EX-12.1 7 kl08083_ex12-1.htm EXHIBIT 12.1 RATIO OF EARNINGS kl08083_ex12-1.htm

Exhibit 12.1
 
 
 
GENCO SHIPPING & TRADING LIMITED
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands of dollars, except ratios)

   
Six Months
Ended
June 30,
      
Year Ended
December 31,
      
For the Period
September 27,
through
December 31,
  
   
2007
      
2006
    
2005
      
2004
  
                             
Earnings:
                            
Net Income
   $
33,558
       $
63,522
     $
54,482
       $
907
  
Add:
                                    
Interest Expense
    
7,298
        
9,694
      
10,737
        
242
  
Amortization of deferred financing costs
    
272
  
(A)
    
341
      
4,611
  
(B)
    
-
  
                                     
Earnings
   $
41,128
       $
73,557
     $
69,830
       $
1,149
  
                                     
Fixed Charges:
                                    
Interest expense
   $
7,298
       $
9,694
     $
10,737
       $
242
  
Amortization of deferred financing costs
    
272
  
(A)
    
341
      
4,611
  
(B)
    
-
  
                                     
Total fixed charges
   $
7,570
       $
10,035
     $
15,348
       $
242
  
                                     
Ratio of earnings to fixed charges
    
5.43x
        
7.33x
      
4.55x
        
4.75x
  
 

 
(A)
The Company refinanced its credit facilities on July 20, 2007, and this resulted in the write-off of unamortized deferred financing costs of $3,568 in the third quarter of 2007.  The write-off is not included in the calculation.
 
(B)
The Company refinanced its credit facility on July 29, 2005, which resulted in the write-off of unamortized deferred financing costs associated with the prior facility.