Republic of the Marshall Islands
|
001-33393
|
98-043-9758
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
299 Park Avenue
12th Floor
(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)) |
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated November 5, 2015.
|
GENCO SHIPPING & TRADING LIMITED
|
|
DATE: November 5, 2015
|
|
/s/ Apostolos Zafolias
|
|
Apostolos Zafolias
|
|
Chief Financial Officer
|
· | Recorded a net loss attributable to Genco Shipping & Trading Limited of $66.6 million for the third quarter of 2015 |
o | Basic and diluted loss per share of $0.95; |
o | Basic and diluted loss of $27.2 million or $0.39 per share, excluding the $32.5 million impairment of our holdings in Jinhui Shipping & Transportation Limited (“Jinhui”) and merger related expenses of $6.9 million; |
· | Entered into a new loan facility with a term of approximately five years, under which the Company expects to complete the funding of approximately $98 million on November 10, 2015; |
· | Completed the merger with Baltic Trading Limited (“Baltic Trading”) on July 17, 2015 under which Genco acquired Baltic Trading in a stock-for-stock transaction |
o | Commenced trading on the NYSE under symbol GNK on July 20, 2015; |
· | Completed amendments for each of Baltic Trading’s facilities on July 14, 2015 |
o | Obtained consent for the merger and relief under certain covenants; |
· | Took delivery of the Baltic Scorpion, a newbuilding Ultramax vessel, on August 6, 2015; |
o | Reached an agreement to charter the vessel at a rate based on 115.5% of the Baltic Supramax Index for 14 to 18.5 months; |
· | Took delivery of the Baltic Mantis, the final newbuilding Ultramax vessel to be delivered to the Company under Baltic Trading’s previously announced agreements with Yangfan Group Co., Ltd., on October 9, 2015; |
o | Reached an agreement to charter the vessel at a rate based on 115% of the Baltic Supramax Index for 14 to 18.5 months. |
Q4 2015
|
2016 | |||||
Estimated Costs (1)
|
$4.5 million
|
$10.1 million
|
||||
Estimated Offhire Days (2)
|
100
|
310
|
Successor
|
Predecessor
|
Successor
|
Predecessor
|
||||||||||||||||||||||
Three Months Ended September 30, 2015
|
Period From July 9 to September 30, 2014
|
Period From July 1 to July 9, 2014 (restated)
|
Nine Months Ended September 30, 2015
|
Period From July 9 to September 30, 2014
|
Period From January 1 to July 9, 2014 (restated)
|
||||||||||||||||||||
(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
|
$
|
49,167
|
$
|
43,943
|
$
|
4,034
|
$
|
116,548
|
$
|
43,943
|
$
|
118,759
|
|||||||||||||
Service revenues
|
828
|
756
|
72
|
2,457
|
756
|
1,701
|
|||||||||||||||||||
Total revenues
|
49,995
|
44,699
|
4,106
|
119,005
|
44,699
|
120,460
|
|||||||||||||||||||
Operating expenses:
|
|||||||||||||||||||||||||
Voyage expenses
|
6,638
|
2,335
|
200
|
14,775
|
2,335
|
4,140
|
|||||||||||||||||||
Vessel operating expenses
|
31,544
|
27,248
|
2,902
|
90,143
|
27,248
|
64,670
|
|||||||||||||||||||
