Republic of the Marshall Islands
|
001-33393
|
98-0439758
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
299 Park Avenue
|
|
|
12th Floor
|
|
10171
|
New York, NY
|
|
(Zip code)
|
(Address of principal executive offices)
|
|
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of exchange on which registered
|
|
Common stock, par value $0.01 per share
|
|
GNK |
|
New York Stock Exchange (NYSE)
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
Press Release dated November 8, 2023.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: November 8, 2023
|
||
/s/ Peter Allen
|
||
Peter Allen
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated November 8, 2023.
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
• |
Dividend: Declared a $0.15 per share dividend for Q3 2023
|
|
o |
17th consecutive quarterly payout
|
|
o |
Cumulative dividends of $4.745 per share or 36% of our share price1
|
|
o |
Q3 2023 dividend is payable on or about November 30, 2023 to all shareholders of record as of November 22, 2023.
|
|
• |
Global refinancing: Commitments received for a $500 million
revolving credit facility providing additional capital allocation flexibility and improved terms compared to the existing facility
|
|
o |
100% revolver structure increases borrowing capacity by $156 million, maturity is extended by over two years to the end of 2028 and margin is reduced to a grid of 1.85% to 2.15% from 2.15% to 2.75%
|
|
• |
Growth: Agreed to purchase a 2016-built scrubber-fitted
Capesize vessel, to be renamed the Genco Ranger, for $43.1 million, with expected delivery in Q4 2023
|
|
• |
Financial performance: Net loss of $32.0 million for Q3 2023,
including a non-cash vessel impairment charge of $28.1 million, or basic and diluted loss per share of $0.75
|
|
o |
Adjusted net loss of $3.9 million or basic and diluted loss per share of $0.09, excluding the non-cash vessel impairment charge of $28.1 million2
|
|
o |
Adjusted EBITDA of $14.6 million for Q3 20232
|
|
• |
Voyage revenues: Totaled $83.4 million in Q3 2023
|
|
o |
Net revenue2 was $47.2 million during Q3 2023
|
|
o |
Average daily fleet-wide TCE2 was $12,082 for Q3 2023
|
|
• |
Estimated TCE to date for Q4 2023: $16,665 for 69% of our
owned fleet available days, based on both period and current spot fixtures2
|
|
• |
Global Maritime Forum: Genco became a signatory to the
operational efficiency ambition statement focused on emissions reductions
|
|
• |
Borrowing capacity increases to $500 million from $344 million
currently, an increase of $156 million or 46%
|
|
• |
100% revolving credit facility structure provides flexibility
for Genco to continue to pay down debt while maintaining the ability to opportunistically draw down capital
|
|
• |
Competitive pricing: margin grid reduced to 1.85% to 2.15% +
SOFR from 2.15% to 2.75% + SOFR
|
|
o |
Credit adjustment spread of approximately 0.11% was also eliminated
|
|
o |
Margin grid based on the ratio of total net indebtedness to EBITDA
|
|
• |
5-year tenor extends maturity by over two years from August
2026 to November 2028
|
|
• |
Repayment profile of 20 years
|
|
o |
Quarterly revolver commitment reduction of approximately $15 million per quarter
|
|
o |
Genco will have no mandatory debt repayments until 2028, due to our reduction in debt outstanding
