• |
As part of Genco's comprehensive value strategy announced in April 2021, we have taken the following steps in the year-to-date:
|
o |
Closed our $450 Million Credit Facility in August 2021, which provides additional flexibility for capital allocation, lowers our cash flow breakeven rate, and improves key terms
|
o |
Took delivery of four modern, fuel efficient Ultramax vessels in Q3 2021
|
o |
Repaid $144.2 million of debt during the first nine months of 2021, or 32% of the beginning year debt balance
|
◾ |
We plan to pay down debt to $246 million by year-end 2021
|
o |
Fixed seven vessels on period TCs for ~1 to ~2 years at rates between $23,375 and $32,000 per day to secure cash flows and de-risk acquisitions
|
• |
Genco increased its regular quarterly cash dividend to $0.15 per share for the third quarter of 2021
|
o |
Payable on or about November 22, 2021 to all shareholders of record as of November 15, 2021
|
o |
We have now declared cumulative dividends totaling $1.055 per share over the last nine quarters
|
o |
The first dividend under Genco's value strategy, is to be based on Q4 2021 results and be payable in Q1 2022
|
• |
We recorded net income of $57.1 million for the third quarter of 2021
|
o |
Basic and diluted earnings per share of $1.36 and $1.34, respectively
|
o |
Adjusted net income1 of $61.7 million or basic and diluted earnings per share of $1.47 and $1.44, respectively, excluding $4.4 million in loss on debt extinguishment and a $0.2 million loss on sale of vessels
|
o |
Represents our highest quarterly earnings per share result since Q3 2008
|
• |
Voyage revenues totaled $155.3 million and net revenue1 (voyage revenues minus voyage expenses and charter hire expenses) totaled $108.8 million during Q3 2021
|
o |
Our average daily fleet-wide time charter equivalent, or TCE1, for Q3 2021 was $29,287, marking our highest quarterly TCE since 2010
|
o |
We estimate our TCE to date for Q4 2021 to be $36,879 for 71% of our owned fleet available days, based on both period and current spot fixtures
|
• |
Recorded adjusted EBITDA of $79.8 million during Q3 2021, which is greater than the comparable figure for all of 20201 |
• |
Maintained a strong liquidity position with $80.5 million of cash as of September 30, 2021, after $144.2 million of debt repayments as well as $108.7 million paid for vessels acquired in the year to date
|
• |
Established 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
|
• |
Became a signatory to the Call to Action for Shipping Decarbonization
|
• |
Low financial leverage
|
• |
Paying sizeable quarterly cash dividends to shareholders, and
|
• |
Growth of the Company's asset base
|
• |
Deleveraging: paid down $144.2 million of debt during the first nine months of 2021, or approximately 32% of our outstanding debt
|
• |
Refinancing: closed on a new global credit facility to increase flexibility, improve key terms and lower cash flow breakeven rates
|
• |
Revolver: our new $450 million credit facility has a substantial revolver in place with $137.5 million of availability as of September 2021
|
• |
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
| ||
Baltic Wolf
|
Capesize
