

 Cash and cash equivalents

 $

 46,542

 $

 58,142

 Restricted cash – current

 —

 5,643

 Restricted cash – noncurrent

 Cash, cash equivalents and restricted cash

 $

 46,857

 $

 64,100

 Due from charterers, net

 Due from charterers, net includes accounts receivable from charters, including receivables for spot market voyages, net of the provision for doubtful accounts. At each balance sheet date, the Company records the provision based on a review of all outstanding charter receivables. Included in the standard time charter contracts with the Company's customers are certain performance parameters which, if not met, can result in customer claims. As of December 31, 2023 and 2022, the Company had a reserve of $ 3,257 and $ 2,141, respectively, against the due from charterers balance and an additional accrual of $ 540 and $ 592, respectively, in deferred revenue, each of which is primarily associated with estimated customer claims against the Company including vessel performance issues under time charter agreements.

 Revenue is based on contracted charterparties. However, there is always the possibility of dispute over terms and payment of hires and freights. In particular, disagreements may arise concerning the responsibility of lost time and revenue. Accordingly, the Company periodically assesses the recoverability of amounts outstanding and estimates a provision if there is a possibility of non-recoverability. The Company believes its provisions to be reasonable based on information available.

 Bunker swap and forward fuel purchase agreements

 From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company's bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy.

 During the years ended December 31, 2023, 2022 and 2021, the Company recorded $ 202, $ 1,631 and $ 439 of realized gains in other (expense) income, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded ($ 96), $ 3 and $ 34 of unrealized (losses) gains in other (expense) income, respectively.

 The total fair value of the bunker swap agreements and forward fuel purchase agreements in an asset position as of December 31, 2023 and 2022 was $ 1 and $ 168, respectively, and are recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of December 31, 2023 and 2022 was $ 0 and $ 71, respectively, and are recorded in accounts payable and accrued expenses in the Consolidated Balance Sheets.

 Inventories

 Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

 Fair value of financial instruments

 The estimated fair values of the Company's financial instruments, such as amounts due to / due from charterers, accounts payable and long-term debt, approximate their individual carrying amounts as of December 31, 2023 and 2022 due to their short-term maturity or the variable-rate nature of the respective borrowings under the credit facilities. See Note 9 — Fair Value of Financial Instruments for additional disclosure on the fair value of long-term debt.

 Vessel acquisitions

 When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. As is customary in the shipping industry, the purchase of a vessel is normally treated as a purchase of an asset as the historical operating data for the vessel is not reviewed nor is it material to the Company's decision to make such acquisition.

 When a vessel is acquired with an existing time charter, the Company allocates the purchase price to the vessel and the time charter based on, among other things, vessel market valuations and the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management's estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction or increase, respectively, to voyage revenues over the remaining term of the charter.

 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 that 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 years ended December 31, 2023, 2022 and 2021 was $ 50,525, $ 50,092 and $ 49,417, 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. Expenditures for routine maintenance and repairs are expensed as incurred. Scrap value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight tons ("lwt"). Effective January 1, 2022, the Company increased the estimated scrap value of the vessels from $ 310 per lwt to $ 400 per lwt prospectively based on the average of the 15-year average scrap value of steel.
 During the year ended December 31, 2023, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $ 4,513. The decrease in depreciation expense resulted in a $ 0.11 decrease to the basic and diluted net loss per share during the year ended December 31, 2023. The basic and diluted net loss per share for the year ended December 31, 2023 would have been $ 0.41 per share if there were no change in the estimated scrap value.

 During the year ended December 31, 2022, the increase in the estimated scrap value resulted in a decrease in depreciation expense of $ 4,647. The decrease in depreciation expense resulted in a $ 0.11 increase to the basic and diluted net earnings per share during the year ended December 31, 2022. The basic and diluted net earnings per share for the year ended December 31, 2022 would have been $ 3.63 per share and $ 3.59 per share, respectively, if there were no change in the estimated scrap value.

 Deferred drydocking costs

 The Company's vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. The Company defers the costs associated with the drydockings as they occur and amortizes these costs on a straight-line basis over the period between drydockings. Costs deferred as part of a vessel's drydocking include actual costs incurred at the drydocking yard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining deferred drydock costs that have not been amortized are expensed at the end of the drydock.

 Amortization expense for drydocking for the years ended December 31, 2023, 2022 and 2021 was $ 13,253, $ 7,832 and $ 5,055, respectively, and is included in Depreciation and amortization expense in the Consolidated Statements of Operations. All other costs incurred during drydocking are expensed as incurred, with the exception of other capitalized costs incurred related to vessel assets and vessel equipment.

 Fixed assets, net

 Fixed assets, net is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are based on a straight line basis over the estimated useful life of the specific asset placed in service. The following table is used in determining the typical estimated useful lives:

 Description

 Useful lives

 Leasehold improvements

 Lesser of the estimated useful life of the asset or life of the lease

 Furniture, fixtures & other equipment

 5 years

 Vessel equipment

 2 - 15 years

 Computer equipment

 3 years

 Depreciation and amortization expense for fixed assets for the years ended December 31, 2023, 2022 and 2021 was $ 2,687, $ 2,266 and $ 1,759, respectively.

 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. Refer to "Revenue recognition" below for a description of the Company's revenue recognition policy.

 Deferred financing costs

 Deferred financing costs, which are presented as a direct deduction within the outstanding debt balance in the Company's Consolidated Balance Sheets, consist of fees, commissions and legal expenses associated with securing loan facilities and other debt offerings and amending existing loan facilities. These costs are amortized over the life of the related debt and are included in Interest expense in the Consolidated Statements of Operations.

 Nonvested stock awards

 The Company follows Accounting Standards Codification ("ASC") Subtopic 718-10, " Compensation — Stock Compensation" ("ASC 718-10"), for nonvested stock issued under its equity incentive plans. Stock-based compensation costs from nonvested stock have been classified as a component of additional paid-in capital in the Consolidated Statements of Equity.

 Dividends declared

 If the Company has an accumulated deficit, dividends declared will be recognized as a reduction of additional paid-in capital ("APIC") in the Consolidated Statements of Equity until the APIC is reduced to zero. Once APIC is reduced to zero, dividends declared will be recognized as an increase in accumulated deficit.

 Revenue recognition

 Since the Company's inception, revenues have been generated from time charter agreements, spot market voyage charters, pool agreements and spot market-related time charters. Voyage revenues also include the sale of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

 Time charters

 A time charter involves placing a vessel at the charterer's disposal for a set period of time during which the charterer may use the vessel in return for the payment by the charterer of a specified daily hire rate, including any ballast bonus payments received pursuant to the time charter agreement. Spot market-related time charters are the same as other time charter agreements, except the time charter rates are variable and are based on a percentage of the average daily rates as published by the Baltic Dry Index ("BDI").

 The Company records time charter revenues, including spot market-related time charters, over the term of the charter as service is provided. Revenues are recognized on a straight-line basis as the average revenue over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company records spot market-related time charter revenues over the term of the charter as service is provided based on the rate determined based on the BDI for each respective billing period. As such, the revenue earned by the Company's vessels that are on spot market-related time charters is subject to fluctuations of the spot market. Time charter contracts, including spot market-related time charters, are considered operating leases and therefore do not fall under the scope of ASC 606 — Revenue from Contracts with Customers ("ASC 606") because (i) the vessel is an identifiable asset; (ii) the Company does not have

 substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefit from such use.

 The Company has identified that time charter agreements, including fixed rate time charters and spot market-related time charters, contain a lease in accordance with ASC 842 — Leases (Topic 842) ("ASC 842"). Refer to Note 13 — Voyage Revenues for further discussion.

 Spot market voyage charters

 In a spot market voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the years ended December 31, 2023, 2022 and 2021 is not a material percentage of the Company's revenues.

 Revenue for spot market voyage charters is recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port.

 Voyage expense recognition

 In time charters and spot market-related time charters, 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. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. Refer to Note 13 — Voyage Revenues for further discussion of the accounting for fuel expenses for spot market voyage charters. 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 and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss (gain) of $ 168, ($ 2,931) and ($ 1,889) during the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

 Loss on debt extinguishment

 During the year ended December 31, 2021, the Company recorded $ 4,408 related to the loss on the extinguishment of debt in accordance with ASC 470-50 — " Debt – Modifications and Extinguishments " ("ASC 470-50"). This loss was recognized as a result of the refinancing of the $495 Million Credit Facility and the $133 Million Credit Facility with the $450 Million Credit Facility on August 31, 2021 as described in Note 7 — Debt.

 Vessel operating expenses

 Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. Vessel operating expenses are recognized when incurred.

 Charter hire expenses

 The costs to charter-in third party vessels, which primarily include the daily charter hire rate net of commissions, are recorded as Charter hire expenses. The Company recorded $ 9,135, $ 27,130 and $ 36,370 of charter hire expenses during the years ended December 31, 2023, 2022 and 2021, respectively.

 Technical management fees

 Technical management fees include the direct costs, including operating costs, incurred by GSSM for the technical management of the vessels under its management. Additionally, prior to the transfer of our vessels to GSSM for technical management, we incurred management fees payable to third party technical management companies for the day-to-day management of our vessels, including performing routine maintenance, attending to vessel operation and arranging for crews and supplies.

 Impairment of long-lived assets

 During the year ended December 31, 2023, the Company recorded $ 41,719 related to the impairment of vessel assets in accordance with ASC 360 — " Property, Plant and Equipment" ("ASC 360"). During the years ended December 31, 2022 and 2021, the Company did not incur any impairment of vessel assets in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets.

 When the Company performs its analysis of the anticipated undiscounted future net cash flows, the Company utilizes various assumptions based on historical trends. Specifically, the Company utilizes the rates currently in effect for the duration of their current time charters or spot market voyage charters, without assuming additional profit sharing. For periods of time during which the Company's vessels are not fixed on time charters or spot market voyage charters, the Company utilizes an estimated daily time charter equivalent for the vessels' unfixed days based on the most recent ten year historical one-year time charter average. In addition, the Company considers the current market rate environment and, if necessary, will adjust its estimates of future undiscounted cash flows to reflect the current rate environment. The projected undiscounted future net cash flows are determined by considering the future voyage revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, reduced by brokerage and address commissions, expected outflows for vessels' maintenance and vessel operating expenses (including planned drydocking and special survey expenditures) and required capital expenditures adjusted annually for inflation, assuming fleet utilization of 98 %. The salvage value used in the impairment test is estimated to be $ 400 per light weight ton, consistent with the Company's depreciation policy during 2023.

