•
|
As part of Genco's comprehensive value strategy announced in April 2021, we have taken the following steps in the year-to-date:
|
o
|
Entered into an agreement for a new $450 million credit facility (the '$450 Million Credit Facility') to refinance our existing $495 Million Credit Facility and $133 Million Credit Facility, which provides additional flexibility for capital allocation, lowers our cash flow breakeven rate, and improves key terms
|
o
|
New facility consists of a $150 million term loan and a revolving line of up to $300 million that can be used for acquisitions and general corporate purposes
|
o
|
Agreed to acquire an additional three modern, fuel efficient Ultramax vessels in July 2021, bringing our total to six Ultramaxes we have agreed to acquire since April 2021
|
o
|
Repaid $82.2 million of debt during the first half of 2021, or 18% of the beginning year debt balance
|
◾
|
Expect to close the refinancing of our credit facilities by the end of August and continue to pay down debt under the new facility's revolver through the end of the year, advancing towards our goal of 20% net LTV by year end
|
o
|
Fixed three Ultramax vessels on period time charters for approximately two years each at rates between $23,375 and $25,500 per day
|
•
|
Genco increased its regular quarterly cash dividend to $0.10 per share for the second quarter of 2021
|
o
|
Payable on or about August 25, 2021 to all shareholders of record as of August 17, 2021
|
o
|
We have now declared cumulative dividends totaling $0.905 per share over the last eight quarters
|
o
|
Genco is targeting Q4 2021 results for its anticipated first dividend under its new corporate strategy, which would be payable in Q1 2022
|
•
|
We recorded net income of $32.0 million for the second quarter of 2021
|
o
|
Basic and diluted earnings per share of $0.76 and $0.75, respectively
|
o
|
Represents our highest quarterly earnings per share result since 2010
|
•
|
Voyage revenues totaled $121.0 million and net revenue1 (voyage revenues minus voyage expenses and charter hire expenses) totaled $76.0 million during Q2 2021
|
o
|
Our average daily fleet-wide time charter equivalent, or TCE1, for Q2 2021 was $21,137, marking our highest quarterly TCE since Q4 2010
|
o
|
We estimate our TCE to date for Q3 2021 to be $27,599 for 71% owned fleet available days, based on current fixtures
|
•
|
Recorded adjusted EBITDA of $50.2 million during Q2 20211 |
o
|
During the first half of 2021, adjusted EBITDA totaled $70.9 million nearly identical to our full year 2020 adjusted EBITDA of $71.8 million
|
•
|
Maintained a strong financial position with $161.2 million of cash, including $44.9 million of restricted cash, as of June 30, 2021
|
•
|
During the third quarter, we plan to establish a new joint venture, GS Shipmanagement Pte. Ltd., with The Synergy Group ('Synergy') for the technical management of our fleet, which aims to unlock further value for shareholders through its differentiated approach to ship management
|
•
|
Entered into an initial framework to jointly study the feasibility of ammonia as an alternative marine fuel alongside various participants across the maritime value chain
|
•
|
Ranked #1 out of 52 other public shipping companies in the Webber Research 2021 ESG scorecard
|
•
|
We have agreed to sell our oldest vessel, the Genco Provence (2004-built Supramax) which we expect to deliver to the buyer by October 2021