|
$
|
30,250
|
22-28 months
|
Jun-23
| ||
Genco Maximus
|
Capesize
|
$
|
27,500
|
24-30 months
|
Sep-23
| ||
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
|
Estimated net TCE - Q4 2021 to Date
| |||||||||||||||
Vessel Type
|
Period
|
Spot
|
Fleet-wide
|
% Fixed
| |||||||||||
Capesize
|
$
|
28,197
|
$
|
51,288
|
$
|
43,708
|
72%
| ||||||||
Ultramax/Supramax
|
$
|
23,109
|
$
|
37,620
|
$
|
32,143
|
71%
| ||||||||
Fleet-wide
|
$
|
25,024
|
$
|
43,471
|
$
|
36,879
|
71%
|
• |
Genco Enterprise (2016-built) on August 23, 2021
|
• |
Genco Madeleine (2014-built) on August 23, 2021
|
• |
Genco Mayflower (2017-built) on August 24, 2021
|
• |
Genco Constellation (2017-built) on September 3, 2021
|
Q4 2021 |
2022 | |
Estimated Drydock Costs (1) |
$2.2 million
|
$12.3 million
|
Estimated BWTS Costs (2) |
$0.6 million
|
$6.1 million
|
Estimated Fuel Efficiency Upgrade Costs (3) |
$0.2 million
|
$8.6 million
|
Total Estimated Costs
|
$2.9 million
|
$27.0 million
|
Estimated Offhire Days (4) |
60
|
300
|
Three Months Ended
September 30, 2021
|
Three Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2021
|
Nine Months Ended
September 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
|
$
|
155,252
|
$
|
87,524
|
$
|
363,851
|
$
|
260,066
| ||||||||
Total revenues
|
155,252
|
87,524
|
363,851
|
260,066
| ||||||||||||
Operating expenses:
| ||||||||||||||||
Voyage expenses
|
37,797
|
33,487
|
109,572
|
123,550
| ||||||||||||
Vessel operating expenses
|
21,788
|
23,460
|
59,622
|
66,332
| ||||||||||||
Charter hire expenses
|
8,644
|
1,020
|
22,405
|
5,527
| ||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $0.6million, $0.5million, $1.7 million and $1.5 million , respectively)
|
5,659
|
5,115
|
17,616
|
16,353
| ||||||||||||
Technical management fees
|
1,631
|
1,739
|
4,400
|
5,316
| ||||||||||||
Depreciation and amortization
|
14,200
|
16,115
|
41,409
|
49,619
| ||||||||||||
Impairment of vessel assets
|
-
|
21,896
|
-
|
134,710
| ||||||||||||
Loss on sale of vessels
|
159
|
358
|
894
|
844
| ||||||||||||
Total operating expenses
|
89,878
|
103,190
|
255,918
|
402,251
| ||||||||||||
Operating income (loss)
|
65,374
|
(15,666
|
)
|
107,933
|
(142,185
|
)
| ||||||||||
Other income (expense):
| ||||||||||||||||
Other income (expense)
|
84
|
(436
|
)
|
440
|
(900
|
)
| ||||||||||
Interest income
|
25
|
101
|
144
|
948
| ||||||||||||
Interest expense
|
(3,943
|
)
|
(5,097
|
)
|
(12,955
|
)
|
(17,515
|
)
| ||||||||
Loss on debt extinguishment
|
(4,408
|
)
|
-
|
(4,408
|
)
|
-
| ||||||||||
Other expense, net
|
(8,242
|
)
|
(5,432
|
)
|
(16,779
|
)
|
(17,467
|
)
| ||||||||
Net income (loss)
|
$
|
57,132
|
$
|
(21,098
|
)
|
$
|
91,154
|
$
|
(159,652
|
)
| ||||||
Net earnings (loss) per share - basic
|
$
|
1.36
|
$
|
(0.50
|
)
|
$
|
2.17
|
$
|
(3.81
|
)
| ||||||
Net earnings (loss) per share - diluted
|
$
|
1.34
|
$
|
(0.50
|
)
|
$
|
2.14
|
$
|
(3.81
|
)
| ||||||
Weighted average common shares outstanding - basic
|
42,095,211
|
41,928,682
|
42,047,115
|
41,898,756
| ||||||||||||
Weighted average common shares outstanding - diluted
|
42,750,836
|
41,928,682
|
42,548,187
|
41,898,756
| ||||||||||||
September 30, 2021
|
