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
New York, NY
(Address of principal executive offices)
|
10171
(Zip code)
|
☐
|
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))
|
|
Emerging growth company
|
☐
|
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
|
99.1
|
Press Release dated February 21, 2024.
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
GENCO SHIPPING & TRADING LIMITED
|
|
|
DATE: February 21, 2024
|
|
|
|
|
|
/s/ Peter Allen
|
|
|
Peter Allen | |
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated February 21, 2024.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
• |
Dividend: Declared a $0.41 per share dividend for Q4 2023
|
|
o |
18th consecutive quarterly payout
|
|
o |
Cumulative dividends of $5.155 per share or 29% of our share price1
|
|
o |
Q4 2023 dividend is payable on or about March 13, 2024 to all shareholders of record as of March 6, 2024.
|
|
• |
Global refinancing: closed a $500 million revolving
credit facility providing additional capital allocation flexibility and improved terms compared to our previous facility
|
|
o |
100% revolver structure with increased 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%
|
|
• |
Fleet renewal: Acquired two 2016-built scrubber-fitted
Capesize vessels, the Genco Ranger and the Genco Reliance, for $86.1 million, in Q4 2023
|
|
o |
Agreed to sell three 2009-2010-built 169,000 dwt Capesize vessels
|
|
■ |
Saved nearly $10 million in 2024 drydocking capex for these vessels which had upcoming third special surveys due
|
|
• |
Financial performance: Net income of $4.9 million for Q4
2023, including a non-cash vessel impairment charge of $13.6 million, or basic and diluted earnings per share of $0.12 and $0.11, respectively
|
|
o |
Adjusted net income of $18.6 million or basic and diluted earnings per share of $0.43, excluding the non-cash vessel impairment charge of $13.6 million2
|
|
o |
Adjusted EBITDA of $37.1 million for Q4 2023 and $101.5 million for FY 20232
|
|
• |
Voyage revenues: Totaled $115.5 million in Q4 2023
|
|
o |
Net revenue2 was $70.6 million during Q4 2023
|
|
o |
Average daily fleet-wide TCE2 was $17,373 for Q4 2023
|
|
• |
Fleet-wide TCE for FY 2023: $14,766, which outperformed
our scrubber-adjusted internal benchmark by approximately $1,300 per day3
|
|
• |
Estimated TCE to date for Q1 2024: $18,724 for 81% of our
owned fleet available days, based on both period and current spot fixtures2
|
•
|
Dividends: paying sizeable
quarterly cash dividends to shareholders
|
|
• |
Deleveraging: through voluntary debt 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%4
|
|
• |
Strong liquidity position of $341.7 million at December 31, 2023, which consists of:
|
|
o |
$46.9 million of cash on the balance sheet
|
|
o |
$294.8 million of revolver availability
|
|
• |
High operating leverage with our scalable fleet across the major and minor bulk sectors
|
|
• |
Debt outstanding: $200.0 million as of December 31, 2023
|
|
o |
Drew down $65.0 million under our revolver in Q4 2023 to partially fund the acquisition of the Genco Ranger and the Genco Reliance
|
|
o |
Later in Q4, we paid down $9.8 million of debt as we actively manage our debt outstanding under our $500 million revolver to reduce interest expense