|
•
|
Competitive pricing of LIBOR+ 2.15% to LIBOR+ 2.75% basis a net debt to EBITDA measurement which may be further decreased or increased based on our performance regarding emissions targets
|
•
|
Quarterly revolver commitment reductions of $11.7 million per quarter followed by a balloon of $215.6 million
|
•
|
Favorable covenant package including a minimum liquidity covenant requiring our unrestricted cash and cash equivalents to be the greater of $500,000 per vessel or 5% of total indebtedness, while unused revolver commitments can be used against this measurement
|
•
|
Other customary financial covenants, including a minimum collateral maintenance covenant at 140%, a minimum working capital covenant of not less than zero, and a debt to capitalization covenant of no more than 70%
|
•
|
Vessel replacement feature whereby collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral within 360 days of such sale or disposition
|
•
|
No restrictions on dividends other than customary event of default and pro forma financial covenant compliance provisions
|
•
|
Deleveraging: paid down $82.2 million of debt during the first six months of 2021, or approximately 18% of our outstanding debt
|
•
|
Refinancing: entered into a new global credit facility to increase flexibility, improve key terms and lower cash flow breakeven rates
|
•
|
Growth: agreed to acquire six modern, fuel efficient Ultramaxes since April 2021
|
•
|
Securing revenue: opportunistically fixed various period time charterers to secure cash flows and de-risk recent acquisitions
|
Vessel
|
Type
|
Rate
|
Duration
|
Min Expiration
| |||
Genco Liberty
|
Capesize
|
$
|
31,000
|
10-13 months
|
Feb-22
| ||
Baltic Bear
|
Capesize
|
$
|
32,000
|
10-14 months
|
Mar-22
| ||
Genco Vigilant
|
Ultramax
|
$
|
17,750
|
11-13 months
|
Sep-22
| ||
Genco Freedom
|
Ultramax
|
$
|
23,375
|
20-23 months
|
Mar-23
| ||
Baltic Hornet
|
Ultramax
|
$
|
24,000
|
20-23 months
|
Apr-23
| ||
Baltic Wasp
|
Ultramax
|
$
|
25,500
|
23-25 months
|
Jun-23
|
•
|
Increase visibility and control over vessel operations
|
•
|
Increase fleet-wide fuel efficiency to lower our carbon footprint through an advanced data platform
|
•
|
Unlock potential vessel operating expense savings
|
•
|
Provide a unique and differentiated service to the management of our vessels
|
•
|
Capesize: $31,304 for 66% of the owned available Q3 2021 days
|
•
|
Ultramax and Supramax: $25,273 for 75% of the owned available Q3 2021 days
|
•
|
Fleet average: $27,599 for 71% of the owned available Q3 2021 days
|
•
|
Capesize: $23,760
|
•
|
Ultramax and Supramax: $19,215
|
•
|
Fleet average: $21,137
|
Vessel
|
DWT
|
Yard Built
|
Year Built
|
Expected delivery
|
T/C Rate
|
Min Expiration
|
Max Expiration
| |||||||||
Genco Enterprise
|
63,997
|
Yangfan
|
2016
|
Aug-21
| ||||||||||||
Genco Madeleine
|
63,166
|
Dayang
|
2014
|
Aug-21
|
$
|
11,200
|
Aug-21
|
Oct-21
| ||||||||
Genco Constellation
|
63,310
|
Chengxi
|
2017
|
Aug-21
|
$
|
12,500
|
Aug-21
|
Oct-21
| ||||||||
Genco Mayflower
|
63,371
|
Chengxi
|
2017
|
Aug-21
|
$
|
11,500
|
Sep-21
|
Nov-21
| ||||||||
Genco Mary
|
61,000
|
DACKS
|
2022
|
Jan-22
| ||||||||||||
Genco Laddey
|
61,000
|
DACKS
|
2022
|
Jan-22
|
Q3 2021
|
Q4 2021
|
2022
| |||||||
Estimated Drydock Costs (1) |
$1.5 million
|
$5.0 million
|
$8.0 million
| ||||||
Estimated BWTS Costs (2) |
$0.2 million
|
$2.4 million
|
$4.0 million
| ||||||