|
|
• |
Sustainability linked feature with interest rate increased or
decreased by a margin of up to 0.05% based on our performance relative to fleet-wide carbon emissions targets
|
|
• |
Favorable covenant package in line with the existing facility
|
|
• |
Collateral package includes Genco’s 44-vessel fleet as well as
the Genco Ranger, upon expected delivery in mid-November 2023
|
|
• |
Dividends: paying sizeable quarterly cash dividends to
shareholders
|
|
• |
Deleveraging: through voluntary debt prepayments or repayments
to maintain low financial leverage, and
|
|
• |
Growth: opportunistically growing and renewing the Company’s
asset base
|
|
• |
Industry low cash flow breakeven rate
|
|
• |
Net loan-to-value of 10%3
|
|
• |
Strong liquidity position of $251.0 million at September 30, 2023, which consists of:
|
|
o |
$52.2 million of cash on the balance sheet
|
|
o |
$198.8 million of revolver availability
|
|
• |
High operating leverage with our scalable fleet across the major and minor bulk sectors
|
|
• |
Debt outstanding: $144.8 million as of September 30, 2023
|
|
o |
Drew down $35.0 million under our revolver in Q4 2023 to partially fund the acquisition of the Genco Ranger
|
|
• |
We plan to continue to voluntarily pay down debt
|
|
o |
Medium-term goal: reducing net debt to zero
|
|
o |
Longer-term goal: zero debt
|
Dividend calculation
|
Q3 2023 actual
|
Q4 2023 estimates
|
||||||
Net revenue
|
$
|
47.24
|
Fixtures + market
|
|||||
Operating expenses
|
(31.84
|
)
|
(33.07
|
)
|
||||
Less: capex for dydocking/BWTS/ESDs
|
(4.54
|
)
|
(0.40
|
)
|
||||
Operating cash flow less DD capex
|
$
|
10.87
|
Sum of the above
|
|||||
Less: voluntary quarterly reserve*
|
(4.40
|
)
|
(19.50
|
)
|
||||
Cash flow distributable as dividends
|
$
|
6.47
|
Sum of the above
|
|||||
Number of shares to be paid dividends
|
43.2
|
43.2
|
||||||
Dividend per share
|
$
|
0.15
|
|
• |
Vessel acquisitions
|
|
• |
Debt repayments, and
|
|
• |
General corporate purposes
|
|
• |
Short-term, spot market employment, and
|
|
• |
Opportunistically booking longer term coverage
|
Estimated net TCE - Q4 2023 to Date
|
||||||||
Vessel Type
|
Fleet-wide
|
% Fixed
|
||||||
Capesize
|
$
|
20,831
|
58
|
%
|
||||
Ultra/Supra
|
$
|
14,634
|
77
|
%
|
||||
Total
|
$
|
16,665
|
69
|
%
|
Vessel
|
Type
|
DWT
|
Year Built
|
Rate
|
Duration
|
Min Expiration
|
|||||||||
Genco Endeavour
|
Capesize
|
181,060
|
2015
|
127% of BCI + scrubber premium
|
11-14 months
|
Jan-24
|
|||||||||
Genco Resolute
|
Capesize
|
181,060
|
2015
|
127% of BCI + scrubber premium
|
11-14 months
|
Feb-24
|
|||||||||
Genco Defender
|
Capesize
|
180,021
|
2016
|
125% of BCI + scrubber premium
|
11-14 months
|
Apr-24
|
|||||||||
|
|
||||||||||||||
Genco Madeleine
|
Ultramax
|
63,166
|
2014
|
$
|
16,000
|
5-7 months
|
Mar-24
|
||||||||
Genco Constellation
|
Ultramax
|
63,310
|
2017
|
$
|
16,000
|
5-7 months
|
Mar-24
|
||||||||
Genco Bourgogne
|
Supramax
|
58,018
|
2010
|
$
|
15,000
|
4-6 months
|
Mar-24
|
|
• |
Strong iron ore and coal shipments into China
|
|
• |
Robust Brazilian iron ore volumes
|
|
• |
Ex-China steel production growth
|
|
• |
An increase in port congestion from Q3 lows
|
|
• |
17 Capesizes
|
|
• |
15 Ultramaxes
|
|
• |
12 Supramaxes
|
Estimated costs ($ in millions)
|
Q4 2023
|
Q1 2024
|
Q2 2024
|
Q3 2024
|