 The Company is currently considering the acquisition of modern, high specification Capesize vessels and management continues to evaluate other acquisition opportunities in the market. In order to partially fund the potential purchase of these modern vessels, management has begun to evaluate the sale of its older and smaller Capesize vessels that will be scheduled for their third special survey in 2024 in order to opportunistically renew our fleet going forward. Such review led management to assess its probability weighted undiscounted cash flows for such vessels, and this resulted in the Company recording such impairment charges in the third quarter of 2023. On September 30, 2023, the Company determined that the expected estimated future undiscounted cash flows for three of its Capesize vessels, the Genco Claudius, Genco Commodus and Genco Maximus, did not exceed the net book value of these vessels as of September 30, 2023. This resulted in an impairment loss of $ 28,102 during the year ended December 31, 2023.

 On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $ 19,500 less a 1.0 % commission payable to a third party. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $ 18,500 less a 1.0 % commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a

 third party for $ 18,000 less a 1.0 % commission payable to a third party. Therefore, the vessel values for the Genco Commodus, Genco Claudius and Genco Maximus were adjusted to their net sales price of $ 19,305, $ 18,315 and $ 17,820, respectively, as of December 31, 2023. This resulted in an additional impairment loss of $ 13,617 during the year ended December 31, 2023. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers' breach of the agreements' terms. Refer to Note 18 — Subsequent Events for further discussion.

 Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of certain aforementioned vessels.

 Gain on sale of vessels

 During the years ended December 31, 2023 and 2022, the Company did not complete the sale of any vessels. During the year ended December 31, 2021, the Company recorded net gains of $ 4,924, related to the sale of vessels. The net gains recognized during the year ended December 31, 2021 related primarily to the sale of the Genco Provence, partially offset by losses related to the sale of the Baltic Panther, the Baltic Hare, the Baltic Cougar, the Baltic Leopard and the Genco Lorraine, as well as net losses associated with the exchange of the Baltic Cove, Baltic Fox, Genco Spirit, Genco Avra and Genco Mare. Refer to Note 4 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels.

 United States Gross Transportation Tax

 Pursuant to Section 883 of the U.S. Internal Revenue Code of 1986 (as amended) (the "Code"), qualified income derived from the international operations of ships is excluded from gross income and exempt from U.S. federal income tax if a company engaged in the international operation of ships meets certain requirements (the "Section 883 exemption"). Among other things, in order to qualify, the Company must be incorporated in a country that grants an equivalent exemption to U.S. corporations and must satisfy certain qualified ownership requirements.

 The Company is incorporated in the Marshall Islands. Pursuant to the income tax laws of the Marshall Islands, the Company is not subject to Marshall Islands income tax. The Marshall Islands has been officially recognized by the Internal Revenue Service as a qualified foreign country that currently grants the requisite equivalent exemption from tax. The Company is not taxable in any other jurisdiction, with the exception of Genco Shipping Pte. Ltd. and Genco Shipping A/S, as noted in the "Income taxes" section below.

 The Company will qualify for the Section 883 exemption if, among other things, (i) the Company's stock is treated as primarily and regularly traded on an established securities market in the United States (the "publicly traded test") or (ii) the Company satisfies the qualified shareholder test or (iii) the Company satisfies the controlled foreign corporation test (the "CFC test"). Under applicable Treasury Regulations, the publicly traded test cannot be satisfied in any taxable year in which persons who actually or constructively own 5 % or more of the Company's stock (which the Company sometimes refers to as "5% shareholders"), together own 50 % or more of the Company's stock (by vote and value) for more than half the days in such year (which the Company sometimes refers to as the "five percent override rule"), unless an exception applies. A foreign corporation satisfies the qualified shareholder test if more than 50 percent of the value of its outstanding shares is owned (or treated as owned by applying certain attribution rules) for at least half of the number of days in the foreign corporation's taxable year by one or more "qualified shareholders." A qualified shareholder includes a foreign corporation that, among other things, satisfies the publicly traded test. A foreign corporation satisfies the CFC test if it is a "controlled foreign corporation" and one or more qualified U.S. persons own more than 50 percent of the total value of all the outstanding stock.

 Based on the publicly traded requirement of the Section 883 regulations, the Company believes that it qualified for exemption from income tax on income derived from the international operations of vessels during the years ended December 31, 2023, 2022 and 2021. In order to meet the publicly traded requirement, the Company's stock must be treated as being primarily and regularly traded for more than half the days of any such year. Under the Section 883 regulations, the Company's qualification for the publicly traded requirement may be jeopardized if 5% shareholders own, in the aggregate, 50% or more of the Company's common stock for more than half the days of the year.

 Management believes that during the years ended December 31, 2023, 2022 and 2021, the combined ownership of its 5 % shareholders did not equal 50 % or more of its common stock for more than half the days of each of those years.

 If the Company does not qualify for the Section 883 exemption, the Company's U.S. source shipping income, i.e., 50 % of its gross shipping income attributable to transportation beginning or ending in the U.S. (but not both beginning and ending in the U.S.) is subject to a 4 % tax without allowance for deductions (the "U.S. gross transportation tax").

 During the years ended December 31, 2023, 2022 and 2021, the Company qualified for Section 883 exemption and, therefore, did no t record any U.S. gross transportation tax.

 Income taxes

 To the extent the Company's U.S. source shipping income, or other U.S. source income, is considered to be effectively connected income, as described below, any such income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, imposed at a 21 % rate. In addition, the Company may be subject to a 30 % "branch profits" tax on such income, and on certain interest paid or deemed paid attributable to the conduct of such trade or business. Shipping income is generally sourced 100 % to the United States if attributable to transportation exclusively between United States ports (the Company is prohibited from conducting such voyages), 50 % to the United States if attributable to transportation that begins or ends, but does not both begin and end, in the United States (as described in "United States Gross Transportation Tax" above) and otherwise 0 % to the United States.

 The Company's U.S. source shipping income would be considered effectively connected income only if:

 the Company has, or is considered to have, a fixed place of business in the U.S. involved in the earning of U.S. source shipping income; and

 substantially all of the Company's U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.

 The Company does not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the U.S. on a regularly scheduled basis. Based on the current shipping operations of the Company and the Company's expected future shipping operations and other activities, the Company believes that none of its U.S. source shipping income will constitute effectively connected income. However, the Company may from time to time generate non-shipping income that may be treated as effectively connected income.

 The Company established Genco Shipping Pte. Ltd. ("GSPL"), which is based in Singapore, on September 8, 2017. GSPL applied for and was awarded the Maritime Sector Incentive – Approved International Shipping Enterprise ("MSI-AIS") status under Section 13F of the Singapore Income Tax Act ("SITA") by the Maritime and Port Authority of Singapore. The award is for an initial period of 10 years, commencing on August 15, 2018, and is subject to a review of performance at the end of the initial five year period. The MSI-ASI status provides for a tax exemption on income derived by GSPL from qualifying shipping operations under Section 13F of the SITA. Income from non-qualifying activities is taxable at the prevailing Singapore Corporate income tax rate (currently 17 %). During the years ended December 31, 2023 and 2022, GSPL recorded $ 31 and $ 64 of income tax in Other (expense) income in the Consolidated Statement of Operations, respectively. During the year ended December 31, 2021, there was no income tax recorded by GSPL.

 During 2018, the Company established Genco Shipping A/S, which is a Danish-incorporated corporation which is based in Copenhagen and considered to be a resident for tax purposes in Denmark. Genco Shipping A/S was subject to corporate taxes in Denmark a rate of 22 % during 2023, 2022 and 2021. During the years ended December 31, 2023, 2022 and 2021, Genco Shipping A/S recorded $ 205, $ 1,209 and $ 2, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.

 GSSM was subject to corporate taxes in Singapore during 2023, 2022 and 2021 at a rate of 17 %. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $ 238, $ 350 and $ 26, respectively, of income tax in Other (expense) income in the Consolidated Statements of Operations.

 Concentration of credit risk

 Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and cash and cash equivalents. With respect to amounts due from charterers, the Company attempts to limit its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned all of its voyage revenues from 110, 123 and 139 customers during the years ended December 31, 2023, 2022 and 2021.

 For the year ended December 31, 2023, there were two customers that individually accounted for more than 10% voyage revenues: Rio Tinto Shipping (Asia) Pte. Ltd. and Oldendorff Carriers, including its subsidiaries, which represented 16.1 % and 10.9 % of voyage revenues, respectively. For the years ended December 31, 2022 and 2021, there were no customers that individually accounted for more than 10% of voyage revenues.

 As of December 31, 2023 and 2022, the Company maintains all of its cash and cash equivalents with eight and six financial institutions, respectively. None of the Company's cash and cash equivalents balance is covered by insurance in the event of default by these financial institutions.

 Recent accounting pronouncements

 In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which amends the existing segment reporting guidance (ASC Topic 280 — Segment Reporting ("ASC 280")) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, companies with a single reporting segment will have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

 The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of this standard on its financial statement disclosures.

 3 - CASH FLOW INFORMATION

 For the year ended December 31, 2023, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $ 374 for the Purchase of vessels and ballast water treatment systems, including deposits and $ 161 for the Purchase of other fixed assets. For the year ended December 31, 2023, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $ 1,030 for Cash dividends payable and $ 38 for the Payment of deferred financing costs. Additionally, for the year ended December 31, 2023, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items in Prepaid expenses and other current assets consisting of $ 151 for the Purchase of vessels and ballast water treatment systems, including deposits.

 For the year ended December 31, 2022, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $ 2,394 for the Purchase of vessels and ballast water treatment systems, including deposits and $ 1,178 for the Purchase of other fixed assets. For the year ended December 31, 2022, the Company had non-cash financing activities not included in

 the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $ 1,056 for Cash dividends payable.

 For the year ended December 31, 2021, the Company had non-cash investing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $ 1,643 for the Purchase of vessels and ballast water treatment systems, including deposits, $ 6 for the Purchase of scrubbers, and $ 1,160 for the Purchase of other fixed assets. For the year ended December 31, 2021, the Company had non-cash financing activities not included in the Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $ 157 for Cash dividends payable and $ 9 associated with the Payment of deferred financing costs.

 During the years ended December 31, 2023, 2022 and 2021, cash paid for interest, net of amounts capitalized, was $ 13,626, $ 9,329 and $ 11,749, respectively, which was offset by $ 6,972, $ 1,936 and $ 0 received as a result of the interest rate cap agreements, respectively. Refer to Note 7 — Debt.

 During the years ended December 31, 2023, 2022 and 2021, any cash paid for income taxes was insignificant.

 During the year ended December 31, 2023, the Company made a reclassification of $ 55,440 from Vessels, net of accumulated depreciation to Vessels held for sale as the Company entered into agreements to sell the Genco Commodus, Genco Claudius and Genco Maximus prior to December 31, 2023. Refer to Note 4 — Vessel Acquisitions and Dispositions.

 During the year ended December 31, 2022, the Company reclassified $ 18,543 from Deposits on vessels to Vessels, net of accumulated depreciation upon the delivery of the Genco Mary and the Genco Laddey. Refer to Note 4 — Vessel Acquisitions and Dispositions.