December 31, 2020
| |||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
| |||||||
Assets | ||||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
$
|
80,172
|
$
|
143,872
| ||||
Restricted cash
|
-
|
35,492
| ||||||
Due from charterers, net
|
22,069
|
12,991
| ||||||
Prepaid expenses and other current assets
|
9,544
|
10,856
| ||||||
Inventories
|
23,722
|
21,583
| ||||||
Vessels held for sale
|
6,964
|
22,408
| ||||||
Total current assets
|
142,471
|
247,202
| ||||||
Noncurrent assets:
| ||||||||
Vessels, net of accumulated depreciation of $239,893and $204,201, respectively
|
991,471
|
919,114
| ||||||
Deposits on vessels
|
17,702
|
-
| ||||||
Vessels held for exchange
|
-
|
38,214
| ||||||
Deferred drydock, net
|
12,465
|
14,689
| ||||||
Fixed assets, net
|
6,072
|
6,393
| ||||||
Operating lease right-of-use assets
|
5,845
|
6,882
| ||||||
Restricted cash
|
315
|
315
| ||||||
Fair value of derivative instruments
|
424
|
-
| ||||||
Total noncurrent assets
|
1,034,294
|
985,607
| ||||||
Total assets
|
$
|
1,176,765
|
$
|
1,232,809
| ||||
Liabilities and Equity | ||||||||
Current liabilities:
| ||||||||
Accounts payable and accrued expenses
|
$
|
24,138
|
$
|
22,793
| ||||
Current portion of long-term debt
|
-
|
80,642
| ||||||
Deferred revenue
|
14,441
|
8,421
| ||||||
Fair market value of time charters acquired
|
2,220
|
-
| ||||||
Current operating lease liabilities
|
1,835
|
1,765
| ||||||
Total current liabilities
|
42,634
|
113,621
| ||||||
Noncurrent liabilities
| ||||||||
Long-term operating lease liabilities
|
6,677
|
8,061
| ||||||
Contract liability
|
-
|
7,200
| ||||||
Long-term debt, net of deferred financing costs of $8,229 and $9,653, respectively
|
296,771
|
358,933
| ||||||
Total noncurrent liabilities
|
303,448
|
374,194
| ||||||
Total liabilities
|
346,082
|
487,815
| ||||||
Commitments and contingencies
| ||||||||
Equity:
| ||||||||
Common stock
|
419
|
418
| ||||||
Additional paid-in capital
|
1,707,900
|
1,713,406
| ||||||
Accumulated other comprehensive income
|
40
|
-
| ||||||
Accumulated deficit
|
(877,676
|
)
|
(968,830
|
)
| ||||
Total equity
|
830,683
|
744,994
| ||||||
Total liabilities and equity
|
$
|
1,176,765
|
$
|
1,232,809
| ||||
Nine Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2020
| |||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
| |||||||
Cash flows from operating activities
| ||||||||
Net income (loss)
|
$
|
91,154
|
$
|
(159,652
|
)
| |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
| ||||||||
Depreciation and amortization
|
41,409
|
49,619
| ||||||
Amortization of deferred financing costs
|
3,110
|
2,906
| ||||||
Amortization of fair market value of time charters acquired
|
(2,043
|
)
|
-
| |||||
Right-of-use asset amortization
|
1,037
|
1,016
| ||||||
Amortization of nonvested stock compensation expense
|
1,670
|
1,491
| ||||||
Impairment of vessel assets
|
-
|
134,710
| ||||||
Loss on sale of vessels
|
894
|
844
| ||||||
Loss on debt extinguishment
|
4,408
|
-
| ||||||
Amortization of premium on derivative
|
153
|
-
| ||||||
Interest rate cap premium payment
|
(240
|
)
|
-
| |||||
Insurance proceeds for protection and indemnity claims
|
913
|
330