General, administrative and management fees
|
26,983
|
15,492
|
6,147
|
73,798
|
15,492
|
31,371
|
|||||||||||||||||||
Depreciation and amortization
|
20,124
|
17,356
|
3,213
|
58,933
|
17,356
|
75,952
|
|||||||||||||||||||
Other operating income
|
-
|
(296
|
)
|
-
|
-
|
(296
|
)
|
-
|
|||||||||||||||||
Impairment of vessel assets
|
-
|
-
|
-
|
35,396
|
-
|
-
|
|||||||||||||||||||
Loss on sale of vessels
|
-
|
-
|
-
|
1,210
|
-
|
-
|
|||||||||||||||||||
Total operating expenses
|
85,289
|
62,135
|
12,462
|
274,255
|
62,135
|
176,133
|
|||||||||||||||||||
Operating loss
|
(35,294
|
)
|
(17,436
|
)
|
(8,356
|
)
|
(155,250
|
)
|
(17,436
|
)
|
(55,673
|
)
|
|||||||||||||
Other (expense) income:
|
|||||||||||||||||||||||||
Impairment of investment
|
(32,536
|
)
|
-
|
-
|
(32,536
|
)
|
-
|
-
|
|||||||||||||||||
Other (expense) income
|
(653
|
)
|
7
|
1
|
(707
|
)
|
7
|
(106
|
)
|
||||||||||||||||
Interest income
|
22
|
19
|
-
|
71
|
19
|
45
|
|||||||||||||||||||
Interest expense
|
(4,876
|
)
|
(3,592
|
)
|
(1,529
|
)
|
(13,887
|
)
|
(3,592
|
)
|
(41,061
|
)
|
|||||||||||||
Other expense
|
(38,043
|
)
|
(3,566
|
)
|
(1,528
|
)
|
(47,059
|
)
|
(3,566
|
)
|
(41,122
|
)
|
|||||||||||||
Loss before reorganization items, net
|
(73,337
|
)
|
(21,002
|
)
|
(9,884
|
)
|
(202,309
|
)
|
(21,002
|
)
|
(96,795
|
)
|
|||||||||||||
Reorganization items, net
|
(174
|
)
|
(1,167
|
)
|
(895,534
|
)
|
(1,006
|
)
|
(1,167
|
)
|
(915,640
|
)
|
|||||||||||||
Loss before income taxes
|
(73,511
|
)
|
(22,169
|
)
|
(905,418
|
)
|
(203,315
|
)
|
(22,169
|
)
|
(1,012,435
|
)
|
|||||||||||||
Income tax expense
|
(292
|
)
|
(393
|
)
|
(38
|
)
|
(1,553
|
)
|
(393
|
)
|
(815
|
)
|
|||||||||||||
Net loss
|
(73,803
|
)
|
(22,562
|
)
|
(905,456
|
)
|
(204,868
|
)
|
(22,562
|
)
|
(1,013,250
|
)
|
|||||||||||||
Less: Net loss attributable to noncontrolling interest
|
(7,178
|
)
|
(4,272
|
)
|
(53,935
|
)
|
(59,471
|
)
|
(4,272
|
)
|
(62,101
|
)
|
|||||||||||||
Net loss attributable to Genco Shipping & Trading Limited
|
$
|
(66,625
|
)
|
$
|
(18,290
|
)
|
$
|
(851,521
|
)
|
$
|
(145,397
|
)
|
$
|
(18,290
|
)
|
$
|
(951,149
|
)
|
|||||||
Net loss per share - basic
|
$
|
(0.95
|
)
|
$
|
(0.30
|
)
|
$
|
(19.54
|
)
|
$
|
(2.29
|
)
|
$
|
(0.30
|
)
|
$
|
(21.83
|
)
|
|||||||
Net loss per share - diluted(1)
|
$
|
(0.95
|
)
|
$
|
(0.30
|
)
|
$
|
(19.54
|
)
|
$
|
(2.29
|
)
|
$
|
(0.30
|
)
|
$
|
(21.83
|
)
|
|||||||
Weighted average common shares outstanding - basic
|
69,824,338
|
60,299,766
|
43,568,942
|
63,615,181
|
60,299,766
|
43,568,942
|
|||||||||||||||||||
Weighted average common shares outstanding - diluted(1)
|
69,824,338
|
60,299,766
|
43,568,942
|
63,615,181
|
60,299,766
|
43,568,942
|
|||||||||||||||||||
September 30, 2015
|
December 31, 2014
|
|||||||
BALANCE SHEET DATA:
|
(unaudited)
|
|||||||
Cash (including restricted cash)
|
$
|
54,543
|
$
|
113,109
|
||||
Current assets
|
90,872
|
130,326
|
||||||
Total assets
|
1,648,217
|
1,752,913
|
||||||
Current liabilities
|
79,157
|
63,938
|
||||||