Q4 2024
|
|||||||||||||||
Drydock Costs (1)
|
$
|
-
|
$
|
2.50
|
$
|
5.65
|
$
|
6.45
|
$
|
7.20
|
||||||||||
Estimated BWTS Costs (2)
|
$
|
-
|
$
|
0.53
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Fuel Efficiency Upgrade Costs (3)
|
$
|
0.40
|
$
|
0.27
|
$
|
1.37
|
$
|
1.09
|
$
|
1.23
|
||||||||||
Total Costs
|
$
|
0.40
|
$
|
3.30
|
$
|
7.02
|
$
|
7.54
|
$
|
8.43
|
||||||||||
Estimated Offhire Days (4)
|
-
|
55
|
95
|
115
|
125
|
Three Months Ended
September 30, 2023
|
Three Months Ended
September 30, 2022
|
Nine Months Ended
September 30, 2023
|
Nine Months Ended
September 30, 2022
|
|||||||||||||
(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
|
$
|
83,361
|
$
|
135,970
|
$
|
268,309
|
$
|
409,961
|
||||||||
Total revenues
|
83,361
|
135,970
|
268,309
|
409,961
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Voyage expenses
|
34,256
|
39,496
|
100,522
|
110,420
|
||||||||||||
Vessel operating expenses
|
24,746
|
22,090
|
71,725
|
78,567
|
||||||||||||
Charter hire expenses
|
2,026
|
6,952
|
6,731
|
19,633
|
||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization
|
6,585
|
5,911
|
21,267
|
18,334
|
||||||||||||
expense of $1.4 million, $0.8 million, $4.2 million and $2.4 million, respectively)
|
||||||||||||||||
Technical management fees
|
973
|
761
|
3,084
|
2,378
|
||||||||||||
Depreciation and amortization
|
17,026
|
15,582
|
49,762
|
44,162
|
||||||||||||
Impairment of vessel assets
|
28,102
|
-
|
28,102
|
-
|
||||||||||||
Total operating expenses
|
113,714
|
90,792
|
281,193
|
273,494
|
||||||||||||
Operating (loss) income
|
(30,353
|
)
|
45,178
|
(12,884
|
)
|
136,467
|
||||||||||
Other (expense) income
|
||||||||||||||||
Other (expense) income
|
(100
|
)
|
(2,146
|
)
|
(298
|
)
|
617
|
|||||||||
Interest income
|
588
|
292
|
1,877
|
377
|
||||||||||||
Interest expense
|
(1,999
|
)
|
(2,276
|
)
|
(6,158
|
)
|
(6,923
|
)
|
||||||||
Other expense, net
|
(1,511
|
)
|
(4,130
|
)
|
(4,579
|
)
|
(5,929
|
)
|
||||||||
Net (loss) income |
$
|
(31,864
|
)
|
$
|
41,048
|
$
|
(17,463
|
)
|
$
|
130,538
|
||||||
Less: Net income attributable to noncontrolling interest
|
140
|
220
|
345
|
$
|
639
|
|||||||||||
Net (loss) income attributable to Genco Shipping & Trading Limited |
$
|
(32,004
|
)
|
$
|
40,828
|
$
|
(17,808
|
)
|
$
|
129,899
|
||||||
Net (loss) earnings per share - basic |
$
|
(0.75
|
)
|
$
|
0.96
|
$
|
(0.42
|
)
|
$
|
3.07
|
||||||
Net (loss) earnings per share - diluted |
$
|
(0.75
|
)
|
$
|
0.95
|
$
|
(0.42
|
)
|
$
|
3.03
|
||||||
Weighted average common shares outstanding - basic
|
42,816,045
|
42,529,865
|
42,745,681
|
42,361,797
|
||||||||||||
Weighted average common shares outstanding - diluted
|
42,816,045
|
42,881,541
|
42,745,681
|
42,915,240
|
||||||||||||
September 30, 2023
|
December 31, 2022
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
46,259
|
$
|
58,142
|
||||
Restricted cash
|
5,643
|
5,643
|
||||||
Due from charterers, net
|
19,522
|
25,333
|
||||||
Prepaid expenses and other current assets
|
10,162
|
8,399
|
||||||
Inventories
|
27,567
|
21,601
|
||||||
Fair value of derivative instruments
|
2,369
|
6,312
|
||||||
Total current assets
|
111,522
|
125,430
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated
depreciation of $284,693 and $303,098, respectively
|
939,749
|
1,002,810
|
||||||