Estimated Fuel Efficiency Upgrade Costs (3) |
$0.2 million
|
$4.6 million
|
$4.7 million
| ||||||
Estimated Offhire Days (4) |
40
|
110
|
210
| ||||||
Three Months Ended
June 30, 2021
|
Three Months Ended
June 30, 2020
|
Six Months Ended June 30, 2021
|
Six Months Ended June 30, 2020
| |||||||||||||
(Dollars in thousands, except share and per share data)
|
(Dollars in thousands, except share and per share data)
| |||||||||||||||
(unaudited)
|
(unaudited)
| |||||||||||||||
INCOME STATEMENT DATA:
| ||||||||||||||||
Revenues:
| ||||||||||||||||
Voyage revenues
|
$
|
121,008
|
$
|
74,206
|
$
|
208,599
|
$
|
172,542
| ||||||||
Total revenues
|
121,008
|
74,206
|
208,599
|
172,542
| ||||||||||||
Operating expenses:
| ||||||||||||||||
Voyage expenses
|
36,702
|
41,695
|
71,775
|
90,063
| ||||||||||||
Vessel operating expenses
|
18,789
|
21,058
|
37,834
|
42,871
| ||||||||||||
Charter hire expenses
|
8,325
|
1,432
|
13,761
|
4,507
| ||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization
|
5,854
|
5,471
|
11,957
|
11,238
| ||||||||||||
expense of $0.6 million, $0.5 million, $1.1 million and $1.0 million , respectively)
| ||||||||||||||||
Technical management fees
|
1,305
|
1,724
|
2,769
|
3,578
| ||||||||||||
Depreciation and amortization
|
13,769
|
15,930
|
27,209
|
33,504
| ||||||||||||
Impairment of vessel assets
|
-
|
-
|
-
|
112,814
| ||||||||||||
Loss on sale of vessels
|
15
|
-
|
735
|
486
| ||||||||||||
Total operating expenses
|
84,759
|
87,310
|
166,040
|
299,061
| ||||||||||||
Operating income (loss)
|
36,249
|
(13,104
|
)
|
42,559
|
(126,519
|
)
| ||||||||||
Other income (expense):
| ||||||||||||||||
Other income (expense)
|
210
|
120
|
356
|
(464
|
)
| |||||||||||
Interest income
|
48
|
253
|
119
|
847
| ||||||||||||
Interest expense
|
(4,470
|
)
|
(5,473
|
)
|
(9,012
|
)
|
(12,418
|
)
| ||||||||
Other expense, net
|
(4,212
|
)
|
(5,100
|
)
|
(8,537
|
)
|
(12,035
|
)
| ||||||||
Net income (loss)
|
$
|
32,037
|
$
|
(18,204
|
)
|
$
|
34,022
|
$
|
(138,554
|
)
| ||||||
Net earnings (loss) per share - basic
|
$
|
0.76
|
$
|
(0.43
|
)
|
$
|
0.81
|
$
|
(3.31
|
)
| ||||||
Net earnings (loss) per share - diluted
|
$
|
0.75
|
$
|
(0.43
|
)
|
$
|
0.80
|
$
|
(3.31
|
)
| ||||||
Weighted average common shares outstanding - basic
|
42,071,019
|
41,900,901
|
42,022,669
|
41,883,629
| ||||||||||||
Weighted average common shares outstanding - diluted
|
42,612,132
|
41,900,901
|
42,445,184
|
41,883,629
| ||||||||||||
June 30, 2021
|
December 31, 2020
| |||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
| |||||||
Assets | ||||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
$
|
116,280
|
$
|
143,872
| ||||
Restricted cash
|
44,606
|
35,492
| ||||||
Due from charterers, net
|
13,912
|
12,991
| ||||||
Prepaid expenses and other current assets
|
11,057
|
10,856
| ||||||
Inventories
|
26,441
|
21,583
| ||||||
Vessels held for sale
|
7,798
|
22,408
| ||||||
Total current assets
|
220,094
|
247,202
| ||||||
Noncurrent assets:
| ||||||||
Vessels, net of accumulated depreciation of $228,014 and $204,201, respectively
|
913,829
|
919,114
| ||||||
Deposits on vessels
|
21,638
|
-
| ||||||
Vessels held for exchange
|
-
|
38,214
| ||||||
Deferred drydock, net
|
13,956
|
14,689
| ||||||
Fixed assets, net
|
5,877
|
6,393
| ||||||
Operating lease right-of-use assets
|
6,192
|
6,882
| ||||||
Restricted cash
|
315
|
315
| ||||||
Fair value of derivative instruments
|
564
|
-
| ||||||