| ||||||
Insurance proceeds for loss of hire claims
|
-
|
78
| ||||||
Change in assets and liabilities:
| ||||||||
(Increase) decrease in due from charterers
|
(9,078
|
)
|
2,795
| |||||
(Increase) decrease in prepaid expenses and other current assets
|
(193
|
)
|
143
| |||||
(Increase) decrease in inventories
|
(2,139
|
)
|
6,049
| |||||
Increase (decrease) in accounts payable and accrued expenses
|
1,111
|
(17,956
|
)
| |||||
Increase in deferred revenue
|
6,020
|
1,691
| ||||||
Decrease in operating lease liabilities
|
(1,314
|
)
|
(1,250
|
)
| ||||
Deferred drydock costs incurred
|
(1,885
|
)
|
(6,799
|
)
| ||||
Net cash provided by operating activities
|
134,987
|
16,015
| ||||||
Cash flows from investing activities
| ||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(113,199
|
)
|
(3,379
|
)
| ||||
Purchase of scrubbers (capitalized in Vessels)
|
(193
|
)
|
(10,948
|
)
| ||||
Purchase of other fixed assets
|
(901
|
)
|
(3,684
|
)
| ||||
Net proceeds from sale of vessels
|
36,696
|
29,854
| ||||||
Insurance proceeds for hull and machinery claims
|
295
|
484
| ||||||
Net cash (used in) provided by investing activities
|
(77,302
|
)
|
12,327
| |||||
Cash flows from financing activities
| ||||||||
Proceeds from the $450 Million Credit Facility
|
350,000
|
-
| ||||||
Repayments on the $450 Million Credit Facility
|
(45,000
|
)
|
-
| |||||
Proceeds from the $133 Million Credit Facility
|
-
|
24,000
| ||||||
Repayments on the $133 Million Credit Facility
|
(114,940
|
)
|
(5,660
|
)
| ||||
Proceeds from the $495 Million Credit Facility
|
-
|
11,250
| ||||||
Repayments on the $495 Million Credit Facility
|
(334,288
|
)
|
(49,981
|
)
| ||||
Cash dividends paid
|
(7,175
|
)
|
(8,963
|
)
| ||||
Payment of deferred financing costs
|
(5,474
|
)
|
(462
|
)
| ||||
Net cash used in financing activities
|
(156,877
|
)
|
(29,816
|
)
| ||||
Net decrease in cash, cash equivalents and restricted cash
|
(99,192
|
)
|
(1,474
|
)
| ||||
Cash, cash equivalents and restricted cash at beginning of period
|
179,679
|
162,249
| ||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
80,487
|
$
|
160,775
| ||||
Three Months Ended
September 30, 2021
| |||||
Adjusted Net Income Reconciliation
|
(unaudited)
| ||||
Net income
|
$
|
57,132
| |||
+ |
Loss on sale of vessels
|
159
| |||
+ |
Loss on debt extinguishment
|
4,408
| |||
Adjusted net income
|
$
|
61,699
| |||
Adjusted net earnings per share - basic
|
$
|
1.47
| |||
Adjusted net earnings per share - diluted
|
$
|
1.44
| |||
Weighted average common shares outstanding - basic
|
42,095,211
| ||||
Weighted average common shares outstanding - diluted
|
42,750,836
| ||||
Weighted average common shares outstanding - basic as per financial statements
|
42,095,211
| ||||
Dilutive effect of stock options
|
442,617
| ||||
Dilutive effect of restricted stock units
|
213,008
| ||||
Weighted average common shares outstanding - diluted as adjusted
|
42,750,836
| ||||
Three Months Ended
September 30, 2021
|
Three Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2020
| ||||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
| ||||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
| |||||||||||||||