|
|
• |
We plan to continue to voluntarily pay down debt with a medium-term goal of zero net debt in order to enhance our ability to pay meaningful dividends and take advantage of strategic opportunities
throughout drybulk market cycles
|
|
• |
Genco Reliance: November 21, 2023
|
|
• |
Genco Ranger: November 27, 2023
|
|
• |
Genco Commodus: February 7, 2024
|
|
• |
Genco Claudius: February 2024 expected delivery
|
|
• |
Genco Maximus: March 2024 expected delivery
|
Dividend calculation
|
Q4 2023 actual
|
Q1 2024 estimates
|
||||||
Net revenue
|
$
|
70.62
|
Fixtures + market
|
|||||
Operating expenses
|
(33.33
|
)
|
(35.05
|
)
|
||||
Less: capex for dydocking/BWTS/ESDs
|
-
|
(4.76
|
)
|
|||||
Operating cash flow less DD capex
|
$
|
37.29
|
Sum of the above
|
|||||
Less: voluntary quarterly reserve
|
(19.50
|
)
|
(19.50
|
)
|
||||
Cash flow distributable as dividends
|
$
|
17.79
|
Sum of the above
|
|||||
Number of shares to be paid dividends
|
43.2
|
43.2
|
||||||
Dividend per share
|
$
|
0.41
|
|
• |
Vessel acquisitions
|
|
• |
Debt repayments, and
|
|
• |
General corporate purposes
|
|
• |
Short-term, spot market employment, and
|
|
• |
Opportunistically booking longer term coverage
|
Vessel Type
|
Fleet-wide
|
% Fixed
|
||||||
Capesize
|
$
|
23,504
|
76
|
%
|
||||
Ultra/Supra
|
$
|
15,798
|
84
|
%
|
||||
Total
|
$
|
18,724
|
81
|
%
|
Vessel
|
Type
|
DWT
|
Year Built
|
Rate
|
Duration
|
Min Expiration
|
|||||||
Genco Endeavour
|
Capesize
|
181,060
|
2015
|
BCI + 27% + scrubber
|
11-14 months
|
Apr-24
|
|||||||
Genco Resolute
|
Capesize
|
181,060
|
2015
|
BCI + 27% + scrubber
|
11-14 months
|
Apr-24
|
|||||||
Genco Defender
|
Capesize
|
180,021
|
2016
|
BCI + 25% + scrubber
|
11-14 months
|
Apr-24
|
|||||||
Genco Reliance
|
Capesize
|
181,146
|
2016
|
BCI + 28% + scrubber
|
10-12 months
|
Jan-25
|
|||||||
Genco Ranger
|
Capesize
|
180,882
|
2016
|
BCI + 28% + scrubber
|
11-14 months
|
Feb-25
|
|||||||
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 Languedoc
|
Supramax
|
58,018
|
2010
|
$
|
18,250
|
3-5 months
|
Mar-24
|
||||||
Genco Bourgogne
|
Supramax
|
58,018
|
2010
|
$
|
15,000
|
4-6 months
|
Mar-24
|
||||||
Baltic Wasp
|
Ultramax
|
63,389
|
2015
|
$
|
16,500
|
5-7 months
|
Apr-24
|
|
• |
16 Capesizes
|
|
• |
15 Ultramaxes
|
|
• |
12 Supramaxes
|
Estimated costs ($ in millions)
|
Q1 2024
|
Q2 2024
|
Q3 2024
|
Q4 2024
|
||||||||||||
Drydock Costs (1)
|
$
|
3.55
|
$
|
3.55
|
$
|
5.10
|
$
|
5.85
|
||||||||
Estimated BWTS Costs (2)
|
$
|
0.53
|
$
|
0.53
|
$
|
-
|
$
|
-
|
||||||||
Fuel Efficiency Upgrade Costs (3)
|
$
|
0.68
|
$
|
0.68
|
$
|
0.82
|
$
|
0.96
|
||||||||
Total Costs
|
$
|
4.76
|
$
|
4.76
|
$
|
5.92
|
$
|
6.81
|
||||||||
Estimated Offhire Days (4)
|
60
|
60
|
80
|
90
|
Three Months Ended
December 31, 2023
|
Three Months Ended
December 31, 2022
|
Twelve Months Ended
December 31, 2023
|
Twelve Months Ended
December 31, 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
|
$
|
115,516
|
$
|
126,973
|
$
|
383,825
|
$
|
536,934
|
|||||||||
Total revenues
|
115,516
|
126,973
|
383,825
|
536,934
|
|||||||||||||
Operating expenses:
|
|||||||||||||||||
Voyage expenses
|
42,450
|
43,470
|
142,971
|
153,889
|
|||||||||||||
Vessel operating expenses
|
25,368
|
20,902
|
97,093
|
99,469
|