Total noncurrent assets
|
962,371
|
985,607
| ||||||
Total assets
|
$
|
1,182,465
|
$
|
1,232,809
| ||||
Liabilities and Equity | ||||||||
Current liabilities:
| ||||||||
Accounts payable and accrued expenses
|
$
|
27,256
|
$
|
22,793
| ||||
Current portion of long-term debt
|
55,920
|
80,642
| ||||||
Deferred revenue
|
9,375
|
8,421
| ||||||
Current operating lease liabilities
|
1,811
|
1,765
| ||||||
Total current liabilities
|
94,362
|
113,621
| ||||||
Noncurrent liabilities
| ||||||||
Long-term operating lease liabilities
|
7,144
|
8,061
| ||||||
Contract liability
|
-
|
7,200
| ||||||
Long-term debt, net of deferred financing costs of $7,418 and $9,653, respectively
|
303,687
|
358,933
| ||||||
Total noncurrent liabilities
|
310,831
|
374,194
| ||||||
Total liabilities
|
405,193
|
487,815
| ||||||
Commitments and contingencies
| ||||||||
Equity:
| ||||||||
Common stock
|
419
|
418
| ||||||
Additional paid-in capital
|
1,711,523
|
1,713,406
| ||||||
Accumulated other comprehensive income
|
138
|
-
| ||||||
Accumulated deficit
|
(934,808
|
)
|
(968,830
|
)
| ||||
Total equity
|
777,272
|
744,994
| ||||||
Total liabilities and equity
|
$
|
1,182,465
|
$
|
1,232,809
| ||||
Six Months Ended June 30, 2021
|
Six Months Ended June 30, 2020
| |||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
| |||||||
Cash flows from operating activities
| ||||||||
Net income (loss)
|
$
|
34,022
|
$
|
(138,554
|
)
| |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
| ||||||||
Depreciation and amortization
|
27,209
|
33,504
| ||||||
Amortization of deferred financing costs
|
2,235
|
1,909
| ||||||
Right-of-use asset amortization
|
690
|
676
| ||||||
Amortization of nonvested stock compensation expense
|
1,073
|
957
| ||||||
Impairment of vessel assets
|
-
|
112,814
| ||||||
Loss on sale of vessels
|
735
|
486
| ||||||
Amortization of premium on derivative
|
111
|
-
| ||||||
Interest rate cap premium payment
|
(240
|
)
|
-
| |||||
Insurance proceeds for protection and indemnity claims
|
101
|
278
| ||||||
Insurance proceeds for loss of hire claims
|
-
|
78
| ||||||
Change in assets and liabilities:
| ||||||||
(Increase) decrease in due from charterers
|
(921
|
)
|
331
| |||||
(Increase) decrease in prepaid expenses and other current assets
|
(894
|
)
|
504
| |||||
(Increase) decrease in inventories
|
(4,858
|
)
|
4,174
| |||||
Increase (decrease) in accounts payable and accrued expenses
|
5,028
|
(17,454
|
)
| |||||
Increase (decrease) in deferred revenue
|
954
|
(2,259
|
)
| |||||
Decrease in operating lease liabilities
|
(871
|
)
|
(828
|
)
| ||||
Deferred drydock costs incurred
|
(1,822
|
)
|
(5,593
|
)
| ||||
Net cash provided by (used in) operating activities
|
62,552
|
(8,977
|
)
| |||||
Cash flows from investing activities
| ||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(24,678
|
)
|
(2,275
|
)
| ||||
Purchase of scrubbers (capitalized in Vessels)
|
(126
|
)
|
(10,839
|
)
| ||||
Purchase of other fixed assets
|
(431
|
)
|
(2,716
|
)
| ||||
Net proceeds from sale of vessels
|
29,096
|
14,726
| ||||||
Insurance proceeds for hull and machinery claims
|
295
|
484
| ||||||
Net cash provided by (used in) investing activities
|
4,156
|
(620
|
)
| |||||
Cash flows from financing activities
| ||||||||
Proceeds from the $133 Million Credit Facility
|
-
|
24,000
| ||||||
Repayments on the $133 Million Credit Facility
|
(24,320
|
)
|
(3,280
|
)
| ||||