 All stock options exercised during the years ended December 31, 2023, 2022 and 2021 were cashless. Refer to Note 16 — Stock-Based Compensation for further information.
 On June 16, 2023, the Company granted 3,917 restricted stock units and 3,917 performance-based restricted stock units to an individual. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $ 56 and $ 64, respectively.

 On May 16, 2023, the Company granted 43,729 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $ 600.

 On April 14, 2023, the Company granted 75,920 restricted stock units and 75,920 performance-based restricted stock units to certain individuals. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $ 1,237 and $ 1,451, respectively.

 On April 3, 2023, the Company granted 1,630 restricted stock units to an individual. The aggregate fair value of these restricted stock units was $ 25.

 On March 10, 2023, the Company granted 2,948 restricted stock units to an individual. The aggregate fair value of these restricted stock units was $ 50.

 On February 21, 2023, the Company granted 68,758 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $ 1,250.

 On December 23, 2022, the Company issued 270,097 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $ 4,200.

 On May 16, 2022, the Company issued 27,331 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $ 600.

 On February 23, 2022, the Company issued 201,934 restricted stock units to certain individuals. The aggregate fair value of these restricted stock units was $ 3,950.

 On May 13, 2021, the Company issued 33,525 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $ 515.

 On May 4, 2021, the Company issued 18,428 restricted stock units to a member of the Board of Directors. The aggregate fair value of these restricted stock units was $ 300.

 On February 23, 2021, the Company issued 103,599 restricted stock units and options to purchase 118,552 shares of the Company's stock at an exercise price of $ 9.91 to certain individuals. The fair value of these restricted stock units and stock options were $ 1,027 and $ 513, respectively.

 Refer to Note 16 — Stock-Based Compensation for further information regarding the aforementioned grants.

 4 - VESSEL ACQUISITIONS AND DISPOSITIONS

 Vessel Acquisitions

 On October 10, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Ranger for a purchase price of $ 43,100. Additionally, on November 14, 2023, the Company entered into an agreement to acquire a 2016-built 181,000 dwt Capesize vessel that was renamed the Genco Reliance for a purchase price of $ 43,000. The Genco Ranger and Genco Reliance were delivered on November 27, 2023 and November 21, 2023, respectively. The Company utilized a combination of cash on hand as well as a $ 65,000 draw down on the $450 Million Credit Facility to finance the purchases.

 On July 2, 2021, the Company entered into an agreement to purchase two 2017-built, 63,000 dwt Ultramax vessels for a purchase price of $ 24,563 each, that were renamed the Genco Mayflower and Genco Constellation, and one 2014-built, 63,000 dwt Ultramax vessel for a purchase price of $ 21,875, that was renamed the Genco Madeleine. The Genco Mayflower, the Genco Constellation and the Genco Madeleine were delivered on August 24, 2021, September 3, 2021 and August 23, 2021, respectively. The Company used cash on hand to finance the purchase.

 These three vessels had existing below market time charters at the time of the acquisition during the third quarter of 2021; therefore, the Company recorded the fair market value of time charters acquired of $ 4,263 which was amortized as an increase to voyage revenues during the remaining term of each respective time charter. During the year ended December 31, 2021, $ 4,263 was amortized into voyage revenues.

 On May 18, 2021, the Company entered into agreements to acquire two 2022-built 61,000 dwt newbuilding Ultramax vessels from Dalian Cosco KHI Ship Engineering Co. Ltd. for a purchase price of $ 29,170 each, that were renamed the Genco Mary and the Genco Laddey. The vessels were delivered to the Company on January 6, 2022. The Company used cash on hand to finance the purchase. The remaining purchase price of $ 40,838 was paid during the first quarter of 2022 upon delivery of the vessels.

 Capitalized interest expense associated with these newbuilding contracts for the year ended December 31, 2023, 2022 and 2021 was $ 0, $ 5 and $ 292, respectively.

 On April 20, 2021, the Company entered into an agreement to purchase a 2016-built, 64,000 dwt Ultramax vessel for a purchase price of $ 20,200, that was renamed the Genco Enterprise. The vessel was delivered to the Company on August 23, 2021, and the Company used cash on hand to finance the purchase.

 Vessel Exchange

 On December 17, 2020, the Company entered into an agreement to acquire three Ultramax vessels in exchange for six Handysize vessels for a fair value of $ 46,000 less a 1.0 % commission payable to a third party. The Genco Magic, a 2014-built Ultramax vessel, and the Genco Vigilant and the Genco Freedom, both 2015-built Ultramax vessels, were

 delivered to the Company on December 23, 2020, January 28, 2021 and February 20, 2021, respectively. The Genco Ocean, the Baltic Cove and the Baltic Fox, all 2010-built Handysize vessels, were delivered to the buyers on December 29, 2020, January 30, 2021 and February 2, 2021, respectively. The Genco Spirit, the Genco Avra and the Genco Mare, all 2011-built Handysize vessels, were delivered to the buyers on February 15, 2021, February 21, 2021 and February 24, 2021, respectively.

 Vessel Dispositions

 On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $ 19,500 less a 1.0 % commission payable to a third party. The sale was completed on February 7, 2024. Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $ 18,500 less a 1.0 % commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a third party for $ 18,000 less a 1.0 % commission payable to a third party. Refer to Note 18 — Subsequent Events.

 On July 16, 2021, the Company entered into an agreement to sell the Genco Provence, a 2004-built Supramax vessel, to a third party for $ 13,250 less a 2.5 % commission payable to a third party. The sale was completed on November 2, 2021.

 On January 25, 2021, the Company entered into an agreement to sell the Baltic Leopard, a 2009-built Supramax vessel, to a third party for $ 8,000 less a 2.0 % commission payable to a third party. The sale was completed on April 8, 2021.

 On January 22, 2021, the Company entered into an agreement to sell the Genco Lorraine, a 2009-built Supramax vessel, to a third party for $ 7,950 less a 2.5 % commission payable to a third party. The sale was completed on July 6, 2021.

 During November 2020, the Company entered into agreements to sell the Baltic Cougar, the Baltic Hare and the Baltic Panther. These vessels were classified as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The sale of the Baltic Hare, the Baltic Panther and the Baltic Cougar were completed on January 15, 2021, January 4, 2021 and February 24, 2021, respectively.

 As of December 31, 2022, the Company recorded $ 5,643 of current restricted cash in the Consolidated Balance Sheets, representing the net proceeds from the sale of the Genco Provence on November 2, 2021 which served as collateral under the $450 Million Credit Facility. Pursuant to the $450 Million Credit Facility, the net proceeds received from the sale remained classified as restricted cash for 360 days following the sale date. That amount can be used towards the financing of replacement vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 360-day period, the Company will be required to use the proceeds as a loan prepayment. On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend this period with regard to net proceeds from the sale of the Genco Provence until October 28, 2023. Furthermore, on October 16, 2023, the Company entered into an agreement with the lenders to further extend this period until January 26, 2024. This restricted cash was released on November 29, 2023 upon the amendment of the existing $450 Million Credit Facility with the $500 Million Revolver. Refer also to Note 7 — Debt.

 Refer to the "Impairment of long-lived assets" and the "Gain on sale of vessels" sections in Note 2 — Summary of Significant Accounting Policies for discussion of impairment expense and the gain on sale of vessels recorded during the years ended December 31, 2023, 2022 and 2021.

 5 – NET (LOSS) EARNINGS PER SHARE

 The computation of basic net (loss) earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net (loss) earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 16 — 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.

 There were 368,190 stock options, 79,838 performance-based restricted stock units and 563,705 restricted stock units excluded from the computation of diluted net loss per share during the year ended December 31, 2023 because they were anti-dilutive (refer to Note 16 — Stock-Based Compensation).

 The Company's diluted net (loss) earnings per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the "Effective Date") if the impact is dilutive under the treasury stock method. The equity warrants had a seven-year term that commenced on the day following the Effective Date and were exercisable for one tenth of a share of the Company's common stock. There were 3,936,761 equity warrants excluded from the computation of diluted earnings per share during the year ended December 31, 2021 because they were anti-dilutive. These equity warrants expired at 5:00 p.m. on July 9, 2021 without exercise.

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

 2023

 2022

 2021

 Common shares outstanding, basic:

 Weighted-average common shares outstanding, basic

 42,412,722

 42,060,996

 Common shares outstanding, diluted:

 Weighted-average common shares outstanding, basic

 42,412,722

 42,060,996

 Dilutive effect of stock options

 —

 314,143

 313,684

 Dilutive effect of performance-based restricted stock units

 —

 —

 —

 Dilutive effect of restricted stock units

 —

 188,631

 214,191

 Weighted-average common shares outstanding, diluted

 42,915,496

 42,588,871

 6 - RELATED PARTY TRANSACTIONS

 During the years ended December 31, 2023, 2022 and 2021, the Company did no t have any related party transactions.

 7 - DEBT

 Long-term debt consists of the following:

 2023

 2022

 Principal amount

 $

 $

 Less: Unamortized deferred financing costs

 ( 9,831)

 ( 6,079)

 Less: Current portion

 —

 —

 Long-term debt, net

 $

 190,169

 $

 164,921

 December 31, 2022

 Unamortized

 Unamortized

 Debt Issuance

 Debt Issuance

 Principal

 Cost

 Principal

 Cost

 $450 Million Credit Facility

 $

 —

 $

 —

 $

 $

 6,079

 $500 Million Revolver

 9,831

 —

 —

 Total debt

 $

 $

 9,831

 $

 $

 6,079

 As of December 31, 2023 and 2022, $ 9,831 and $ 6,079 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company's Consolidated Balance Sheets. Amortization expense for deferred financing costs for the years ended December 31, 2023, 2022 and 2021 was $ 1,779, $ 1,694 and $ 3,536, respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations.

 On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize our existing $450 Million Credit Facility to implement the $500 Million Revolver as noted below.

 In conjunction with the debt modification effective November 29, 2023 as discussed herein, the unamortized deferred financing costs for the $450 Million Credit Facility that was accounted for as a debt modification is being amortized over the life of the $500 Million Revolver in accordance with ASC 470-50.

 On August 31, 2021, the $495 Million Credit Facility and the $133 Million Credit Facility were refinanced with the $450 Million Credit Facility as noted below.

 Effective August 31, 2021, the portion of the unamortized deferred financing costs for the $495 Million Credit Facility and the $133 Million Credit Facility that was accounted for as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $450 Million Credit Facility in accordance with ASC 470-50.

 $ 500 Million Revolver

 On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing $450 Million Credit Facility. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of our asset base as well as general corporate purposes (the "$500 Million Revolver").
 Key terms of the $500 Million Revolver are as follows:

 Maximum loan capacity has been increased to $ 500,000.

 The entire facility consists of a revolving credit facility.