Net income (loss)
|
$
|
57,132
|
$
|
(21,098
|
)
|
$
|
91,154
|
$
|
(159,652
|
)
| |||||||
+
|
Net interest expense
|
3,918
|
4,996
|
12,811
|
16,567
| ||||||||||||
+
|
Depreciation and amortization
|
14,200
|
16,115
|
41,409
|
49,619
| ||||||||||||
EBITDA(1) |
$
|
75,250
|
$
|
13
|
$
|
145,374
|
$
|
(93,466
|
)
| ||||||||
+
|
Impairment of vessel assets
|
-
|
21,896
|
-
|
134,710
| ||||||||||||
+
|
Loss on sale of vessels
|
159
|
358
|
894
|
844
| ||||||||||||
+
|
Loss on debt extinguishment
|
4,408
|
-
|
4,408
|
-
| ||||||||||||
Adjusted EBITDA
|
$
|
79,817
|
$
|
22,267
|
$
|
150,676
|
$
|
42,088
| |||||||||
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
| |||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Total number of vessels at end of period
|
43
|
51
|
43
|
51
| ||||||||||||
Average number of vessels (2) |
40.6
|
51.4
|
41.3
|
52.9
| ||||||||||||
Total ownership days for fleet (3) |
3,735
|
4,729
|
11,280
|
14,495
| ||||||||||||
Total chartered-in days (4) |
333
|
145
|
1,120
|
816
| ||||||||||||
Total available days for fleet (5) |
4,048
|
4,773
|
12,289
|
14,891
| ||||||||||||
Total available days for owned fleet (6) |
3,715
|
4,628
|
11,169
|
14,075
| ||||||||||||
Total operating days for fleet (7) |
3,990
|
4,626
|
12,108
|
14,576
| ||||||||||||
Fleet utilization (8) |
98.1
|
%
|
96.2
|
%
|
98.1
|
%
|
97.3
|
%
| ||||||||
AVERAGE DAILY RESULTS:
| ||||||||||||||||
Time charter equivalent (9) |
$
|
29,287
|
$
|
11,456
|
$
|
20,761
|
$
|
9,307
| ||||||||
Daily vessel operating expenses per vessel (10) |
5,833
|
4,961
|
5,286
|
4,576
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30, 2021
|
September 30, 2020
|
September 30, 2021
|
September 30, 2020
| |||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
| ||||||||||||||
Ownership days
| ||||||||||||||||
Capesize
|
1,564.0
|
1,564.0
|
4,641.0
|
4,658.0
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.8
| ||||||||||||
Ultramax
|
970.0
|
552.0
|
2,520.8
|
1,644.0
| ||||||||||||
Supramax
|
1,201.3
|
1,840.0
|
3,890.5
|
5,480.0
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
773.3
|
227.5
|
2,648.0
| ||||||||||||
Total
|
3,735.3
|
4,729.3
|
11,279.8
|
14,494.8
| ||||||||||||
Chartered-in days
| ||||||||||||||||
Capesize
|
-
|
-
|
-
|
-
| ||||||||||||
Panamax
|
-
|
-
|
-
|
-
| ||||||||||||
Ultramax
|
43.3
|
82.2
|
387.5
|
374.7
| ||||||||||||
Supramax
|
289.8
|
60.6
|
732.3
|
363.5
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
2.5
|
-
|
63.2
| ||||||||||||
Total
|
333.1
|
145.3
|
1,119.8
|
815.9
| ||||||||||||
Available days (owned & chartered-in fleet)
| ||||||||||||||||
Capesize
|
1,564.0
|
1,551.2
|
4,583.4
|
4,609.5
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.4
| ||||||||||||
Ultramax
|
997.1
|
633.8
|
2,883.5
|
1,939.4
| ||||||||||||
Supramax
|
1,487.3
|
1,829.2
|
4,594.1
|
5,581.8
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
758.9
|
227.5
|
2,681.1
| ||||||||||||
Total
|
4,048.4
|
4,773.1
|
12,288.5
|
14,890.7
| ||||||||||||
Available days (owned fleet)
| ||||||||||||||||
Capesize
|
1,564.0
|
1,551.2
|
4,583.4
|
4,609.5
| ||||||||||||
Panamax
|
-
|
-
|
-
|
64.4
| ||||||||||||
Ultramax
|
953.8
