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Genco Shipping & Trading Limited Announces First Quarter Financial Results

05 Μαΐου 2022.

gencowobensmithGenco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, reported its nancial results for the three months ended March 31, 2022.

 

The following nancial review discusses the results for the three months ended March 31, 2022 and March 31, 2021.

First Quarter 2022 and Year-to-Date Highlights

Declared a $0.79 per share dividend for the rst quarter of 2022, an increase of 18% compared to the previous quarter

Represents the second dividend payment under our value strategy and rst full payout utilizing our run rate voluntary quarterly debt repayment gure of $8.75 million

Marks the Company’s 11th consecutive quarterly payout, reecting cumulative dividends totaling $2.515 per share

Q1 2022 dividend represents an annualized yield of 14% on Genco’s closing share price on May 3, 2022

Payable on or about May 24, 2022 to all shareholders of record as of May 16, 2022

Prepaid $48.75 million of debt on a voluntary basis during Q1 2022, to reduce our debt to $197.3 million, consisting of:

$8.75 million: target quarterly voluntary debt prepayment as previously communicated

$40.00 million: revolver prepayments as part of working capital management to save interest expense without impacting the dividend calculation

Net loan-to-value of 12%1 as of May 3, 2022

Recorded net income of $41.7 million for the rst quarter of 2022

Basic and diluted earnings per share of $0.99 and $0.97, respectively

Voyage revenues totaled $136.2 million and net revenue2 (voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges) totaled $90.8 million during Q1 2022

Our average daily eet-wide time charter equivalent, or TCE2, for Q1 2022 was $24,093, 98% higher YOY and our highest rst quarter TCE since 2010

We estimate our TCE to date for Q2 2022 to be $27,596 for 68% of our owned eet available days, based on both period and current spot xtures

Recorded EBITDA of $58.0 million during Q1 20222

Maintained a strong liquidity position of $270.9 million as of March 31, 2022, including:

$49.1 million of cash on the balance sheet

$221.8 million of revolver availability

Took delivery of the Genco Mary and the Genco Laddey, two high quality, fuel-ecient Ultramax vessels built in 2022 at Dalian Cosco KHI Ship Engineering Co. Ltd. (DACKS)

These two deliveries complete the acquisitions of six Ultramax vessels Genco agreed to acquire from April to July 2021

Completed the transfer of technical management of all of our vessels to our joint venture with the Synergy Group, GS Shipmanagement

John C. Wobensmith, Chief Executive Ocer, commented, “During the rst quarter we generated strong TCE in a seasonally softer market, as we beneted from our past success xing forward cargos at attractive rates. We also made further progress implementing our value strategy, resulting in the rst full payout based on our quarterly debt repayment run rate. We are pleased with the execution of our value strategy to date, which is focused on growth, nancial deleveraging and maintaining low breakeven levels, to position Genco to pay meaningful and sustainable dividends throughout the drybulk cycle. Notably, the rst quarter dividend, which marked our eleventh consecutive quarterly payout, increased by 18% over the prior quarter despite the traditional seasonality of freight rates during the period.”

Mr. Wobensmith, continued, “Looking ahead to the second quarter of 2022, we have the majority of our available days booked at over $27,500 per day, highlighting the signicant operating leverage of our sizeable eet, best-in class commercial operating platform and barbell approach to eet composition. Genco remains well positioned to capitalize on favorable drybulk fundamentals, which remain intact and are driven by the attractive supply and demand balance and, specically, the historically low newbuilding orderbook. We continue to monitor near-term changes in drybulk trade ows as result of Russia’s war in Ukraine as we meet customer needs and support our crew during these challenging times.”  

1 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of March 31, 2022 divided by estimates of the market value of our eet as of May 3, 2022 from VesselsValue.com. The actual market value of our vessels may vary.

2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for a further reconciliation.

 

Fleet Update

 

The Company took delivery of the remaining two 2022-built, high specication, fuel ecient Ultramax vessels it agreed to acquire in May 2021, namely the Genco Mary and the Genco Laddey. Both of these vessels were delivered to Genco on January 6, 2022.

Full report: Genco Shipping & Trading Limited