 Borrowings bear interest of 1.85 % to 2.15 % plus the Secured Overnight Financing Rate ("SOFR"), based on our ratio of total net indebtedness to EBITDA.

 The interest rate of our borrowings may be further increased or decreased by a margin of up to 0.05 % based on our performance regarding emissions targets.

 The maturity date is November 2028.

 The facility has a repayment profile of 20 years with total quarterly commitment reductions of approximately $ 15,000 per quarter.

 Key covenants are substantially the same as those in the $450 Million Credit Facility.

 The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend.

 Collateral package includes 45 of the 46 vessels in the Company's fleet as of December 31, 2023 and the Company has the ability to utilize the Genco Reliance or future vessels the Company may own as collateral.

 Commitment fees are 40 % of the applicable interest rate margin for unutilized commitments.

 As of December 31, 2023, there was $ 294,795 of availability under the $500 Million Revolver. Total debt repayments of $ 9,750 were made during the year ended December 31, 2023 under the $500 Million Revolver. As of December 31, 2023, the total outstanding debt, net of unamortized deferred financing costs, was $ 190,169.

 As of December 31, 2023, the Company was in compliance with all of the financial covenants under the $500 Million Revolver.

 The following table sets forth the scheduled repayment of the outstanding principal debt of $ 200,000 as of December 31, 2023 under the $500 Million Revolver:

 Year Ending December 31,

 Total

 2028

 $

 Total debt

 $

 $450 Million Credit Facility

 On August 3, 2021, the Company entered into the $ 450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $ 150,000 term loan facility and an up to $ 300,000 revolving credit facility which was used to refinance the Company's $495 Million Credit Facility and its $133 Million Credit Facility. On August 31, 2021, proceeds of $ 350,000 under the $450 Million Credit Facility were used, together with cash on hand, to refinance all of the Company's existing credit facilities (the $495 Million Credit Facility and the $133 Million Credit Facility, as described below) into one facility. $ 150,000 was drawn down under the term loan facility and $ 200,000 was drawn down under the revolving credit facility.

 The key terms associated with the $450 Million Credit Facility are as follows:

 The final maturity date was August 3, 2026.

 Borrowings were subject to a limit of the ratio of the principal amount of debt outstanding to the collateral ("LTV") of 55 %.

 There was a non-committed accordion term loan facility whereby additional borrowings of up to $ 150,000 may be incurred if additional eligible collateral is provided; such additional borrowings were subject to an LTV ratio of 60 % for collateral vessels less than five years old or 55 % for collateral vessels at least five years old but not older than seven years.

 Borrowings originally bore interest at the London Inter-Bank Offered Rate ("LIBOR") plus a margin of 2.15 % to 2.75 % based on the Company's quarterly total net leverage ratio (the ratio of total indebtedness to consolidated EBITDA), which could be increased or decreased by a margin of up to 0.05 % based on the Company's performance regarding emissions targets. On May 30, 2023, the Company entered in an amendment to the $450 Million Credit Facility to transition from the use of LIBOR to calculate interest based on SOFR effective June 30, 2023, plus the applicable margin referred to above.

 Scheduled quarterly commitment reductions were $ 11,720 per quarter followed by a balloon payment of $ 215,600.

 Collateral included thirty-nine of our current vessels, leaving five vessels unencumbered.

 Commitment fees were 40 % of the applicable margin for unutilized commitments.

 The Company could sell or dispose of collateral vessels without loan prepayment if a replacement vessel or vessels meeting certain requirements are included as collateral within 360 days.

 The Company is subject to customary financial covenants, including a collateral maintenance covenant requiring the aggregate appraised value of collateral vessels to be at least 140 % of the principal amount of loans outstanding, a minimum liquidity covenant requiring our unrestricted cash and cash equivalents to be the greater of $ 500 per vessel or 5 % of total indebtedness, a minimum working capital covenant requiring consolidated current assets (excluding restricted cash) minus current liabilities (excluding the current portion of debt) to be not less than zero, and a debt to capitalization covenant requiring the ratio of total net indebtedness to total capitalization to be not more than 70 %.

 The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend. Other restrictions in the dividend covenants of the Company's prior credit facilities were eliminated.

 On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of LIBOR to calculate interest to SOFR effective June 30, 2023. Borrowings bore interest at SOFR plus the applicable margin effective June 30, 2023.

 On November 8, 2022, the Company entered into an agreement with the lenders under the $450 Million Credit Facility to extend the 360-day period that the net proceeds received from the sale of the Genco Provence may be held as restricted cash to finance a qualifying replacement vessel until October 28, 2023. Furthermore, on October 16, 2023, the Company entered into an agreement with the lenders to further extend this period until January 26, 2024. This restricted cash was released on November 29, 2023 upon the amendment of the existing $450 Million Credit Facility with the $500 Million Revolver. Refer also to Note 4 — Vessel Acquisitions and Dispositions.

 Total debt repayments of $ 236,000, $ 75,000 and $ 104,000 were made during the years ended December 31, 2023, 2022 and 2021, respectively, under the $450 Million Credit Facility.

 On November 29, 2023, the Company entered into a fourth amendment to the $450 Million Credit Facility; refer to the "$500 Million Revolver" section above. As of December 31, 2023 and 2022, the total outstanding debt, net of unamortized deferred financing costs, was $ 0 and $ 164,921, respectively.

 $ 133 Million Credit Facility

 On August 14, 2018, the Company entered into a five-year senior secured credit facility (the "$108 Million Credit Facility") with Cr dit Agricole Corporate & Investment Bank ("CACIB"), as Structurer and Bookrunner, CACIB and Skandinaviska Enskilda Banken AB (Publ) as Mandate Lead Arrangers, CACIB as Administrative Agent and as Security Agent, and the other lenders party thereto from time to time.

 On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility which provided for a revolving credit facility of up to $ 25,000 (the "Revolver") for general corporate and working capital purposes (as so amended, the $133 Million Credit Facility"). On June 15, 2020, the Company drew down $ 24,000 under the Revolver.

 On August 31, 2021, the $133 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the "$450 Million Credit Facility" section above. As of December 31, 2023 and 2022, the total outstanding net debt balance under this facility was $ 0.

 In relation to the $ 108,000 tranche of the $133 Million Credit Facility, borrowings bore interest at LIBOR plus 2.50 % through September 30, 2019 and LIBOR plus a range of 2.25 % to 2.75 % thereafter, dependent upon the Company's ratio of total net indebtedness to the last twelve months EBITDA.

 In relation to the $ 25,000 Revolver tranche of the $133 Million Credit Facility, borrowings bore interest at LIBOR plus 3.00 %.

 Total debt repayments of $ 114,940 were made during the year ended December 31, 2021 under the $133 Million Credit Facility.

 $ 495 Million Credit Facility

 On May 31, 2018, the Company entered into a five-year senior secured credit facility for an aggregate amount of up to $ 460,000 with Nordea Bank AB (publ), New York Branch ("Nordea"), as Administrative Agent and Security Agency, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Cr dit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. Deutsche Bank AG Filiale Deutschlandgesch ft, and CTBC Bank Co. Ltd. are Co-Arrangers under this facility.

 On February 28, 2019, the Company entered into an Amendment and Restatement Agreement (the "Amendment") for this credit facility (the "$495 Million Credit Facility") with Nordea Bank AB (publ), New York Branch ("Nordea"), as Administrative Agent and Security Agent, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Cr dit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. The Amendment provided for an additional tranche up to $ 35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company's Capesize vessels. On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $ 9,300, $ 12,200 and $ 11,250, respectively, under the $35 Million tranche of the $495 Million Credit Facility.

 On December 17, 2020, the Company entered into an amendment to the $495 Million Credit Facility that allowed the Company to enter into a vessel transaction in which the Company agreed to acquire three Ultramax vessels in exchange for six of the Company's Handysize vessels. Refer to Note 4 — Vessel Acquisitions and Dispositions.

 On August 31, 2021, the $495 Million Credit Facility was refinanced with the $450 Million Credit Facility; refer to the "$450 Million Credit Facility" section above. As of December 31, 2023 and 2022, the total outstanding net debt balance under this facility was $ 0.

 In relation to the $ 460,000 tranche of the $495 Million Credit Facility, borrowings bore interest at LIBOR plus 3.25 % through December 31, 2018 and LIBOR plus a range of 3.00 % and 3.50 % thereafter, dependent upon the Company's ratio of total net indebtedness to the last twelve months EBITDA.

 In relation to the $ 35,000 tranche of the $495 Million Credit Facility, borrowings bore interest at LIBOR plus 2.50 % through September 30, 2019 and LIBOR plus a range of 2.25 % to 2.75 % thereafter, dependent upon the Company's ratio of total net indebtedness to the last twelve months' EBITDA.

 Total debt repayments of $ 334,288 were made during the year ended December 31, 2021 under the $495 Million Credit Facility.

 Interest rates

 The following tables set forth the effective interest rate associated with the interest expense for the Company's debt facilities noted above, including the costs associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following tables also include the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

 2023

 2022

 2021

 Effective Interest Rate

 8.29

 %

 4.63

 %

 3.22

 %

 Range of Interest Rates (excluding unused commitment fees)

 6.43 % to 7.58

 %

 2.26 % to 6.54

 %

 2.24 % to 3.48

 %

 Letter of credit

 In conjunction with the Company entering into a long-term office space lease (See Note 14 — Leases), the Company was required to provide a letter of credit to the landlord in lieu of a security deposit. As of September 21, 2005, the Company obtained an annually renewable unsecured letter of credit with DnB NOR Bank at a fee of 1 % per annum. During September 2015, the Company replaced the unsecured letter of credit with DnB NOR Bank with an unsecured letter of credit with Nordea Bank Finland Plc, New York and Cayman Island Branches ("Nordea") in the same amount at a fee of 1.375 % per annum. The letter of credit outstanding was $ 300 as of December 31, 2023 and 2022 at a fee of 1.375 % per annum. The letter of credit is cancelable on each renewal date provided the landlord is given 30 days ' minimum notice. As of December 31, 2023 and 2022, the letter of credit outstanding has been securitized by $ 315 that was paid by the Company to Nordea during the year ended December 31, 2015. These amounts have been recorded as restricted cash included in total noncurrent assets in the Consolidated Balance Sheets as of December 31, 2023 and 2022.

 -

 8 – DERIVATIVE INSTRUMENTS

 The Company is exposed to interest rate risk on its floating rate debt. As of December 31, 2023 and 2022, the Company had one and three interest rate cap agreements outstanding, respectively, to manage interest costs and the risk associated with variable interest rates. The three interest rate cap agreements that we held were initially designated and qualified as cash flow hedges. The premium paid is recognized in income on a rational basis, and all changes in the value of the caps are deferred in Accumulated other comprehensive income ("AOCI") and are subsequently reclassified into Interest expense in the period when the hedged interest affects earnings. One of the Company's $ 50,000 interest rate cap agreements expired on March 10, 2023 and the Company's $ 100,000 interest rate cap agreement expired on December 29, 2023.