Proceeds from the $495 Million Credit Facility
|
-
|
11,250
| ||||||
Repayments on the $495 Million Credit Facility
|
(57,883
|
)
|
(33,321
|
)
| ||||
Cash dividends paid
|
(2,983
|
)
|
(8,126
|
)
| ||||
Payment of deferred financing costs
|
-
|
(283
|
)
| |||||
Net cash used in financing activities
|
(85,186
|
)
|
(9,760
|
)
| ||||
Net decrease in cash, cash equivalents and restricted cash
|
(18,478
|
)
|
(19,357
|
)
| ||||
Cash, cash equivalents and restricted cash at beginning of period
|
179,679
|
162,249
| ||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
161,201
|
$
|
142,892
| ||||
Three Months Ended June 30, 2021
| ||||
Adjusted Net Income Reconciliation
|
(unaudited)
| |||
Net income
|
$
|
32,037
| ||
+ Loss on sale of vessels
|
15
| |||
Adjusted net income
|
$
|
32,052
| ||
Adjusted net earnings per share - basic
|
$
|
0.76
| ||
Adjusted net earnings per share - diluted
|
$
|
0.75
| ||
Weighted average common shares outstanding - basic
|
42,071,019
| |||
Weighted average common shares outstanding - diluted
|
42,612,132
| |||
Weighted average common shares outstanding - basic as per financial statements
|
42,071,019
| |||
Dilutive effect of stock options
|
340,072
| |||
Dilutive effect of restricted stock units
|
201,041
| |||
Weighted average common shares outstanding - diluted as adjusted
|
42,612,132
| |||
Three Months Ended June 30, 2021
|
Three Months Ended June 30, 2020
|
Six Months Ended June 30, 2021
|
Six Months Ended June 30, 2020
| |||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
| |||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Net income (loss)
|
$
|
32,037
|
$
|
(18,204
|
)
|
$
|
34,022
|
$
|
(138,554
|
)
| ||||||
+ Net interest expense
|
4,422
|
5,220
|
8,893
|
11,571
| ||||||||||||
+ Depreciation and amortization
|
13,769
|
15,930
|
27,209
|
33,504
| ||||||||||||
EBITDA(1) |
$
|
50,228
|
$
|
2,946
|
$
|
70,124
|
$
|
(93,479
|
)
| |||||||
+ Impairment of vessel assets
|
-
|
-
|
-
|
112,814
| ||||||||||||
+ Loss on sale of vessels
|
15
|
-
|
735
|
486
| ||||||||||||
Adjusted EBITDA
|
$
|
50,243
|
$
|
2,946
|
$
|
70,859
|
$
|
19,821
| ||||||||
Three Months Ended
|
Six Months Ended
| |||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
| |||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Total number of vessels at end of period
|
40
|
53
|
40
|
53
| ||||||||||||
Average number of vessels (2) |
40.1
|
53.0
|
41.7
|
53.7
| ||||||||||||
Total ownership days for fleet (3) |
3,647
|
4,823
|
7,544
|
9,765
| ||||||||||||
Total chartered-in days (4) |
446
|
248
|
787
|
671
| ||||||||||||
Total available days for fleet (5) |
4,041
|
4,892
|
8,242
|
10,121
| ||||||||||||
Total available days for owned fleet (6) |
3,595
|
4,643
|
7,455
|
9,450
| ||||||||||||
Total operating days for fleet (7) |
3,998
|
4,827
|
8,120
|
9,951
| ||||||||||||
Fleet utilization (8) |
98.3
|
%
|
97.8
|
%
|
98.1
|
%
|
97.8
|
%
| ||||||||
AVERAGE DAILY RESULTS:
| ||||||||||||||||
Time charter equivalent (9) |
$
|
21,137
|
$
|
6,693
|
$
|
16,508
|
$
|
8,251
| ||||||||
Daily vessel operating expenses per vessel (10) |
5,151
|
4,366
|
5,015
|
4,390
|
Three Months Ended
|
Six Months Ended
| |||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
| |||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Ownership days
| ||||||||||||||||
Capesize
|
1,547.0
|
1,547.0
|
3,077.0
|
3,094.0
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.8
| ||||||||||||
Ultramax