|||||||||||||
Charter hire expenses
|
2,404
|
7,497
|
9,135
|
27,130
|
|||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $1.4 million, $0.9 million, $5.5 million and $3.2 million, respectively)
|
7,001
|
7,372
|
28,268
|
25,708
|
|||||||||||||
Technical management fees
|
937
|
932
|
4,021
|
3,310
|
|||||||||||||
Depreciation and amortization
|
16,703
|
16,028
|
66,465
|
60,190
|
|||||||||||||
Impairment of vessel assets
|
13,617
|
-
|
41,719
|
-
|
|||||||||||||
Total operating expenses
|
108,480
|
96,201
|
389,672
|
369,696
|
|||||||||||||
Operating income (loss)
|
7,036
|
30,772
|
(5,847
|
)
|
167,238
|
||||||||||||
Other (expense) income:
|
|||||||||||||||||
Other (expense) income
|
(98
|
)
|
(439
|
)
|
(396
|
)
|
178
|
||||||||||
Interest income
|
790
|
666
|
2,667
|
1,042
|
|||||||||||||
Interest expense
|
(2,622
|
)
|
(2,171
|
)
|
(8,780
|
)
|
(9,094
|
)
|
|||||||||
Other expense, net
|
(1,930
|
)
|
(1,944
|
)
|
(6,509
|
)
|
(7,874
|
)
|
|||||||||
Net income (loss)
|
$
|
5,106
|
$
|
28,828
|
$
|
(12,356
|
)
|
$
|
159,364
|
||||||||
Less: Net income attributable to noncontrolling interest
|
169
|
149
|
514
|
$
|
788
|
||||||||||||
Net income (loss) attributable to Genco Shipping & Trading Limited
|
$
|
4,937
|
$
|
28,679
|
$
|
(12,870
|
)
|
$
|
158,576
|
||||||||
Net earnings (loss) per share - basic
|
$
|
0.12
|
$
|
0.67
|
$
|
(0.30
|
)
|
$
|
3.74
|
||||||||
Net earnings (loss) per share - diluted
|
$
|
0.11
|
$
|
0.67
|
$
|
(0.30
|
)
|
$
|
3.70
|
||||||||
Weighted average common shares outstanding - basic
|
42,827,334
|
42,563,836
|
42,766,262
|
42,412,722
|
|||||||||||||
Weighted average common shares outstanding - diluted
|
43,290,851
|
42,916,252
|
42,766,262
|
42,915,496
|
|||||||||||||
December 31, 2023
|
December 31, 2022
|
||||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
||||||||
Assets
|
|||||||||
Current assets:
|
|||||||||
Cash and cash equivalents
|
$
|
46,542
|
$
|
58,142
|
|||||
Restricted cash
|
-
|
5,643
|
|||||||
Due from charterers, net
|
17,815
|
25,333
|
|||||||
Prepaid expenses and other current assets
|
10,154
|
8,399
|
|||||||
Inventories
|
26,749
|
21,601
|
|||||||
Fair value of derivative instruments
|
572
|
6,312
|
|||||||
Vessels held for sale
|
55,440
|
-
|
|||||||
Total current assets
|
157,272
|
125,430
|
|||||||
Noncurrent assets:
|
|||||||||
Vessels, net of accumulated depreciation of $296,452 and $303,098, respectively
|
945,114
|
1,002,810
|
|||||||
Deferred drydock, net
|
29,502
|
32,254
|
|||||||
Fixed assets, net
|
7,071
|
8,556
|
|||||||
Operating lease right-of-use assets
|
2,628
|
4,078
|
|||||||
Restricted cash
|
315
|
315
|
|||||||
Fair value of derivative instruments
|
-
|
423
|
|||||||
Total noncurrent assets
|
984,630
|
1,048,436
|
|||||||
Total assets
|
$
|
1,141,902
|
$
|
1,173,866
|
|||||
Liabilities and Equity
|
|||||||||
Current liabilities:
|
|||||||||
Accounts payable and accrued expenses
|
$
|
24,245
|
$
|
29,475
|
|||||
Deferred revenue
|
8,746
|
4,958
|
|||||||
Current operating lease liabilities
|
2,295
|
2,107
|
|||||||
Total current liabilities
|
35,286
|
36,540
|
|||||||
Noncurrent liabilities
|
|||||||||
Long-term operating lease liabilities
|
1,801
|
4,096
|
|||||||
Long-term debt, net of deferred financing costs of $9,831 and $6,079, respectively
