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Genco Shipping & Trading Limited Rides Dry Bulk Market Recovery

09 Νοεμβρίου 2018.

genco5Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the transportation of major and minor bulk commodities globally, reported its financial results for the three months and nine months ended September 30, 2018.

The following financial review discusses the results for the three and nine months ended September 30, 2018 and September 30, 2017.

Third Quarter 2018 and Year-to-Date Highlights

Completed the acquisition of a total of six high specification, fuel efficient Capesize and Ultramax vessels:

In July 2018, we took delivery of the Genco Weatherly, a 2014-built Ultramax vessel

In August 2018, we took delivery of two 2015-built Capesize vessels, the Genco Endeavour and the Genco Resolute

In September 2018, we took delivery of the Genco Columbia, a 2016-built Ultramax vessel, as well as two 2016-built Capesize vessels, the Genco Defender and the Genco Liberty

Entered into a $108 million, five-year senior secured credit facility with favorable terms

Announced our comprehensive fleet-wide plan for IMO 2020 sulfur emission regulation compliance

Plan to install exhaust gas cleaning systems (“scrubbers”) on our 17 Capesize vessels with options for installation on an additional 15 minor bulk vessels to provide flexibility for developing market conditions

Balance of the fleet is expected to consume compliant, low sulfur fuel

Implementing a portfolio approach aimed at reducing our environmental footprint, maximizing shareholder returns and lowering fuel costs

Anticipate the completion of five vessel sales as part of our fleet renewal program

We completed the sales of two vessels, the Genco Surprise and the Genco Progress, during the third quarter of 2018 for a cumulative gain of $1.5 million

During the fourth quarter of 2018, we expect to complete the sales of the three other vessels, the Genco Cavalier, the Genco Explorer and the Genco Muse

Given the acquisition of the six vessels, upon the completion of these vessel sales, the average age of our fleet will be reduced by over one year to 9.3 years

Recorded net income of $5.7 million for the third quarter of 2018

Basic and diluted earnings per share of $0.14

Adjusted net income of $4.2 million or adjusted basic and diluted earnings per share of $0.10, excluding a $1.5 million gain on sale of vessels

Net revenue (voyage revenues minus voyage expenses and charter hire expenses) totaled $60.1 million during Q3 2018, over 30% higher than the same period of 2017

Time charter equivalent (“TCE”) increased to $10,696 for Q3 2018 marking a year-over-year improvement of 27%

Maintained low daily vessel operating expenses (“DVOE”) of $4,434 per vessel per day during Q3 2018 highlighting our industry leading low-cost structure

Costs remained under our 2018 budget without sacrificing our high safety and maintenance standards

Recorded EBITDA of $29.6 million during Q3 2018

Adjusted EBITDA of $28.1 million, after excluding a $1.5 million of gain on sale of vessels

John C. Wobensmith, Chief Executive Officer, commented, “During the third quarter, we continued to generate profitable results, as we drew upon our sizeable and leading platform to take advantage of the developing recovery in the drybulk market. We also have taken steps to further strengthen our earnings power during the quarter, completing the timely acquisition of six high specification, fuel efficient Capesize and Ultramax vessels, while continuing to sell older tonnage and improve the age profile of the fleet. We also implemented a comprehensive fleet-wide plan for IMO 2020, complementing our fleet growth and renewal strategy. Based on extensive analysis, we adopted a portfolio approach aimed at reducing our environmental footprint, maximizing shareholder returns and lowering fuel costs. As we progress into 2019, we remain well positioned to capitalize on the strong demand for drybulk commodities and multi-decade low vessel supply growth rates.”

Full Report: Genco Shipping & Trading

 

 

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