Deferred drydock, net
|
32,982
|
32,254
|
||||||
Fixed assets, net
|
7,435
|
8,556
|
||||||
Operating lease right-of-use assets
|
2,994
|
4,078
|
||||||
Restricted cash
|
315
|
315
|
||||||
Fair value of derivative instruments
|
-
|
423
|
||||||
Total noncurrent assets
|
983,475
|
1,048,436
|
||||||
Total assets
|
$
|
1,094,997
|
$
|
1,173,866
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
27,428
|
$
|
29,475
|
||||
Deferred revenue
|
6,534
|
4,958
|
||||||
Current operating lease liabilities
|
2,266
|
2,107
|
||||||
Total current liabilities
|
36,228
|
36,540
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
2,386
|
4,096
|
||||||
Long-term debt, net of deferred financing costs of $4,756 and $6,079, respectively
|
139,994
|
164,921
|
||||||
Total noncurrent liabilities
|
142,380
|
169,017
|
||||||
Total liabilities
|
178,608
|
205,557
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
425
|
423
|
||||||
Additional paid-in capital
|
1,558,541
|
1,588,777
|
||||||
Accumulated other comprehensive income
|
2,257
|
6,480
|
||||||
Accumulated deficit
|
(646,055
|
)
|
(628,247
|
)
|
||||
Total Genco Shipping & Trading Limited shareholders' equity
|
915,168
|
967,433
|
||||||
Noncontrolling interest
|
1,221
|
876
|
||||||
Total equity
|
916,389
|
968,309
|
||||||
Total liabilities and equity
|
$
|
1,094,997
|
$
|
1,173,866
|
||||
Nine Months Ended
September 30, 2023
|
Nine Months Ended
September 30, 2022
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net (loss) income
|
$
|
(17,463
|
)
|
$
|
130,538
|
|||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
49,762
|
44,162
|
||||||
Amortization of deferred financing costs
|
1,323
|
1,268
|
||||||
Right-of-use asset amortization
|
1,084
|
1,060
|
||||||
Amortization of nonvested stock compensation expense
|
4,175
|
2,356
|
||||||
Impairment of vessel assets
|
28,102
|
-
|
||||||
Amortization of premium on derivatives
|
143
|
63
|
||||||
Insurance proceeds for protection and indemnity claims
|
252
|
709
|
||||||
Insurance proceeds for loss of hire claims
|
506
|
-
|
||||||
Change in assets and liabilities:
|
||||||||
Decrease (increase) in due from charterers
|
5,811
|
(5,750
|
)
|
|||||
Increase in prepaid expenses and other current assets
|
(4,882
|
)
|
(1,421
|
)
|
||||
Increase in inventories
|
(5,966
|
)
|
(7,618
|
)
|
||||
Increase in accounts payable and accrued expenses
|
24
|
7,344
|
||||||
Increase in deferred revenue
|
1,576
|
4,383
|
||||||
Decrease in operating lease liabilities
|
(1,551
|
)
|
(1,384
|
)
|
||||
Deferred drydock costs incurred
|
(10,730
|
)
|
(22,262
|
)
|
||||
Net cash provided by operating activities
|
52,166
|
153,448
|
||||||
Cash flows from investing activities
|
||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(3,485
|
)
|
(50,879
|
)
|
||||
Purchase of other fixed assets
|
(2,169
|
)
|
(2,929
|
)
|
||||
Insurance proceeds for hull and machinery claims
|
2,361
|
293
|
||||||
Net cash used in investing activities
|
(3,293
|
)
|
(53,515
|
)
|
||||
Cash flows from financing activities
|
||||||||
Repayments on the $450 Million Credit Facility
|
(26,250
|
)
|
(66,250
|
)
|
||||
Cash dividends paid
|
(34,506
|
)
|
(82,713
|
)
|
||||
Payment of deferred financing costs
|
-
|
(11
|
)
|
|||||
Net cash used in financing activities
|
(60,756
|
)
|
(148,974