 During the second quarter of 2022, based on the total outstanding debt under the $450 Million Credit Facility being below the total notional amount of the interest rate cap agreements, a portion of one of the interest rate cap agreements was dedesignated as a hedge. Subsequent gains and losses resulting from valuation adjustments on the dedesignated portion of the cap are recorded within interest expense. As the forecasted interest payments hedged are not remote of occurring, the amounts in AOCI as of the date of de-designation will be recognized over the remaining original hedge period. During the years ended December 31, 2023 and 2022, the Company recorded a loss (gain) of $ 66 and ($ 94) in interest expense for the portion of the interest rate caps not designated as a hedging instrument.

 The following table summarizes the interest rate cap agreement in place as of December 31, 2023.

 Interest Rate Cap Detail

 Notional Amount Outstanding

 Trade date

 Cap Rate

 Start Date

 End Date

 2023

 March 25, 2021

 0.75

 %

 April 29, 2021

 March 28, 2024

 $

 50,000

 $

 50,000

 The Company records the fair value of the interest rate caps as Fair value of derivative instruments in the current and non-current asset section on its Consolidated Balance Sheets. The Company has elected to use the income approach to value the interest rate derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) reflecting current market expectations about those future amounts. Level 2 inputs for derivative valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts) and inputs other than quoted prices that are observable for the asset or liability (specifically SOFR cash and swap rates, implied volatility, basis swap adjustments, and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for most fair value measurements. The valuation of the interest rate caps was transitioned to the use of SOFR rates on June 30, 2023 upon the transition of the calculation of the interest expense under the Company's debt from LIBOR to SOFR (see Note 7 — Debt).

 The Company recorded a $ 5,953 unrealized loss for the year ended December 31, 2023 in AOCI. The estimated income that is currently recorded in AOCI as of December 31, 2023 that is expected to be reclassified into earnings within the next twelve months is $ 527.

 The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations

 For the Year Ended December 31,

 2023

 2022

 2021

 Interest Expense

 Interest Expense

 Interest Expense

 Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded

 $

 8,780

 $

 9,094

 $

 15,357

 The effects of fair value and cash flow hedging

 Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:

 Interest contracts:

 Amount of gain or (loss) reclassified from AOCI to income

 $

 ( 6,871)

 $

 ( 2,056)

 $

 —

 Premium excluded and recognized on an amortized basis

 Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring

 —

 —

 —

 The following table shows the interest rate cap assets as of December 31, 2023 and 2022:

 Balance Sheet Location

 2023

 2022

 Derivatives designated as hedging instruments

 Interest rate caps

 Fair value of derivative instruments - current

 $

 $

 6,112

 Interest rate caps

 Fair value of derivative instruments - noncurrent

 $

 —

 $

 Derivatives not designated as hedging instruments

 Interest rate caps

 Fair value of derivative instruments - current

 $

 $

 Interest rate caps

 Fair value of derivative instruments - noncurrent

 $

 —

 $

 The components of AOCI included in the accompanying Consolidated Balance Sheet consists of net unrealized losses on cash flow hedges as of December 31, 2023.

 AOCI — January 1, 2023

 $

 6,480

 Amount recognized in OCI on derivative, intrinsic

 ( 6,275)

 Amount recognized in OCI on derivative, excluded

 Amount reclassified from OCI into income

 —

 AOCI — December 31, 2023

 $

 9 - FAIR VALUE OF FINANCIAL INSTRUMENTS

 The fair values and carrying values of the Company's financial instruments as of December 31, 2023 and 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

 December 31, 2022

 Carrying

 Carrying

 Value

 Fair Value

 Value

 Fair Value

 Cash and cash equivalents

 $

 46,542

 $

 46,542

 $

 58,142

 $

 58,142

 Restricted cash

 5,958

 5,958

 Principal amount of floating rate debt

 The carrying value of the borrowings under the $500 Million Revolver as of December 31, 2023 and the $450 Million Credit Facility as of December 31, 2022, which exclude the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as each of these credit facilities represent floating rate loans. Refer to Note 7 — Debt for further information regarding the Company's credit facilities. The carrying amounts of the Company's other financial instruments as of December 31, 2023 and 2022 (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 consolidated 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 assumptions (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.

 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. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 8 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. During the year ended December 31, 2023, the vessel assets for three of the Company's vessels were written down as part of the impairment recorded during the period. There was no vessel impairment recorded during the years ended December 31, 2022 and 2021. Refer to "Impairment of long-lived assets" section in Note 2 — Summary of Significant Accounting Policies.

 The fair value determination for the operating lease right-of-use assets was based on third party quotes, which is considered a Level 2 input. Nonrecurring fair value measurements may include impairment tests of the Company's

 operating lease right-of use asset if there are indicators of impairment. During the years ended December 31, 2023, 2022 and 2021, there were no indicators of impairment of the operating lease right-of-use assets.

 The Company did not have any Level 3 financial assets or liabilities as of December 31, 2023 and 2022.

 10 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

 Prepaid expenses and other current assets consist of the following:

 2023

 2022

 Vessel stores

 $

 $

 Deferred contract costs (see Note 13)

 1,938

 2,474

 Prepaid items

 4,808

 3,098

 Insurance receivable

 1,402

 1,180

 Advance to agents

 1,183

 Other

 1,042

 Total prepaid expenses and other current assets

 $

 10,154

 $

 8,399

 11 - FIXED ASSETS

 Fixed assets consist of the following:

 2023

 2022

 Fixed assets, at cost:

 Vessel equipment

 $

 11,781

 $

 11,670

 Furniture and fixtures

 Leasehold improvements

 1,588

 1,584

 Computer equipment

 1,288

 1,107

 Total costs

 15,134

 14,810

 Less: accumulated depreciation and amortization

 ( 8,063)

 ( 6,254)

 Total fixed assets, net

 $

 7,071

 $

 8,556

 12 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 Accounts payable and accrued expenses consist of the following:

 2023

 2022

 Accounts payable

 $

 10,650

 $

 16,162

 Accrued general and administrative expenses

 5,700

 6,171

 Accrued vessel operating expenses

 7,895

 7,142

 Total accounts payable and accrued expenses

 $

 24,245

 $

 29,475

 13 – VOYAGE REVENUES

 Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2023, 2022 and 2021, the Company earned $ 383,825, $ 536,934 and $ 547,129 of voyage revenues, respectively.

 Revenue for spot market voyage charters is recognized ratably over the total transit time of the voyage, which begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port in accordance with ASC 606. Spot market voyage charter agreements do not provide the charterers with substantive decision-making rights to direct how and for what purpose the vessel is used, therefore revenue from spot market voyage charters is not within the scope of ASC 842. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port, as well as any charter hire expenses for third party vessels that are chartered in. The fuel consumption and any port expenses incurred prior to arrival at the load port during this period is deferred and recorded in Prepaid expenses and other current assets as deferred contract costs in the Consolidated Balance Sheets and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Similarly, for any third party vessels that are chartered in, the charter hire expenses during this period are deferred and recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets and are amortized and expensed as part of Charter hire expenses. Refer also to Note 10 — Prepaid Expenses and Other Current Assets.

 During time charter agreements, including fixed rate time charters and spot market-related time charters, the charterers have substantive decision-making rights to direct how and for what purpose the vessel is used. As such, the Company has identified that time charter agreements contain a lease in accordance with ASC 842. During time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Consolidated Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

 Total voyage revenue recognized in the Consolidated Statements of Operations includes the following:

 For the Years Ended

 2023

 2022

 2021

 Lease revenue

 $

 150,719

 $

 229,787

 $

 160,242

 Spot market voyage revenue

 233,106

 307,147

 386,887

 Total voyage revenues

 $

 $

 $

 547,129

 14 – LEASES

 Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011 and ended on May 1, 2018. The Company entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement.

 The Company entered into a lease for office space in Singapore effective January 17, 2019 for a three-year term, which was initially extended effective January 17, 2022 for a two-year term. This lease was further extended effective January 17, 2024 for a two-year term.

 Lastly, the Company entered into a lease for office space in Copenhagen effective May 1, 2019 which ended January 31, 2023. During June 2022, a lease was signed for a new office space in Copenhagen effective January 1, 2023 for a minimum period ending January 1, 2025.

 The Company adopted ASC 842 using the transition method on January 1, 2019 and has identified the aforementioned leases as operating leases. Variable rent expense, such as utilities and escalation expenses, are excluded

 from the determination of the operating lease liability and the Company has deemed these insignificant. The Company used its incremental borrowing rate as the discount rate under ASC 842 since the rate implicit in the lease cannot be readily determined.

 On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income is $ 102 per month until September 29, 2025. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Consolidated Statements of Operations. There was $ 1,223 of sublease income recorded during each of the years ended December 31, 2023, 2022 and 2021, respectively.

 There was $ 1,721, $ 1,789 and $ 1,852 of operating lease costs recorded during the years ended December 31, 2023, 2022 and 2021, respectively, which was recorded in General and administrative expenses in the Consolidated Statements of Operations.

 Supplemental Consolidated Balance Sheet information related to the Company's operating leases as of December 31, 2023 is as follows:

 2023

 Operating Lease:

 Operating lease right-of-use assets

 $

 2,628

 Current operating lease liabilities

 $

 2,295

 Long-term operating lease liabilities

 1,801

 Total operating lease liabilities

 $

 4,096

 Weighted average remaining lease term (years)

 1.75

 Weighted average discount rate

 5.15

 %

 Maturities of operating lease liabilities as of December 31, 2023 are as follows:

 2023

 2024

 $

 2,453

 2025

 1,839

 Total lease payments

 4,292

 Less imputed interest

 ( 196)

 Present value of lease liabilities

 $

 4,096

 Consolidated Cash Flow information related to leases are as follows:

 2023

 2022

 2021

 Cash paid for amounts included in the measurement of lease liabilities:

 Operating cash flows from operating leases

 $

 2,378

 $

 2,230

 $

 2,230

 The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the years ended December 31, 2023, 2022 and 2021, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. Refer to Note 2 — Summary of Significant Accounting Policies for the charter hire expenses recorded during the years ended December 31, 2023, 2022 and 2021 for these charter-in agreements.

 15 - SAVINGS PLAN

 In August 2005, the Company established a 401(k) plan that is available to U.S. based full-time employees who meet the plan's eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415. Any matching contribution the Company makes vests immediately. For the years ended December 31, 2023, 2022 and 2021, the Company's matching contributions to this plan were $ 650, $ 482 and $ 440, respectively.

 16 - STOCK-BASED COMPENSATION

 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 400,000 shares of common stock (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.

 On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increased the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; set the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modified the change in control definition. The Company's shareholders approved the increase in the number of shares at the Company's 2017 Annual Meeting of Shareholders on May 17, 2017.