Total long-term debt (including current portion)
|
462,278
|
430,135
|
||||||
Shareholders' equity (including $0 and $248.6 million of non-controlling interest at September 30, 2015 and December 31, 2014, respectively)
|
1,150,055
|
1,292,774
|
||||||
Successor
|
Predecessor
|
|||||||||||
Nine Months Ended September 30, 2015
|
Period From July 9 to September 30, 2014
|
Period From January 1 to July 9, 2014 (restated)
|
||||||||||
(unaudited)
|
||||||||||||
Net cash used in operating activities
|
$
|
(39,393
|
)
|
$
|
(24,290
|
)
|
$
|
(33,317
|
)
|
|||
Net cash used in investing activities
|
(26,397
|
)
|
(823
|
)
|
(30,535
|
)
|
||||||
Net cash provided by (used in) financing activities
|
26,854
|
(4,344
|
)
|
77,207
|
||||||||
1) | The convertible notes were anti-dilutive for the Predecessor Company for the period from July 1 to July 9, 2014 and January 1 to July 9, 2014. |
Successor
|
Predecessor
|
Successor
|
Predecessor
|
||||||||||||||||||||||
Three Months Ended September 30, 2015
|
Period From July 9 to September 30, 2014
|
Period From July 1 to July 9, 2014 (restated)
|
Nine Months Ended September 30, 2015
|
Period From July 9 to September 30, 2014
|
Period From January 1 to July 9, 2014 (restated)
|
||||||||||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
||||||||||||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
Net Loss attributable to Genco Shipping & Trading Limited
|
$
|
(66,625
|
)
|
$
|
(18,290
|
)
|
$
|
(851,521
|
)
|
$
|
(145,397
|
)
|
$
|
(18,290
|
)
|
$
|
(951,149
|
)
|
|||||||
+ Net interest expense
|
4,854
|
3,573
|
1,529
|
13,816
|
3,573
|
41,016
|
|||||||||||||||||||
+ Income tax expense
|
292
|
393
|
38
|
1,553
|
393
|
815
|
|||||||||||||||||||
+ Depreciation and amortization
|
20,124
|
17,356
|
3,213
|
58,933
|
17,356
|
75,952
|
|||||||||||||||||||
EBITDA(1)
|
$
|
(41,355
|
)
|
$
|
3,032
|
$
|
(846,741
|
)
|
$
|
(71,095
|
)
|
$
|
3,032
|
$
|
(833,366
|
)
|
|||||||||
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
September 30, 2015
|
September 30, 2014
|
September 30, 2015
|
September 30, 2014
|
||||||||||||||||
GENCO CONSOLIDATED FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||
Total number of vessels at end of period
|
69
|
66
|
69
|
66
|
|||||||||||||||
Average number of vessels (2)
|
68.6
|
66.0
|
68.2
|
66.0
|
|||||||||||||||
Total ownership days for fleet (3)
|
6,312
|
6,072
|
18,619
|
18,018
|
|||||||||||||||
Total available days for fleet (4)
|
6,068
|
5,904
|
17,866
|
17,461
|
|||||||||||||||
Total operating days for fleet (5)
|
6,000
|
5,840
|
17,629
|
17,205
|
|||||||||||||||
Fleet utilization (6)
|
98.9%
|
|
98.9%
|
|
98.7%
|
|
98.5%
|
|
|||||||||||
AVERAGE DAILY RESULTS:
|
|||||||||||||||||||
Time charter equivalent (7)
|
$
|
7,009
|
$
|
7,696
|
$
|
5,696
|
$
|
8,947
|
|||||||||||
Daily vessel operating expenses per vessel (8)
|
4,997
|
4,965
|
4,841
|
5,101
|
Vessel
|
Year
Built
|
Charterer
|
Charter Expiration(1)
|
Cash Daily Rate(2)
|
Capesize Vessels
|
||||
Genco Augustus
|
2007
|
Swissmarine Asia Pte. Ltd.