|
190,169
|
164,921
|
|||||||
Total noncurrent liabilities
|
191,970
|
169,017
|
|||||||
Total liabilities
|
227,256
|
205,557
|
|||||||
Commitments and contingencies
|
|||||||||
Equity:
|
|||||||||
Common stock
|
425
|
423
|
|||||||
Additional paid-in capital
|
1,553,421
|
1,588,777
|
|||||||
Accumulated other comprehensive income
|
527
|
6,480
|
|||||||
Accumulated deficit
|
(641,117
|
)
|
(628,247
|
)
|
|||||
Total Genco Shipping & Trading Limited shareholders’ equity
|
913,256
|
967,433
|
|||||||
Noncontrolling interest
|
1,390
|
876
|
|||||||
Total equity
|
914,646
|
968,309
|
|||||||
Total liabilities and equity
|
$
|
1,141,902
|
$
|
1,173,866
|
|||||
Twelve Months Ended
December 31, 2023
|
Twelve Months Ended
December 31, 2022
|
||||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
||||||||
Cash flows from operating activities
|
|||||||||
Net (loss) income
|
$
|
(12,356
|
)
|
$
|
159,364
|
||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|||||||||
Depreciation and amortization
|
66,465
|
60,190
|
|||||||
Amortization of deferred financing costs
|
1,779
|
1,694
|
|||||||
Right-of-use asset amortization
|
1,450
|
1,417
|
|||||||
Amortization of nonvested stock compensation expense
|
5,530
|
3,242
|
|||||||
Impairment of vessel assets
|
41,719
|
-
|
|||||||
Amortization of premium on derivatives
|
210
|
86
|
|||||||
Insurance proceeds for protection and indemnity claims
|
269
|
829
|
|||||||
Insurance proceeds for loss of hire claims
|
506
|
-
|
|||||||
Change in assets and liabilities:
|
|||||||||
Decrease (increase) in due from charterers
|
7,518
|
(5,217
|
)
|
||||||
Increase in prepaid expenses and other current assets
|
(4,767
|
)
|
(317
|
)
|
|||||
(Increase) decrease in inventories
|
(5,148
|
)
|
2,962
|
||||||
Decrease in accounts payable and accrued expenses
|
(2,205
|
)
|
(2,134
|
)
|
|||||
Increase (decrease) in deferred revenue
|
3,788
|
(5,123
|
)
|
||||||
Decrease in operating lease liabilities
|
(2,107
|
)
|
(1,858
|
)
|
|||||
Deferred drydock costs incurred
|
(10,867
|
)
|
(25,812
|
)
|
|||||
Net cash provided by operating activities
|
91,784
|
189,323
|
|||||||
Cash flows from investing activities
|
|||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(91,305
|
) |
(52,473
|
) |
|||||
Purchase of other fixed assets
|
(2,707
|
)
|
(3,566
|
)
|
|||||
Insurance proceeds for hull and machinery claims
|
2,388
|
1,024
|
|||||||
Net cash used in investing activities
|
(91,624
|
)
|
(55,015
|
)
|
|||||
Cash flows from financing activities
|
|||||||||
Proceeds from the $500 Million Revolver
|
209,750
|
-
|
|||||||
Repayments from the $500 Million Revolver
|
(9,750
|
)
|
-
|
||||||
Proceeds from the $450 Million Credit Facility
|
65,000
|
-
|
|||||||
Repayments on the $450 Million Credit Facility
|
(236,000
|
)
|
(75,000
|
)
|
|||||
Cash dividends paid
|
(40,910
|
)
|
(115,728
|
)
|
|||||
Payment of deferred financing costs
|
(5,493
|
)
|
(11
|
)
|
|||||
Net cash used in financing activities
|
(17,403
|
)
|
(190,739
|
)
|
|||||
Net decrease in cash, cash equivalents and restricted cash
|
(17,243
|
)
|
(56,431
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
64,100
|
120,531
|
|||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
46,857
|
$
|
64,100
|
|||||