 On March 19, 2021, the Board of Directors approved an amendment and restatement of the 2015 Equity Incentive Plan (the "Amended 2015 Plan"). This amendment and restatement increased the number of shares available for awards under the plan from 2,750,000 to 4,750,000, subject to shareholder approval. The Company's shareholders approved the increase in the number of shares at the Company's 2021 Annual Meeting of Shareholders on May 13, 2021.

 As of December 31, 2023, the Company has awarded restricted stock units, performance-based restricted stock units, restricted stock and stock options under the Amended 2015 Plan.

 Stock Options

 On March 4, 2019, the Company issued options to purchase 240,540 of the Company's shares of common stock to certain individuals with an exercise price of $ 8.065 per share, as adjusted for the special dividend declared on November 5, 2019. One third of the options become exercisable on each of the first three anniversaries of March 4, 2019, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Black-Scholes-Merton pricing formula, resulting in a value of $ 3.76 per share, or $ 904 in the aggregate. The assumptions used in the Black-Scholes-Merton option pricing formula are as follows: volatility of 55.23 % (representing the Company's historical volatility), a risk-free interest rate of 2.49 %, a dividend yield of 0 %, and expected life of 4.00 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

 On February 25, 2020, the Company issued options to purchase 344,568 of the Company's shares of common stock to certain individuals with an exercise price of $ 7.06 per share. One third of the options become exercisable on each of the first three anniversaries of February 25, 2020, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Cox-Ross-Rubinstein pricing formula, resulting in a value of $ 2.01 per share, or $ 693 in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of 53.91 % (representing the Company's historical volatility), a risk-free interest rate of 1.41 %, a dividend yield of 7.13 %, and expected life of 4 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

 On February 23, 2021, the Company issued options to purchase 118,552 of the Company's shares of common stock to certain individuals with an exercise price of $ 9.91 per share. One third of the options become exercisable on each of the first three anniversaries of February 23, 2021, with accelerated vesting that may occur following a change in control of the Company, and all unexercised options expire on the sixth anniversary of the grant date. The fair value of each option was estimated on the date of the grant using the Cox-Ross-Rubinstein pricing formula, resulting in a value of $ 4.33 per share, or $ 513 in the aggregate. The assumptions used in the Cox-Ross-Rubinstein option pricing formula are as follows: volatility of 60.91 % (representing the Company's historical volatility), a risk-free interest rate of 0.41 %, a dividend yield of 0.98 %, and expected life of 4 years (determined using the simplified method as outlined in SAB Topic 14 due to lack of historical exercise data).

 For the years ended December 31, 2023, 2022 and 2021, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows:

 2023

 2022

 2021

 General and administrative expenses

 $

 $

 $

 Amortization of the unamortized stock-based compensation balance of $ 6 as of December 31, 2023 is expected to be amortized during the year ended December 31, 2024. The following table summarizes the stock option activity for the years ended December 31, 2023, 2022 and 2021:

 2023

 2022

 2021

 Number

 Number

 Number

 of

 Fair

 of

 Fair

 of

 Fair

 Price

 Value

 Price

 Value

 Price

 Value

 Outstanding as of January 1

 415,227

 $

 7.91

 $

 2.78

 916,287

 $

 9.02

 $

 4.08

 837,338

 $

 8.86

 $

 4.02

 Granted

 —

 —

 —

 —

 —

 —

 118,552

 9.91

 4.33

 Exercised

 ( 47,037)

 7.70

 2.53

 ( 501,060)

 9.94

 5.16

 ( 39,603)

 8.37

 3.46

 Forfeited

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Outstanding as of December 31

 368,190

 $

 7.93

 $

 2.82

 415,227

 $

 7.91

 $

 2.78

 916,287

 $

 9.02

 $

 4.08

 Exercisable as of December 31

 337,654

 $

 7.76

 $

 2.68

 221,336

 $

 7.63

 $

 2.63

 488,969

 $

 9.88

 $

 5.04

 The following table summarizes certain information about the options outstanding as of December 31, 2023:

 Options Outstanding and Unvested,

 Options Outstanding and Exercisable,

 Exercise Price of

 Remaining

 Remaining

 Outstanding

 Contractual

 Contractual

 Price

 Life

 Price

 Life

 $

 7.93

 30,536

 $

 9.91

 3.15

 337,654

 $

 7.76

 2.25

 As of December 31, 2023 and 2022, a total of 368,190 and 415,227 stock options were outstanding, respectively.

 Restricted Stock Units

 The Company has granted restricted stock units ("RSUs") to certain members of the Board of Directors and certain executives and employees of the Company, 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. As of December 31, 2023 and 2022, 808,880 and 612,300 shares of the Company's common stock were outstanding in respect of the RSUs, respectively. Such shares will only be issued in respect of vested RSUs issued to directors when the director's service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the Amended 2015 Plan described above.

 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. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company's common stock on the dividend payment date and will have the same terms as other RSUs issued to

 members of the Board of Directors. The RSUs that have been issued to other individuals vest in equal installments on each of the anniversaries of the determined vesting date, over the three or five year vesting periods, as applicable.

 The table below summarizes the Company's unvested RSUs for the years ended December 31, 2023, 2022 and 2021:

 2023

 2022

 2021

 Average Grant

 Average Grant

 Average Grant

 RSUs

 Date Price

 RSUs

 Date Price

 RSUs

 Date Price

 Outstanding as of January 1

 641,972

 $

 15.74

 306,887

 $

 9.65

 298,834

 $

 7.49

 Granted

 214,497

 16.26

 533,969

 17.55

 159,492

 11.93

 Vested

 ( 243,442)

 14.36

 ( 198,884)

 11.23

 ( 151,439)

 7.79

 Forfeited

 ( 49,322)

 16.42

 —

 —

 —

 —

 Outstanding as of December 31

 563,705

 $

 16.47

 641,972

 $

 15.74

 306,887

 $

 9.65

 The total fair value of the RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $ 4,260, $ 4,006 and $ 1,838, 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.

 The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2023:

 Unvested RSUs

 Vested RSUs

 Remaining

 Grant Date

 Contractual

 Grant Date

 RSUs

 Price

 Life

 RSUs

 Price

 563,705

 $

 16.47

 1.38

 290,782

 $

 12.38

 The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2023, unrecognized compensation cost of $ 4,204 related to RSUs will be recognized over a weighted-average period of 1.38 years.

 For the years ended December 31, 2023, 2022 and 2021, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

 2023

 2022

 2021

 General and administrative expenses

 $

 5,050

 $

 2,964

 $

 1,632

 Performance-Based Restricted Stock Units

 The Company has granted performance-based restricted stock units ("PRSUs") under the 2015 Plan to certain employees of the Company, some of which are contingent upon the Company's relative total shareholder return ("TSR") and some of which are contingent upon the Company's return on invested capital ("ROIC") for a three-year performance period ending December 31, 2025.

 TSR is calculated based on the Company's total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 20 trading-day period from the beginning to the end of the performance period, including

 reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200 % of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards, which are subject to market conditions, is being amortized over the service period.

 The grant date fair value of the ROIC awards was estimated using the closing share price of the Company's stock on the date of grant. The total quantity of PRSUs eligible to vest under these awards range from zero to 200 % of the target based on actual ROIC performance during the performance period. As such ROIC awards are subject to performance conditions and compensation cost is recognized over the service period based on the amounts of awards that the Company believes is probable that will vest, net of anticipated forfeitures. To the extent the Company's estimate changes, the Company will recognize a cumulative catch up in subsequent reporting periods.

 The PRSUs, if earned, will ordinarily vest during the first quarter of 2026 and the recipient will receive a share of common stock for each earned PRSU. If 100 % of the target metric is achieved, the recipient will earn 100 % of the target amount of the PRSUs originally granted, which would amount to 79,838 PRSUs. However, based on actual performance, the number of PRSUs earned will change based on the ranges described above. As of December 31, 2023, unrecognized compensation cost of $ 1,118 related to PRSUs will be recognized over a weighted-average period of 2.00 years.

 Significant inputs used in the estimation of the fair value of these awards granted during the year ended December 31, 2023 are as follows:

 Significant Input

 Closing share price of our common stock

 $ 14.36 to $ 16.30

 Risk-free rate of return

 3.81 % to 4.38 %

 Expected volatility of our common stock

 53.38 % to 54.53 %

 Holding period discount

 0 %

 Simulation term (in years)

 2.54 to 2.72

 Range of target

 0 % to 200 %

 For the years ended December 31, 2023, 2022 and 2021, the Company recognized nonvested stock amortization expense for the PRSUs, which is included in General and administrative expenses as follows:

 2023

 2022

 2021

 General and administrative expenses

 $

 $

 —

 $

 —

 17 - LEGAL PROCEEDINGS

 On December 14, 2022, a sub-charterer of the Genco Constellation asserted a claim for monetary losses in connection with alleged delays of the loading of their cargo, short loading, or both at the port of Longkou, China. Hizone Group Co. Ltd ("Hizone") had sub-chartered the vessel from SCM Corporation Limited, which had subchartered the vessel from BG Shipping Co. Limited, which in turn had chartered the vessel from us. A dispute arose due to the need to restow the cargo to ensure the safety of the crew and the vessel. Following the vessel's arrival at Tema Harbour in Ghana, Hizone petitioned the Superior Court of Judicature to have the vessel arrested in connection with a claim alleging damages. The petition was granted on December 14, 2022 and although Genco offered security to release the vessel shortly thereafter, the vessel was only released at the end of February 2023. Moreover, Hizone petitioned the Superior Court of Judicature to have the vessel arrested again on February 2, 2023 on an allegedly different claim. The vessel was not generating revenue while it was subject to arrest. The Company vigorously defended them while continuing to seek reimbursement of damages arising from the arrest of the vessel, including the recovery of lost revenue while arrested and reimbursement of legal fees. The Company obtained security from BG Shipping Co. Limited and proceeded with arbitration. During the first quarter of 2024, the Company settled all disputes and claims pertaining to

 this matter by entering into settlement agreements with the opposing parties. Under the settlement terms, which are currently being implemented, the Company will be reimbursed for damages the Company sustained because of the arrest of the Genco Constellation (including contractual revenue and affiliated expenses) as well as for the ensuing legal and security fees and costs the Company have incurred in order to defend against the claims brought by the other parties.

 From time to time, the Company may be subject to other 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 such legal proceedings or claims that it believes will have, i ndividually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

 18 - SUBSEQUENT EVENTS

 On February 21, 2024, the Company's Board of Directors awarded grants of 168,411 RSUs to certain individuals under the 2015 Plan. The awards generally vest ratably on each of the three year anniversaries of February 23, 2024. Additionally, on February 21, 2024, the Company's Board of Directors awarded grants of 99,065 PRSUs to certain individuals for a three-year performance period ending December 31, 2026. The PRSUs, if earned, will vest during the first quarter of 2027.