|
March 2016
|
102% of BCI
|
Genco Tiberius
|
2007
|
Cargill International S.A.
|
December 2015
|
102% of BCI
|
Genco London
|
2007
|
Cargill International S.A.
|
December 2015
|
102.5% of BCI
|
Genco Titus
|
2007
|
Swissmarine Services S.A.
|
June 2016
|
104.5% of BCI
|
Genco Constantine
|
2008
|
Cargill International S.A.
|
December 2015
|
102% of BCI
|
Genco Hadrian
|
2008
|
Swissmarine Services S.A.
|
November 2016
|
98.5% of BCI(3)
|
Genco Commodus
|
2009
|
Swissmarine Asia Pte. Ltd.
|
March 2016
|
98.5% of BCI
|
Genco Maximus
|
2009
|
Swissmarine Services S.A.
|
February 2016
|
98.5% of BCI
|
Genco Claudius
|
2010
|
Swissmarine Services S.A.
|
December 2015
|
99% of BCI
|
Genco Tiger
|
2011
|
Swissmarine Services S.A.
|
December 2015
|
103% of BCI
|
Baltic Lion
|
2012
|
Swissmarine Services S.A.
|
December 2015
|
103% of BCI
|
Baltic Bear
|
2010
|
Swissmarine Services S.A.
|
April 2016
|
102.5% of BCI
|
Baltic Wolf
|
2010
|
Swissmarine Services S.A.
|
December 2015
|
101.5% of BCI
|
Panamax Vessels
|
||||
Genco Beauty
|
1999
|
Navig8 Inc.
|
September 2016
|
94.75% of BPI
|
Genco Knight
|
1999
|
Swissmarine Services S.A.
|
March 2016
|
95% of BPI
|
Genco Leader
|
1999
|
Navig8 Pan8 Pool Inc.
|
February 2016
|
Spot Pool(4)
|
Genco Vigour
|
1999
|
Swissmarine Services S.A.
|
February 2016
|
95% of BPI
|
Genco Acheron
|
1999
|
D/S Norden A/S
|
December 2015
|
$12,250(5)
|
Genco Surprise
|
1998
|
Swissmarine Services S.A.
|
January 2016
|
96% of BPI
|
Genco Raptor
|
2007
|
GMI Panamax Pool Ltd.
|
June 2016
|
100% of BPI
|
Genco Thunder
|
2007
|
Swissmarine Services S.A.
|
August 2016
|
100% of BPI
|
Ultramax Vessels
|
||||
Baltic Hornet
|
2014
|
Swissmarine Asia Pte. Ltd.
|
February 2017
|
115.5% of BSI(6)
|
Baltic Wasp
|
2015
|
Pioneer Navigation Ltd.
|
December 2015
|
115% of BSI
|
Baltic Scorpion
|
2015
|
Swissmarine Asia Pte. Ltd.
|
October 2016
|
115.5% of BSI
|
Baltic Mantis
|
2015
|
Pioneer Navigation Ltd.
|
December 2016
|
115% of BSI(7)
|
Supramax Vessels
|
||||
Genco Predator
|
2005
|
Cargill Ocean Transportation (Singapore) Pte. Ltd.
|
November 2015
|
$5,000(8)
|
Genco Warrior
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
June 2016
|
98.5% of BSI(9)
|
Genco Hunter
|
2007
|
Pioneer Navigation Ltd.
|
December 2015
|
106.5% of BSI
|
Genco Cavalier
|
2007
|
DHL Project and Chartering (China) Ltd.
|
November 2015
|
$6,150(10)
|
Genco Lorraine
|
2009
|
Chun An Chartering Co., Ltd.
|
November 2015
|
$4,850(11)
|
Genco Loire
|
2009
|
Bulkhandling Handymax A/S
|
February 2016
|
Spot Pool(12)
|
Genco Aquitaine
|
2009
|
Bulkhandling Handymax A/S
|
February 2016
|
Spot Pool(12)
|
Genco Ardennes
|
2009
|
Fednav International Ltd.