Three Months Ended
December 31, 2023
|
||||
Net Income Reconciliation
|
(unaudited)
|
|||
Net income attributable to Genco Shipping & Trading Limited
|
$
|
4,937
|
||
+ Impairment of vessel assets
|
13,617
|
|||
+ Unrealized loss on fuel hedges
|
1
|
|||
Adjusted net income
|
$
|
18,555
|
||
Adjusted income per share - basic
|
$
|
0.43
|
||
Adjusted income per share - diluted
|
$
|
0.43
|
||
|
||||
Weighted average common shares outstanding - basic
|
42,827,334
|
|||
Weighted average common shares outstanding - diluted
|
43,290,851
|
|||
|
||||
Weighted average common shares outstanding - basic as per financial statements
|
42,827,334
|
|||
Dilutive effect of stock options
|
166,289
|
|||
Dilutive effect of performance based restricted stock units
|
55,353
|
|||
Dilutive effect of restricted stock units
|
241,876
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
43,290,851
|
|||
|
Three Months Ended
December 31, 2023
|
Three Months Ended
December 31, 2022
|
Twelve Months Ended
December 31, 2023
|
Twelve Months Ended
December 31, 2022
|
|||||||||||||
|
(Dollars in thousands)
|
(Dollars in thousands)
|
|||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net income (loss) attributable to Genco Shipping & Trading Limited
|
$
|
4,937
|
$
|
28,679
|
$
|
(12,870
|
)
|
$
|
158,576
|
||||||||
+ Net interest expense
|
1,832
|
1,505
|
6,113
|
8,052
|
|||||||||||||
+ Depreciation and amortization
|
16,703
|
16,028
|
66,465
|
60,190
|
|||||||||||||
EBITDA(1)
|
$
|
23,472
|
$
|
46,212
|
$
|
59,708
|
$
|
226,818
|
|||||||||
|
|||||||||||||||||
+ Impairment of vessel assets
|
13,617
|
-
|
41,719
|
-
|
|||||||||||||
+ Unrealized loss (gain) on fuel hedges
|
1
|
(115
|
)
|
96
|
(4
|
)
|
|||||||||||
Adjusted EBITDA
|
$
|
37,090
|
$
|
46,097
|
$
|
101,523
|
$
|
226,814
|
|||||||||
|
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31, 2023
|
December 31, 2022
|
December 31, 2023
|
December 31, 2022
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Total number of vessels at end of period
|
46
|
44
|
46
|
44
|
|||||||||||||
Average number of vessels (2)
|
44.8
|
44.0
|
44.2
|
44.0
|
|||||||||||||
Total ownership days for fleet (3)
|
4,123
|
4,048
|
16,135
|
16,050
|
|||||||||||||
Total chartered-in days (4)
|
105
|
303
|
556
|
1,062
|
|||||||||||||
Total available days for fleet (5)
|
4,169
|
4,235
|
16,263
|
16,070
|
|||||||||||||
Total available days for owned fleet (6)
|
4,065
|
3,932
|
15,706
|
15,008
|
|||||||||||||
Total operating days for fleet (7)
|
4,108
|
4,139
|
16,001
|
15,741
|
|||||||||||||
Fleet utilization (8)
|
97.2
|
%
|
97.3
|
%
|
97.3
|
%
|
96.5
|
%
|
|||||||||
|
|||||||||||||||||
AVERAGE DAILY RESULTS:
|
|||||||||||||||||
Time charter equivalent (9)
|
$
|
17,373
|
$
|
19,330
|
$
|
14,766
|
$
|
23,824
|
|||||||||
Daily vessel operating expenses per vessel (10)
|
6,153
|
5,164
|
6,017
|
6,197
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||||
December 31, 2023
|
December 31, 2022
|
December 31, 2023
|
December 31, 2022
|
||||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Ownership days
|
|||||||||||||||||
Capesize
|
1,639.2
|
1,564.0
|
6,280.2
|
6,205.0
|
|||||||||||||
Ultramax
|
1,380.0
|
1,380.0
|
5,475.0
|
5,464.9
|
|||||||||||||
Supramax
|
1,104.0
|
1,104.0
|
4,380.0
|
4,380.0