 On February 21, 2024, the Company announced a regular quarterly dividend of $ 0.41 per share to be paid on or about March 13, 2024, to shareholders of record as of March 6, 2024. The aggregate amount of the dividend is expected to be approximately $ 17.8 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.

 On February 7, 2024, the Company completed the sale of the Genco Commodus, a 2009-built Capesize vessel, to a third party for $ 19,500 less a 1.0 % commission payable to a third party. The vessel asset for the Genco Commodus has been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2023 at its estimated net realizable value. This vessel served as collateral under the $500 Million Revolver.

 On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers' breach of the agreements' terms. The Company continues to market these vessels for sale in what it believes are favorable market conditions that may allow it to sell the vessels at prices above those previously agreed with the former buyers. Refer to Note 4 — Vessel Acquisitions and Dispositions.

 ITEM 9A. CONTROLS AND PROCEDURES

 EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 Under the supervision and with the participation of our management, including our Chief Executive Officer and President and our 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 Chief Executive Officer and President and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of December 31, 2023.

 INTERNAL CONTROL OVER FINANCIAL REPORTING

 MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

 Our management is responsible for establishing and maintaining effective internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles.

 Our internal control over financial reporting includes those policies and procedures that:

 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

 provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the consolidated financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

 Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on our assessment and those criteria, our management believes that we maintained effective internal control over financial reporting as of December 31, 2023.

 Our independent registered public accounting firm, Deloitte & Touche LLP, has issued an attestation report on the Company's internal control over financial reporting. The attestation report is included on page 68 of this report.

 CHANGES IN INTERNAL CONTROLS

 There have been no changes in our internal controls over financial reporting (as such term 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.

 ITEM 9B. OTHER INFORMATION

 The following information is being provided in this Item 9B in lieu of being provided on a Current Report on Form 8-K under Item 5.02:

 The Company's 2015 Equity Incentive Plan, as previously amended to date (the "Plan") and the Company's employment agreement dated September 21, 2007, as previously amended to date, with John C. Wobensmith, its Chief Executive Officer and President (the "Employment Agreement"), both contained definitions of Change in Control with references to Apollo Global Management LLC, Centerbridge Partners L.P., and Strategic Value Partners, LLC and certain related entities. These references were intended to prevent certain transactions involving these entities from resulting in enhanced treatment of compensation awards based on a Change in Control. As no such entities are currently significant shareholders of the Company, our Board of Directors and its Compensation Committee deemed it appropriate to remove these references by means of an amendment and restatement of the Plan and an amendment to the Employment Agreement. Copies of these amendment documents are attached as Exhibits 10.5 and 10.64 to this report and are incorporated herein by reference to such exhibits. The foregoing descriptions of such amendment documents do not purport to be complete and are qualified in their entirety by reference to such exhibits.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the shareholders and the Board of Directors of

 Opinion on Internal Control over Financial Reporting

 We have audited the internal control over financial reporting of Genco Shipping & Trading Limited and subsidiaries (the "Company") as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023, of the Company and our report dated February 27, 2024, expressed an unqualified opinion on those financial statements.

 Basis for Opinion

 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and Limitations of Internal Control over Financial Reporting

 A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ Deloitte & Touche LLP

 New York, New York

 February 27, 2024

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Information regarding our directors and executive officers is incorporated by reference to the text under the headings "Election of Directors" and "Management" set forth in our Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023 (the " 2024 Proxy Statement") Information relating to our Code of Conduct and Ethics and our Inside Information, Market Communications and Securities Trading Policy and Procedures is incorporated by reference to the text set forth in the 2024 Proxy Statement under the heading "Environmental, Social, and Governance (ESG) Highlights".

 We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of the Code of Ethics for Chief Executive and Senior Financial Officers by posting such information on our website, www.gencoshipping.com.

 ITEM 11. EXECUTIVE COMPENSATION

 Information regarding compensation of our executive officers is incorporated by reference to the text set forth in the 2024 Proxy Statement under the heading "Executive Compensation."

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 Information regarding the beneficial ownership of shares of our common stock by certain persons is incorporated by reference to the text set forth in the 2024 Proxy Statement under the heading "Security Ownership of Certain Beneficial Owners and Management."

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Information regarding certain of our transactions and director independence is incorporated by reference to the text set forth in the 2024 Proxy Statement under the heading "Certain Relationships and Related Transactions" and "Director Independence."

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 Information regarding our accountant fees and services is incorporated by reference to the text set forth in the 2024 Proxy Statement under the heading "Ratification of Appointment of Independent Auditors."

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 (a)
 The following documents are filed as a part of this report:

 1.

 The financial statements listed in the "Index to Consolidated Financial Statements"

 2.

 Exhibits:

 The Exhibit Index attached to this report is incorporated into this Item 15 by reference.

 EXHIBIT INDEX

 2.1

 Confirmation Order, dated July 2, 2014.(1)

 2.2

 First Amended Prepackaged Plan of Reorganization of the Debtors Pursuant to Chapter 11 of the Bankruptcy Code.(1)

 3.1

 Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited.(4)

 3.2

 Articles of Amendment to Genco Shipping & Trading Limited Second Amended and Restated Articles of Incorporation, dated July 17, 2015.(5)

 3.3

 Articles of Amendment to Genco Shipping & Trading Limited Second Amended and Restated Articles of Incorporation, dated April 15, 2016.(6)

 3.4

 Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited, dated July 7, 2016.(7)

 3.5

 Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited, dated January 4, 2017.(8)

 3.6

 Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited dated July 15, 2020.(9)

 3.7

 Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited, dated May 13, 2021.(10)

 3.8

 Certificate of Designations of Rights, Preferences and Privileges of Series A Preferred Stock of Genco Shipping & Trading Limited, dated as of November 14, 2016.(11)

 3.9

 Amended and Restated By-Laws of Genco Shipping & Trading Limited, dated as of July 9, 2014.(4)

 3.10

 Amendment to Amended and Restated By-Laws, dated June 4, 2018.(12)

 3.11

 Second Amendment to Amended and Restated By-Laws, dated July 15, 2020(13)

 3.12

 Third Amendment to Amended and Restated By-Laws, dated January 11, 2021(14)

 3.13

 Fourth Amendment to Amended and Restated By-Laws, dated March 28, 2023(15)

 4.1

 Form of Specimen Stock Certificate of Genco Shipping & Trading Limited.(4)

 4.2

 Form of Specimen Warrant Certificate of Genco Shipping & Trading Limited.(4)

 4.3

 Description of Genco Shipping & Trading Limited's Common Stock.(16)

 10.1

 Letter Agreement dated September 21, 2007 between Genco Shipping & Trading Limited and John C. Wobensmith.(17)

 10.2

 Letter Agreement dated June 23, 2014 between Genco Shipping & Trading Limited and John C. Wobensmith.(17)

 10.3

 Warrant Agreement, dated as of July 9, 2014, between Genco Shipping & Trading Limited and Computershare Inc., as Warrant Agent.(4)

 10.4

 Letter Agreement dated April 30, 2015 between Genco Shipping & Trading Limited and John C. Wobensmith.(17)

 10.5

 Genco Shipping & Trading Limited Amended and Restated 2015 Equity Incentive Plan.(*)

 10.6

 Form of Director Restricted Stock Unit Agreement dated as of July 13, 2015.(18)

 10.7

 Form of Director Restricted Stock Unit Agreement dated as of July 29, 2015.(18)

 10.8

 Senior Secured Term Loan Facility, dated November 10, 2016, by and among Genco Shipping & Trading Limited, Nordea Bank Finland plc, New York Branch, as administrative agent, Skandinaviska Enskilda Banken AB (publ), DVB Bank SE, ABN AMRO Capital USA LLC, Cr dit Agricole Corporate and Investment Bank, Deutsche Bank AG Filiale Deutschlandgesch ft, Cr dit Industriel et Commercial, BNP Paribas, and Nordea Bank Finland plc, New York Branch, as bookrunners and lead arrangers, in an aggregate principal amount of up to $400,000,000 (the "New $400 Million Facility")(19)

 10.9

 Amending and Restating Agreement, dated November 15, 2016, by and among Genco Shipping & Trading Limited, the borrowers and financial institutions listed therein, Genco Holdings Limited, and Hayfin Services LLP, as agent and security agent.(19)

 10.10

 Letter Agreement dated March 23, 2017 between Genco Shipping & Trading Limited and John C. Wobensmith.(19)

 10.11

 Letter Agreement dated August 7, 2019 between Genco Shipping & Trading Limited and John C. Wobensmith.(20)

 10.12

 Option Agreement dated March 4, 2019 between Genco Shipping & Trading Limited and John C. Wobensmith.(21)

 10.13

 Up to US$460,000,000 Senior Secured Credit Agreement dated May 31, 2018, by and among Genco Shipping & Trading Limited as Borrower, the lenders party thereto from time to time, Nordea Bank AB (publ), New York Branch, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Cr dit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S, as Bookrunners and as Mandated Lead Arrangers, and Nordea Bank AB (publ), New York Branch as Administrative Agent (the "$460 Million Credit Agreement").(12)

 10.14

 Amendment to Restricted Stock Unit Agreements Pursuant to the Genco Shipping & Trading Limited 2015 Equity Incentive Plan.(15)

 10.15

 Up to US$108,000,000 Senior Secured Credit Agreement dated August 14, 2018, by and among Genco Shipping & Trading Limited as Borrower, the lenders party thereto from time to time, Cr dit Agricole Corporate & Investment Bank, as Structurer and Bookrunner, Cr dit Agricole Corporate & Investment Bank and Skandinaviska Enskilda Banken AB (Publ) as Mandated Lead Arrangers and Cr dit Agricole Corporate & Investment Bank, as Administrative Agent and as Security Agent. (22)

 10.16

 Amendment and Restatement Agreement dated as of February 28, 2019 by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Delayed Draw Term Loan Lenders party thereto, the other Lenders party thereto, and Nordea Bank ABP, New York Branch, as Mandated Lead Arranger, Bookrunner, Administrative Agent, and Security Agent, pertaining to the $460 Million Credit Agreement.(23)

 10.17

 Second Amendment to Amended and Restated Credit Agreement, dated as of November 5, 2019, by and among Genco Shipping & Trading Limited, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank ABP, New York Branch, as Administrative Agent and Security Agent.(24)

 10.18

 Second Amendment to Amended and Restated Credit Agreement, dated as of November 5, 2019, by and among Genco Shipping & Trading Limited, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Cr dit Agricole Corporate And Investment Bank, as Administrative Agent and Security Agent.(24)

 10.19

 Genco Annual Incentive Plan adopted March 4, 2019.(23)

 10.20

 Option Agreement dated February 25, 2020 between Genco Shipping & Trading Limited and John C. Wobensmith.(25)

