GNK — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• On February 27, 2026, we entered into an amendment to upsize our existing $600 Million Revolver. Specifically, we utilized $80 million under the $300 million accordion feature to increase our borrowing capacity from $600 million to $680 million (the “$680 Million Revolver”). The increased borrowing …

• At MEPC’s 84th session in April 2026, member states did not reach agreement on adoption or substantive revision of the IMO Net-Zero Framework. The Framework remains the central basis for ongoing negotiations, with two intersessional working group meetings agreed for September 2026 and November 2026 …

• MEPC’s 85th session is scheduled for November 30 to December 3, 2026. Subject to decisions made at MEPC 85, the adjourned second extraordinary session is expected to be resumed directly thereafter, on December 4, 2026, to continue consideration of adoption of the IMO Net-Zero Framework.

• Based on the outcomes of MEPC’s 84th session, the earliest the IMO Net-Zero Framework will enter into force remains mid-2028, although continued lack of consensus or further revisions could delay implementation.

• In the IMO Net-Zero Framework’s current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit. The timing and final …

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general c…

• The second extraordinary session is expected to be reconvened in October or November of 2026 to continue consideration of adoption. Proceedings at MEPC’s 84th session in April 2026 will determine the exact dates for the reconvened session and, importantly, what scope will be permitted, if any, to co…

• Based on the outcomes of MEPC’s 84th session relating to the agenda of the reconvened second extraordinary session, the earliest the IMO Net-Zero Framework will enter into force is March 2028. If substantive changes to the IMO Net-Zero Framework are considered, the entry into force date could be fur…

• In the IMO Net-Zero Framework’s current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit.

• ●The deadline for surrendering of allowances against verified emissions will be April 30 of the year following the reporting period.

Text added vs the prior filing · source: 10-Q · 2026-05-06

• 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.

• ●One-month SOFR plus 1.80% pursuant to the sustainability link term of the facility beginning February 27, 2026.

• A 1% increase in SOFR would have resulted in an increase of $0.6 million in interest expense for the three months ended March 31, 2026.

• As part of our business strategy, we may enter into interest rate swaps or interest rate cap agreements to manage interest costs and the risk associated with changing interest rates.

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• 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. During the first quarter of 2024, our last remaining interest rate cap agreement that we used to manage interest costs an…

• A 1% increase in SOFR would have resulted in an increase of $0.7 million in interest expense for the nine months ended September 30, 2025.

• As part of our business strategy, we may enter into interest rate swaps or interest rate cap agreements to manage interest costs and the risk associated with changing interest rates. During the first quarter of 2024, our last remaining interest rate cap agreement that we used to manage interest cost…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Below is an update to the risk factor entitled, “Military actions, terrorist attacks, and other acts of violence may have an adverse effect on our business.”

• In February 2026, the United States and Israel launched military operations against Iran, resulting in an armed conflict that has caused significant disruption to global energy markets and international shipping, including the effective closure of the Strait of Hormuz. In turn, these events have res…

• increased emphasis on energy security. The broader impact from this conflict on global GDP growth and in turn demand for raw materials that we carry remains uncertain.

• Below is an update to the risk factor entitled, “A downturn in the global economic environment may negatively impact our business.”

• Government intervention to reduce commodity exports, such as a cap to bauxite shipments originating from Guinea, could reduce cargo volumes and negatively impact freight rates.

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Below is an update to the risk factor entitled, “A downturn in the global economic environment may negatively impact our business.”:

• As previously noted, the United States Trade Representative (USTR) put forward significant trade actions under Section 301 of the Trade Act of 1974, with the aim of addressing China’s dominance in the maritime, logistics, and shipbuilding industries. These actions have the potential to increase port…

• Given the potential magnitude of these port-related fees and the many uncertainties surrounding their implementation, it is not possible at this time to fully predict the ultimate financial impact. If the port fees are reimposed in a manner that applies to our vessels in any material respect, it cou…

• Below is a new risk factor entitled “Our short-term shareholder rights plan could prevent a potential acquisition of control of our Company, which could decrease the trading price of our common stock.”:

• On October 1, 2025, we adopted a short-term stockholder rights plan, which expires on September 30, 2026. The rights plan may have the effect of discouraging or preventing a change of control of the Company by, among other things, making it uneconomical for a third-party to acquire us without the co…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• On March 5, 2026, John C. Wobensmith, our Chief Executive Officer and President; Peter Allen, our Chief Financial Officer; Joseph Adamo, our Chief Accounting Officer, Treasurer, and Controller; and Jesper Christensen, our Chief Commercial Officer each adopted a Rule 10b5-1 sales plan (a “10b5-1 Plan…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• The following information is being provided in this Item 5 in lieu of being provided on a Current Report on Form 8-K under Item 8.01:

• On November 4, 2025, our Board of Directors, which currently consists of six incumbent directors and has one vacancy, adopted a resolution pursuant to Article H, Section (b) of our Second Amended and Restated Articles of Incorporation, as amended to date and Article III, Section 1 of our Amended and…