|
|||||||||||||
Total
|
4,123.2
|
4,048.0
|
16,135.2
|
16,049.9
|
|||||||||||||
Chartered-in days
|
|||||||||||||||||
Capesize
|
-
|
-
|
-
|
-
|
|||||||||||||
Ultramax
|
104.5
|
172.3
|
435.4
|
476.8
|
|||||||||||||
Supramax
|
-
|
130.7
|
120.9
|
584.9
|
|||||||||||||
Total
|
104.5
|
303.0
|
556.3
|
1,061.8
|
|||||||||||||
Available days (owned & chartered-in fleet)
|
|||||||||||||||||
Capesize
|
1,596.3
|
1,493.3
|
6,138.2
|
5,458.2
|
|||||||||||||
Ultramax
|
1,480.0
|
1,518.2
|
5,880.0
|
5,793.5
|
|||||||||||||
Supramax
|
1,093.1
|
1,223.8
|
4,244.5
|
4,817.8
|
|||||||||||||
Total
|
4,169.4
|
4,235.4
|
16,262.7
|
16,069.5
|
|||||||||||||
Available days (owned fleet)
|
|||||||||||||||||
Capesize
|
1,596.3
|
1,493.3
|
6,138.2
|
5,458.2
|
|||||||||||||
Ultramax
|
1,375.5
|
1,346.0
|
5,444.6
|
5,316.7
|
|||||||||||||
Supramax
|
1,093.1
|
1,093.1
|
4,123.6
|
4,232.9
|
|||||||||||||
Total
|
4,064.8
|
3,932.4
|
15,706.4
|
15,007.8
|
|||||||||||||
Operating days
|
|||||||||||||||||
Capesize
|
1,578.0
|
1,454.2
|
6,088.6
|
5,329.2
|
|||||||||||||
Ultramax
|
1,465.5
|
1,498.3
|
5,745.4
|
5,730.0
|
|||||||||||||
Supramax
|
1,064.3
|
1,186.0
|
4,167.4
|
4,681.6
|
|||||||||||||
Total
|
4,107.8
|
4,138.5
|
16,001.4
|
15,740.8
|
|||||||||||||
Fleet utilization
|
|||||||||||||||||
Capesize
|
96.3
|
%
|
97.0
|
%
|
98.1
|
%
|
96.8
|
%
|
|||||||||
Ultramax
|
98.7
|
%
|
98.5
|
%
|
97.2
|
%
|
97.7
|
%
|
|||||||||
Supramax
|
96.4
|
%
|
96.1
|
%
|
96.1
|
%
|
94.7
|
%
|
|||||||||
Fleet average
|
97.2
|
%
|
97.3
|
%
|
97.3
|
%
|
96.5
|
%
|
|||||||||
Average Daily Results:
|
|||||||||||||||||
Time Charter Equivalent
|
|||||||||||||||||
Capesize
|
$
|
22,052
|
$
|
19,928
|
$
|
18,280
|
$
|
22,492
|
|||||||||
Ultramax
|
16,193
|
21,980
|
13,780
|
25,945
|
|||||||||||||
Supramax
|
12,026
|
15,245
|
10,840
|
22,873
|
|||||||||||||
Fleet average
|
17,373
|
19,330
|
14,766
|
23,824
|
|||||||||||||
Daily vessel operating expenses
|
|||||||||||||||||
Capesize
|
$
|
6,344
|
$
|
5,354
|
$
|
6,270
|
$
|
6,023
|
|||||||||
Ultramax
|
5,484
|
4,682
|
5,449
|
5,450
|
|||||||||||||
Supramax
|
6,703
|
5,495
|
6,405
|
7,382
|
|||||||||||||
Fleet average
|
6,153
|
5,164
|
6,017
|
6,197
|
|||||||||||||
|
1) |
EBITDA represents net income (loss) 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 first quarter of 2024 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 first 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
December 31, 2023
|
Three Months Ended
December 31, 2022
|
Twelve Months Ended
December 31, 2023
|
Twelve Months Ended
December 31, 2022
|
||||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Voyage revenues (in thousands)
|
$
|
115,516
|
$
|
126,973
|
$
|
383,825
|
$
|
536,934
|
|||||||||
Voyage expenses (in thousands)
|
42,450
|
43,470
|
142,971
|
153,889
|
|||||||||||||
Charter hire expenses (in thousands)
|
2,404
|
7,497
|
9,135
|
27,130
|
|||||||||||||
Realized (loss) gain on fuel hedges (in thousands)
|
(43
|
)
|
9
|
202
|
1,631
|
||||||||||||
70,619
|
76,015
|
231,921
|
357,546
|
||||||||||||||
Total available days for owned fleet
|
4,065
|
3,932
|
15,706
|
15,008
|
|||||||||||||
Total TCE rate
|
$
|
17,373
|
$
|
19,330
|
$
|
14,766
|
$
|
23,824
|
|||||||||
|
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.
|