 10.21

 Option Agreement dated February 25, 2020 between Genco Shipping & Trading Limited and Joseph Adamo.(25)

 10.22

 Letter Amendment dated as of April 29, 2020 by and among Genco Shipping & Trading Limited as Borrower, Nordea Bank ABP, New York Branch, as Administrative Agent, and Security Agent, and the Lenders party thereto, pertaining to the $495 Million Credit Facility.(26)

 10.23

 Letter Amendment dated as of April 29, 2020 by and among Genco Shipping & Trading Limited as Borrower, Credit Agricole Corporate and Investment Bank, as Administrative Agent and Security Agent, and the Lenders party thereto, pertaining to the $133 Million Credit Facility.(26)

 10.24

 Fourth Amendment to Amended and Restated Credit Agreement dated as of June 5, 2020 by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank ABP, New York Branch, as Administrative Agent and Security Agent, pertaining to the $495 Million Credit Facility.(26)

 10.25

 Amendment and Restatement Agreement dated as of June 11, 2020 by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Revolving Lenders and other lenders party thereto, and Cr dit Agricole Corporate & Investment Bank, as Administrative Agent and as Security Agent, pertaining to the $133 Million Credit Facility.(27)

 10.26

 Fifth Amendment to Amended and Restated Credit Agreement dated as of December 17, 2020 by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank ABP, New York Branch, as Administrative Agent and Security Agent, pertaining to the $495 Million Credit Facility.(28)

 10.27

 Letter Amendment to Amended and Restated Credit Agreement dated as of January 18, 2021 by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank ABP, New York Branch, as Administrative Agent and Security Agent, pertaining to the $495 Million Credit Facility.(28)

 10.28

 Form of Director Restricted Stock Unit Agreement dated as of July 15, 2020 (26)

 10.29

 Restricted Stock Unit Agreement dated February 23, 2021 between Genco Shipping & Trading Limited and John C. Wobensmith.(33)

 10.30

 Restricted Stock Unit Agreement dated February 23, 2021 between Genco Shipping & Trading Limited and Joseph Adamo.(33)

 10.31

 Option Agreement dated February 23, 2021 between Genco Shipping & Trading Limited and John C. Wobensmith.(33)

 10.32

 Option Agreement dated February 23, 2021 between Genco Shipping & Trading Limited and Joseph Adamo.(33)

 10.33

 Letter Agreement by and among Genco Shipping & Trading Limited, Centerbridge Partners L.P., and the Investors named therein, dated March 22, 2021.(29)

 10.34

 Amendment to Award Agreements dated June 14, 2021.(30)

 10.35

 Restricted Stock Unit Agreement dated May 4, 2021 between Genco Shipping & Trading Limited and Arthur L. Regan.(30)

 10.36

 Restricted Stock Unit Agreement dated May 13, 2021 between Genco Shipping & Trading Limited and James G. Dolphin.(30)

 10.37

 Form of Director Restricted Stock Unit Agreement dated May 13, 2021.(30)

 10.38

 US$450 Million Credit Agreement dated as of August 3, 2021, by and among Genco Shipping & Trading Limited as Borrower, the other Guarantors party thereto, the Lenders party thereto, Nordea Bank Abp, New York Branch, as Administrative Agent, Collateral Agent, Security Trustee and Sustainability Coordinator, Nordea Bank Abp, New York Branch, Skandinaviska Enskilda Banken AB (publ), and DNB Markets, Inc., as Mandated Lead Arrangers and Bookrunners, and ING Bank N.V., London Branch and CIT Bank, N.A., as Co-Arrangers.(30)

 10.39

 First Amendment to Credit Agreement dated as of November 8, 2022, by and among Genco Shipping & Trading Limited as Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank Abp, New York Branch, as Administrative Agent, Collateral Agent, and Security Trustee.(34)

 10.40

 Restricted Stock Unit Agreement dated February 23, 2022 between Genco Shipping & Trading Limited and John C. Wobensmith.(31)

 10.41

 Restricted Stock Unit Agreement dated February 23, 2022 between Genco Shipping & Trading Limited and Joseph Adamo.(31)

 10.42

 Restricted Stock Unit Agreement dated May 16, 2022 between Genco Shipping & Trading Limited and James G. Dolphin.(32)

 10.43

 Form of Director Restricted Stock Unit Agreement dated May 16, 2022.(32)

 10.44

 Restricted Stock Unit Agreement dated December 23, 2022 between Genco Shipping & Trading Limited and John C. Wobensmith.(34)

 10.45

 Restricted Stock Unit Agreement dated December 23, 2022 between Genco Shipping & Trading Limited and Joseph Adamo.(34)

 10.46

 Restricted Stock Unit Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and John C. Wobensmith.(37)

 10.47

 Restricted Stock Unit Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Peter Allen.(37)

 10.48

 Restricted Stock Unit Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Joseph Adamo.(37)

 10.49

 Restricted Stock Unit Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Jesper Christensen.(37)

 10.50

 Performance PRSU Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and John C. Wobensmith.(37)

 10.51

 Performance PRSU Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Peter Allen.(37)

 10.52

 Performance PRSU Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Joseph Adamo.(37)

 10.53

 Performance PRSU Grant Agreement dated April 14, 2023 between Genco Shipping & Trading Limited and Jesper Christensen.(37)

 10.54

 Restricted Stock Unit Grant Agreement dated June 16, 2023 between Genco Shipping & Trading Limited and Peter Allen.(37)

 10.55

 Performance PRSU Grant Agreement dated June 16, 2023 between Genco Shipping & Trading Limited and Peter Allen.(37)

 10.56

 Restricted Stock Unit Agreement dated May 16, 2023 between Genco Shipping & Trading Limited and James G. Dolphin.(*)

 10.57

 Form of Director Restricted Stock Unit Agreement dated May 16, 2023.(*)

 10.58

 Separation Agreement by and between Robert Hughes and Genco Shipping & Trading Limited, entered into on March 2, 2023.(36)

 10.59

 Separation Agreement by and between Apostolos Zafolias and Genco Shipping & Trading Limited, entered into on May 3, 2023.(36)

 10.60

 Second Amendment to Credit Agreement dated as of May 30, 2023, by and among Genco Shipping & Trading Limited as Borrower, the subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank Abp, New York Branch, as Administrative Agent, Collateral Agent, and Security Trustee.(37).

 10.61

 Third Amendment to Credit Agreement dated as of October 16, 2023, by and among Genco Shipping & Trading Limited as Borrower, the subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank Abp, New York Branch, as Administrative Agent, Collateral Agent, and Security Trustee.(*).

 10.62

 Fourth Amendment to Credit Agreement dated as of November 29, 2023, by and among Genco Shipping & Trading Limited as Borrower, the subsidiary Guarantors party thereto, the Lenders party thereto, and Nordea Bank Abp, New York Branch, as Administrative Agent, Collateral Agent, and Security Trustee.(*).

 10.63

 Letter Agreement dated February 27, 2024 between Genco Shipping & Trading Limited and John C. Wobensmith.(*)

 19.1

 Inside Information, Market Communications and Securities Trading Policy and Procedures.(*)

 21.1

 Subsidiaries of Genco Shipping & Trading Limited.(*)

 23.1

 Consent of Independent Registered Public Accounting Firm.(*)

 31.1

 Certification of Chief Executive Officer 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 Chief Executive Officer pursuant to 18 U.S.C. Section 1350.(*)

 32.2

 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.(*)

 Genco Shipping & Trading Limited Policy for the Recovery of Erroneously Awarded Compensation.(35)

 (*) Filed herewith.

 (1)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on July 7, 2014.

 (2)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on April 8, 2015.

 (3)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on June 10, 2015.

 (4)
 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.

 (5)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on July 17, 2015.

 (6)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on April 15, 2016.

 (7)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on July 7, 2016.

 (8)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on January 4, 2017.

 (9)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2020.

 (10)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on May 13, 2021.

 (11)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on November 15, 2016.

 (12)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on June 5, 2018.

 (13)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2020.

 (14)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on January 11, 2021.

 (15)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on March 31, 2023.

 (16)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-K, filed with the Securities and Exchange Commission on February 27, 2020.

 (17)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on May 4, 2015.

 (18)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015, filed with the Securities and Exchange Commission on November 13, 2015.

 (19)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-K, filed with the Securities and Exchange Commission on March 28, 2017.

 (20)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-Q, filed with the Securities and Exchange Commission on August 9, 2019.

 (21)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-Q, filed with the Securities and Exchange Commission on May 9, 2019.

 (22)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K filed with the Securities and Exchange Commission on August 15, 2018.

 (23)
 Incorporated by reference to Genco Shipping & Trading Limited's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 5, 2019.

 (24)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-Q, filed with the Securities and Exchange Commission on November 7, 2019.

 (25)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-Q, filed with the Securities and Exchange Commission on May 6, 2020.

 (26)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-Q, filed with the Securities and Exchange Commission on August 5, 2020.

 (27)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on June 12, 2020.

 (28)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2021.

 (29)
 Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on March 22, 2021.

 (30)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the Securities and Exchange Commission on August 4, 2021.

 (31)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the Securities and Exchange Commission on May 4, 2022.

 (32)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, filed with the Securities and Exchange Commission on August 3, 2022.

 (33)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2022.

 (34)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-K, filed with the Securities and Exchange Commission on February 22, 2023.

 (35)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 8, 2023.

 (36)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 3, 2023.

 (37)
 Incorporated by reference to Genco Shipping & Trading Limited's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 8, 2023.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) 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 on February 27, 2024.

 GENCO SHIPPING & TRADING LIMITED

 By:

 /s/ John C. Wobensmith

 Name:

 John C. Wobensmith

 Title:

 Chief Executive Officer and President (Principal Executive Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacity and on February 27, 2024.

 SIGNATURE

 TITLE

 /s/ John C. Wobensmith

 CHIEF EXECUTIVE OFFICER, PRESIDENT, AND DIRECTOR

 John C. Wobensmith

 (PRINCIPAL EXECUTIVE OFFICER)

 /s/ Peter Allen

 CHIEF FINANCIAL OFFICER

 Peter Allen

 (PRINCIPAL FINANCIAL OFFICER)

 /s/ Joseph Adamo

 CHIEF ACCOUNTING OFFICER

 Joseph Adamo

 (PRINCIPAL ACCOUNTING OFFICER)

 /s/ James G. Dolphin

 CHAIRMAN OF THE BOARD AND DIRECTOR

 James G. Dolphin

 /s/ Kathleen C. Haines

 DIRECTOR

 Kathleen C. Haines

 /s/ Basil G. Mavroleon

 DIRECTOR

 Basil G. Mavroleon

 /s/ Karin Y. Orsel

 DIRECTOR

 Karin Y. Orsel

 /s/ Arthur L. Regan

 DIRECTOR

 Arthur L. Regan