|
819.0
|
546.0
|
1,550.8
|
1,092.0
| ||||||||||||
Supramax
|
1,281.5
|
1,820.0
|
2,689.2
|
3,640.0
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
910.0
|
227.5
|
1,874.7
| ||||||||||||
Total
|
3,647.5
|
4,823.0
|
7,544.5
|
9,765.5
| ||||||||||||
Chartered-in days
| ||||||||||||||||
Capesize
|
-
|
-
|
-
|
-
| ||||||||||||
Panamax
|
-
|
-
|
-
|
-
| ||||||||||||
Ultramax
|
111.7
|
114.2
|
344.2
|
292.5
| ||||||||||||
Supramax
|
334.2
|
98.7
|
442.5
|
302.8
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
35.6
|
-
|
60.7
| ||||||||||||
Total
|
445.9
|
248.5
|
786.7
|
670.6
| ||||||||||||
Available days (owned & chartered-in fleet)
| ||||||||||||||||
Capesize
|
1,514.4
|
1,530.1
|
3,020.0
|
3,058.4
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.4
| ||||||||||||
Ultramax
|
930.7
|
637.2
|
1,886.4
|
1,305.6
| ||||||||||||
Supramax
|
1,595.6
|
1,782.0
|
3,107.7
|
3,753.0
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
942.5
|
227.5
|
1,924.6
| ||||||||||||
Total
|
4,040.7
|
4,891.8
|
8,241.6
|
10,120.5
| ||||||||||||
Available days (owned fleet)
| ||||||||||||||||
Capesize
|
1,514.4
|
1,530.1
|
3,020.0
|
3,058.4
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.4
| ||||||||||||
Ultramax
|
819.0
|
523.0
|
1,542.2
|
1,013.1
| ||||||||||||
Supramax
|
1,261.4
|
1,683.3
|
2,665.2
|
3,450.2
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
906.9
|
227.5
|
1,863.9
| ||||||||||||
Total
|
3,594.8
|
4,643.3
|
7,454.9
|
9,450.0
| ||||||||||||
Operating days
| ||||||||||||||||
Capesize
|
1,505.6
|
1,529.6
|
3,004.8
|
3,057.8
| ||||||||||||
Panamax
|
-
|
-
|
-
|
60.1
| ||||||||||||
Ultramax
|
923.3
|
635.6
|
1,874.0
|
1,303.3
| ||||||||||||
Supramax
|
1,568.6
|
1,765.2
|
3,050.3
|
3,707.8
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
896.7
|
191.3
|
1,807.1
| ||||||||||||
Total
|
3,997.5
|
4,827.1
|
8,120.4
|
9,950.6
| ||||||||||||
Fleet utilization
| ||||||||||||||||
Capesize
|
99.1
|
%
|
98.9
|
%
|
99.3
|
%
|
99.4
|
%
| ||||||||
Panamax
|
-
|
-
|
-
|
92.7
|
%
| |||||||||||
Ultramax
|
99.2
|
%
|
99.7
|
%
|
98.9
|
%
|
99.8
|
%
| ||||||||
Supramax
|
97.1
|
%
|
97.7
|
%
|
97.4
|
%
|
98.1
|
%
| ||||||||
Handymax
|
-
|
-
|
-
|
100.0
|
%
| |||||||||||
Handysize
|
-
|
94.8
|
%
|
84.1
|
%
|
93.4
|
%
| |||||||||
Fleet average
|
98.3
|
%
|
97.8
|
%
|
98.1
|
%
|
97.8
|
%
| ||||||||
Average Daily Results:
| ||||||||||||||||
Time Charter Equivalent
| ||||||||||||||||
Capesize
|
$
|
23,760
|
$
|
9,466
|
$
|
18,692
|
$
|
13,062
| ||||||||
Panamax
|
-
|
-
|
-
|
5,256
| ||||||||||||
Ultramax
|
19,524
|
7,848
|
15,331
|
7,973
| ||||||||||||
Supramax
|
19,027
|
5,301
|
15,480
|
5,911
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
3,952
|
8,008
|
4,867
| ||||||||||||
Fleet average
|
21,137
|
6,693
|
16,508
|
8,251
| ||||||||||||
Daily vessel operating expenses
| ||||||||||||||||
Capesize
|
$
|
5,461
|
$
|
5,049
|
$
|
5,335
|
$
|
4,968
| ||||||||
Panamax
|
-
|
-
|
-
|
3,338
| ||||||||||||
Ultramax
|
4,684
|
3,829
|
4,820
|
4,233
| ||||||||||||
Supramax
|
4,966
|
4,190
|
4,714
|
4,200
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
3,864
|
5,541
|
3,874
| ||||||||||||
Fleet average
|
5,151
|
4,366
|
5,015
|
4,390
| ||||||||||||
1)
|
EBITDA represents net income (loss) 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 consolidating 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 statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies.