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(11,883
|
)
|
(49,041
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
64,100
|
120,531
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
52,217
|
$
|
71,490
|
||||
|
Three Months Ended
September 30, 2023
|
|||
Net Loss Reconciliation
|
(unaudited)
|
|||
Net loss attributable to Genco Shipping & Trading Limited
|
$
|
(32,004
|
)
|
|
+ Impairment of vessel assets
|
28,102
|
|||
+ Unrealized loss on fuel hedges
|
15
|
|||
Adjusted net loss
|
$
|
(3,887
|
)
|
|
Adjusted loss per share - basic
|
$
|
(0.09
|
)
|
|
Adjusted loss per share - diluted
|
$
|
(0.09
|
)
|
|
Weighted average common shares outstanding - basic
|
42,816,045
|
|||
Weighted average common shares outstanding - diluted
|
42,816,045
|
|||
|
||||
Weighted average common shares outstanding - basic as per financial statements
|
42,816,045
|
|||
Dilutive effect of stock options
|
-
|
|||
Dilutive effect of performance based restricted stock units
|
-
|
|||
Dilutive effect of restricted stock units
|
-
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
42,816,045
|
|||
|
Three Months Ended
September 30, 2023
|
Three Months Ended
September 30, 2022
|
Nine Months Ended
September 30, 2023
|
Nine Months Ended
September 30, 2022
|
||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
|||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net (loss) income attributable to Genco Shipping & Trading Limited
|
$
|
(32,004
|
)
|
$
|
40,828
|
$
|
(17,808
|
)
|
$
|
129,899
|
||||||
+ Net interest expense
|
1,411
|
1,984
|
4,281
|
6,546
|
||||||||||||
+ Depreciation and amortization
|
17,026
|
15,582
|
49,762
|
44,162
|
||||||||||||
EBITDA(1)
|
$
|
(13,567
|
)
|
$
|
58,394
|
$
|
36,235
|
$
|
180,607
|
|||||||
|
||||||||||||||||
+ Impairment of vessel assets
|
28,102
|
-
|
28,102
|
-
|
||||||||||||
+ Unrealized loss on fuel hedges
|
15
|
1,871
|
95
|
112
|
||||||||||||
Adjusted EBITDA
|
$
|
14,550
|
$
|
60,265
|
$
|
64,432
|
$
|
180,719
|
||||||||
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Total number of vessels at end of period
|
|
44
|
|
44
|
|
44
|
44
|
|||||||||
Average number of vessels (2)
|
|
44.0
|
|
44.0
|
|
44.0
|
44.0
|
|||||||||
Total ownership days for fleet (3)
|
|
4,048
|
|
4,048
|
|
12,012
|
12,002
|
|||||||||
Total chartered-in days (4)
|
|
146
|
|
302
|
|
452
|
759
|
|||||||||
Total available days for fleet (5)
|
|
4,056
|
|
4,106
|
|
12,094
|
11,832
|
|||||||||
Total available days for owned fleet (6)
|
|
3,910
|
|
3,803
|
|
11,642
|
11,073
|
|||||||||
Total operating days for fleet (7)
|
|
4,006
|
|
4,048
|
|
11,899
|
11,608
|
|||||||||
Fleet utilization (8)
|
|
97.7
|
%
|
|
97.6
|
%
|
|
97.3
|
%
|
96.3
|
%
|
|||||
|
|
|
||||||||||||||
AVERAGE DAILY RESULTS:
|
|
|
||||||||||||||
Time charter equivalent (9)
|
$
|
12,082
|
$
|
23,624
|
$
|
13,855
|
$
|
25,425
|
||||||||
Daily vessel operating expenses per vessel (10)
|
6,113
|
5,457
|
5,971
|
6,545
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Ownership days
|
||||||||||||||||
Capesize
|
1,564.0
|
1,564.0
|
4,641.0
|
4,641.0
|
||||||||||||
Ultramax
|
1,380.0
|
1,380.0
|
4,095.0
|
4,084.9
|
||||||||||||
Supramax
|
1,104.0
|
1,104.0
|
3,276.0
|
3,276.0
|
||||||||||||
Total
|
4,048.0
|
4,048.0
|
12,012.0
|
12,001.9
|
||||||||||||
Chartered-in days
|
||||||||||||||||
Capesize
|
-
|