|
551.6
|
2,496.0
|
1,564.7
| ||||||||||||
Supramax
|
1,197.5
|
1,768.6
|
3,861.8
|
5,218.3
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
756.4
|
227.5
|
2,617.9
| ||||||||||||
Total
|
3,715.3
|
4,627.8
|
11,168.7
|
14,074.8
| ||||||||||||
Operating days
| ||||||||||||||||
Capesize
|
1,545.3
|
1,513.5
|
4,549.2
|
4,570.4
| ||||||||||||
Panamax
|
-
|
-
|
-
|
60.1
| ||||||||||||
Ultramax
|
981.6
|
625.4
|
2,854.5
|
1,929.6
| ||||||||||||
Supramax
|
1,463.5
|
1,814.0
|
4,513.3
|
5,521.3
| ||||||||||||
Handymax
|
-
|
-
|
-
|
14.5
| ||||||||||||
Handysize
|
-
|
673.4
|
191.3
|
2,479.8
| ||||||||||||
Total
|
3,990.4
|
4,626.3
|
12,108.3
|
14,575.7
| ||||||||||||
Fleet utilization
| ||||||||||||||||
Capesize
|
98.8
|
%
|
96.8
|
%
|
99.1
|
%
|
98.5
|
%
| ||||||||
Panamax
|
-
|
-
|
-
|
92.7
|
%
| |||||||||||
Ultramax
|
96.9
|
%
|
98.6
|
%
|
98.2
|
%
|
99.5
|
%
| ||||||||
Supramax
|
98.1
|
%
|
97.9
|
%
|
97.6
|
%
|
98.0
|
%
| ||||||||
Handymax
|
-
|
-
|
-
|
100.0
|
%
| |||||||||||
Handysize
|
-
|
88.7
|
%
|
84.1
|
%
|
92.0
|
%
| |||||||||
Fleet average
|
98.1
|
%
|
96.2
|
%
|
98.1
|
%
|
97.3
|
%
| ||||||||
Average Daily Results:
| ||||||||||||||||
Time Charter Equivalent
| ||||||||||||||||
Capesize
|
$
|
30,809
|
$
|
16,287
|
$
|
22,829
|
$
|
14,147
| ||||||||
Panamax
|
-
|
-
|
-
|
5,365
| ||||||||||||
Ultramax
|
23,271
|
10,965
|
18,365
|
9,028
| ||||||||||||
Supramax
|
31,996
|
9,523
|
20,605
|
7,136
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
6,445
|
8,503
|
5,328
| ||||||||||||
Fleet average
|
29,287
|
11,456
|
20,761
|
9,307
| ||||||||||||
Daily vessel operating expenses
| ||||||||||||||||
Capesize
|
$
|
6,092
|
$
|
5,255
|
$
|
5,590
|
$
|
5,064
| ||||||||
Panamax
|
-
|
-
|
-
|
3,149
| ||||||||||||
Ultramax
|
5,792
|
5,709
|
5,194
|
4,728
| ||||||||||||
Supramax
|
5,515
|
4,786
|
4,961
|
4,396
| ||||||||||||
Handymax
|
-
|
-
|
-
|
-
| ||||||||||||
Handysize
|
-
|
4,191
|
5,617
|
3,967
| ||||||||||||
Fleet average
|
5,833
|
4,961
|
5,286
|
4,576
| ||||||||||||
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 fourth 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 fourth quarter to the most comparable financial measures presented in accordance with GAAP.
|
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 Liberty
|
180,387
|
2016
|
4
|
Genco Defender
|
180,377
|
2016
|
5
|
Genco Constantine
|
180,183
|
2008
|
6
|
Genco Augustus
|
180,151
|
2007
|
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
|
Genco Freedom
|
63,671
|
2015
|
2
|
Genco Vigilant
|
63,671
|
2015
|
3
|
Baltic Hornet
|
63,574
|
2014
|
4
|
Genco Enterprise
|
63,473
|
2016
|
5
|
Baltic Mantis
|
63,470
|
2015
|
6
|
Baltic Scorpion
|
63,462
|
2015
|
7
|
Genco Magic
|
63,446
|
2014
|
8
|
Baltic Wasp
|
63,389
|
2015
|
9
|
Genco Constellation
|
63,310
|
2017
|
10
|
Genco Mayflower
|
63,304
|
2017
|
11
|
Genco Madeleine
|
63,166
|
2014
|
12
|
Genco Weatherly
|
61,556
|
2014
|
13
|
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 Picardy
|
55,257
|
2005
|
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Disclaimer
Genco Shipping & Trading Limited published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 21:19:35 UTC.