|
2)
|
Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.
|
3)
|
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.
|
4)
|
We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.
|
5)
|
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.
|
6)
|
We define available days for the owned fleet as available days less chartered-in days.
|
7)
|
We define operating days as the number of our total available days in a period less the aggregate number of days that the 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.
|
8)
|
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.
|
9)
|
We define TCE rates as our voyage revenues less voyage expenses and charter hire expenses, 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. Our estimated TCE for the third quarter of 2021 is based on fixtures booked to date. Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the third quarter to the most comparable financial measures presented in accordance with GAAP.
|
Three Months Ended
June 30, 2021
|
Three Months Ended
June 30, 2020
|
Six Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2020
| |||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Voyage revenues (in thousands)
|
$
|
121,008
|
$
|
74,206
|
$
|
208,599
|
$
|
172,542
| ||||||||
Voyage expenses (in thousands)
|
36,702
|
41,695
|
71,775
|
90,063
| ||||||||||||
Charter hire expenses (in thousands)
|
8,325
|
1,432
|
13,761
|
4,507
| ||||||||||||
75,981
|
31,079
|
123,063
|
77,972
| |||||||||||||
Total available days for owned fleet
|
3,595
|
4,643
|
7,455
|
9,450
| ||||||||||||
Total TCE rate
|
$
|
21,137
|
$
|
6,693
|
$
|
16,508
|
$
|
8,251
| ||||||||
10)
|
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.
|
Vessel
|
DWT
|
Year Built
| ||
Capesize | ||||
1
|
Genco Resolute
|
181,060
|
2015
| |
2
|
Genco Endeavour
|
181,060
|
2015
| |
3
|
Genco Constantine
|
180,183
|
2008
| |
4
|
Genco Augustus
|
180,151
|
2007
| |
5
|
Genco Liberty
|
180,032
|
2016
| |
6
|
Genco Defender
|
180,021
|
2016
| |
7
|
Baltic Lion
|
179,185
|
2012
| |
8
|
Genco Tiger
|
179,185
|
2011
| |
9
|
Genco London
|
177,833
|
2007
| |
10
|
Baltic Wolf
|
177,752
|
2010
| |
11
|
Genco Titus
|
177,729
|
2007
| |
12
|
Baltic Bear
|
177,717
|
2010
| |
13
|
Genco Tiberius
|
175,874
|
2007
| |
14
|
Genco Commodus
|
169,098
|
2009
| |
15
|
Genco Hadrian
|
169,025
|
2008
| |
16
|
Genco Maximus
|
169,025
|
2009
| |
17
|
Genco Claudius
|
169,001
|
2010
| |
Ultramax
| ||||
1
|
Baltic Hornet
|
63,574
|
2014
| |
2
|
Genco Freedom
|
63,498
|
2015
| |
3
|
Genco Vigilant
|
63,498
|
2015
| |
4
|
Baltic Mantis
|
63,470
|
2015
| |
5
|
Baltic Scorpion
|
63,462
|
2015
| |
6
|
Genco Magic
|
63,446
|
2014
| |
7
|
Baltic Wasp
|
63,389
|
2015
| |
8
|
Genco Weatherly
|
61,556
|
2014
| |
9
|
Genco Columbia
|
60,294
|
2016
| |
Supramax
| ||||
1
|
Genco Hunter
|
58,729
|
2007
| |
2
|
Genco Auvergne
|
58,020
|
2009
| |
3
|
Genco Rhone
|
58,018
|
2011
| |
4
|
Genco Ardennes
|
58,018
|
2009
| |
5
|
Genco Brittany
|
58,018
|
2010
| |
6
|
Genco Languedoc
|
58,018
|
2010
| |
7
|
Genco Pyrenees
|
58,018
|
2010
| |
8
|
Genco Bourgogne
|
58,018
|
2010
| |
9
|
Genco Aquitaine
|
57,981
|
2009
| |
10
|
Genco Warrior
|
55,435
|
2005
| |
11
|
Genco Predator
|
55,407
|
2005
| |
12
|
Genco Provence
|
55,317
|
2004
| |
13
|
Genco Picardy
|
55,257
|
2005
|
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Disclaimer
Genco Shipping & Trading Limited published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 22:24:05 UTC.