-
|
-
|
-
|
||||||||||||
Ultramax
|
91.1
|
114.3
|
330.8
|
304.5
|
||||||||||||
Supramax
|
55.0
|
187.9
|
120.9
|
454.2
|
||||||||||||
Total
|
146.1
|
302.2
|
451.7
|
758.8
|
||||||||||||
Available days (owned & chartered-in fleet)
|
||||||||||||||||
Capesize
|
1,556.9
|
1,354.7
|
4,542.1
|
3,965.1
|
||||||||||||
Ultramax
|
1,459.2
|
1,480.1
|
4,400.5
|
4,272.5
|
||||||||||||
Supramax
|
1,040.3
|
1,270.8
|
3,151.6
|
3,594.3
|
||||||||||||
Total
|
4,056.4
|
4,105.6
|
12,094.2
|
11,831.9
|
||||||||||||
Available days (owned fleet)
|
||||||||||||||||
Capesize
|
1,556.9
|
1,354.7
|
4,542.1
|
3,965.1
|
||||||||||||
Ultramax
|
1,368.1
|
1,365.8
|
4,069.7
|
3,968.0
|
||||||||||||
Supramax
|
985.3
|
1,082.9
|
3,030.6
|
3,140.1
|
||||||||||||
Total
|
3,910.3
|
3,803.4
|
11,642.4
|
11,073.2
|
||||||||||||
Operating days
|
||||||||||||||||
Capesize
|
1,550.1
|
1,334.9
|
4,513.6
|
3,886.4
|
||||||||||||
Ultramax
|
1,426.2
|
1,465.8
|
4,280.3
|
4,227.1
|
||||||||||||
Supramax
|
1,029.2
|
1,247.0
|
3,105.1
|
3,494.9
|
||||||||||||
Total
|
4,005.5
|
4,047.7
|
11,899.1
|
11,608.4
|
||||||||||||
Fleet utilization
|
||||||||||||||||
Capesize
|
99.1
|
%
|
97.4
|
%
|
98.9
|
%
|
97.0
|
%
|
||||||||
Ultramax
|
96.9
|
%
|
98.8
|
%
|
96.7
|
%
|
97.4
|
%
|
||||||||
Supramax
|
96.7
|
%
|
96.5
|
%
|
96.0
|
%
|
94.2
|
%
|
||||||||
Fleet average
|
97.7
|
%
|
97.6
|
%
|
97.3
|
%
|
96.3
|
%
|
||||||||
Average Daily Results:
|
||||||||||||||||
Time Charter Equivalent
|
||||||||||||||||
Capesize
|
$
|
15,424
|
$
|
19,233
|
$
|
16,954
|
$
|
23,457
|
||||||||
Ultramax
|
10,317
|
27,295
|
12,962
|
27,308
|
||||||||||||
Supramax
|
9,251
|
24,486
|
10,412
|
25,526
|
||||||||||||
Fleet average
|
12,082
|
23,624
|
13,855
|
25,425
|
||||||||||||
Daily vessel operating expenses
|
||||||||||||||||
Capesize
|
$
|
6,236
|
$
|
5,329
|
$
|
6,243
|
$
|
6,249
|
||||||||
Ultramax
|
5,576
|
5,294
|
5,437
|
5,707
|
||||||||||||
Supramax
|
6,603
|
5,887
|
6,305
|
8,017
|
||||||||||||
Fleet average
|
6,113
|
5,457
|
5,971
|
6,545
|
||||||||||||
|
1) |
EBITDA represents net (loss) income attributable to Genco Shipping & Trading Limited 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, charter hire expenses, and realized gain or losses on fuel hedges, 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 2023 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. When we compare our TCE to the Baltic Supramax Index (BSI) in this release, we adjust the BSI for
customary commissions.
|
Three Months Ended
September 30, 2023
|
Three Months Ended
September 30, 2022
|
Nine Months Ended
September 30, 2023
|
Nine Months Ended
September 30, 2022
|
|||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Voyage revenues (in thousands)
|
$
|
83,361
|
$
|
135,970
|
$
|
268,309
|
$
|
409,961
|
||||||||
Voyage expenses (in thousands)
|
34,256
|
39,496
|
100,522
|
110,420
|
||||||||||||
Charter hire expenses (in thousands)
|
2,026
|
6,952
|
6,731
|
19,633
|
||||||||||||
Realized gain on fuel hedges (in thousands)
|
164
|
326
|
245
|
1,622
|
||||||||||||
47,243
|
89,848
|
161,301
|
281,530
|
|||||||||||||
Total available days for owned fleet
|
3,910
|
3,803
|
11,642
|
11,073
|
||||||||||||
Total TCE rate
|
$
|
12,082
|
$
|
23,624
|
$
|
13,855
|
$
|
25,425
|
||||||||
|
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.
|