|
December 2015
|
$10,000(13)
|
Genco Auvergne
|
2009
|
Pioneer Navigation Ltd.
|
December 2015
|
100% of BSI
|
Genco Bourgogne
|
2010
|
Clipper Sapphire Pool
|
May 2016
|
Spot Pool(14)
|
Genco Brittany
|
2010
|
Clipper Sapphire Pool
|
May 2016
|
Spot Pool(14)
|
Genco Languedoc
|
2010
|
Clipper Sapphire Pool
|
May 2016
|
Spot Pool(14)
|
Genco Normandy
|
2007
|
Medi Supra Pool Management Ltd.
|
November 2015
|
$4,600(15)
|
Genco Picardy
|
2005
|
Ultrabulk A/S
|
November 2015
|
$5,000(16)
|
Genco Provence
|
2004
|
Pioneer Navigation Ltd.
|
August 2016
|
100% of BSI(17)
|
Genco Pyrenees
|
2010
|
Clipper Sapphire Pool
|
May 2016
|
Spot Pool(14)
|
Genco Rhone
|
2011
|
Pioneer Navigation Ltd.
|
December 2016
|
100% of BSI(18)
|
Baltic Leopard
|
2009
|
Dragon Carriers Ltd.
|
December 2015
|
$4,000(19)
|
Baltic Panther
|
2009
|
Bulkhandling Handymax A/S
|
February 2016
|
Spot Pool(12)
|
Baltic Jaguar
|
2009
|
Centurion Bulk Pte. Ltd., Singapore
|
November 2015
|
$3,650(20)
|
Baltic Cougar
|
2009
|
Bulkhandling Handymax A/S
|
February 2016
|
Spot Pool(12)
|
Handymax Vessels
|
||||
Genco Success
|
1997
|
Centurion Bulk Pte. Ltd., Singapore
|
November 2015
|
$3,135(21)
|
Genco Carrier
|
1998
|
Thoresen Shipping Singapore Pte. Ltd.
|
December 2015
|
$4,500(22)
|
Genco Prosperity
|
1997
|
Centurion Bulk Pte. Ltd., Singapore
|
December 2015
|
89% of BSI
|
Genco Wisdom
|
1997
|
ED & F MAN Shipping Ltd.
|
February 2016
|
89% of BSI
|
Genco Marine
|
1996
|
TST NV, Nevis
|
February 2016
|
87% of BSI
|
Genco Muse
|
2001
|
Centurion Bulk Pte. Ltd., Singapore
|
November 2015
|
$4,250(23)
|
Handysize Vessels
|
||||
Genco Sugar
|
1998
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Pioneer
|
1999
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Progress
|
1999
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Explorer
|
1999
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Reliance
|
1999
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Baltic Hare
|
2009
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Baltic Fox
|
2010
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Charger
|
2005
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Challenger
|
2003
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Genco Champion
|
2006
|
Clipper Logger Pool
|
May 2016
|
Spot Pool(24)
|
Baltic Wind
|
2009
|
Trammo Bulk Carriers
|
January 2016
|
107% of BHSI
|
Baltic Cove
|
2010
|
Clipper Bulk Shipping Ltd.
|
May 2016
|
100.5% of BHSI
|
Baltic Breeze
|
2010
|
Trammo Bulk Carriers
|
January 2017
|
103% of BHSI(25)
|
Genco Ocean
|
2010
|
Falcon Navigation A/S
|
July 2016
|
103% of BHSI
|
Genco Bay
|
2010
|
Clipper Bulk Shipping Ltd.
|
June 2016
|
102% of BHSI
|
Genco Avra
|
2011
|
Pioneer Navigation Ltd./Ultrabulk S.A.
|
Nov. 2015/Mar. 2017
|
107%/104% of BHSI(26)
|
Genco Mare
|
2011
|
Pioneer Navigation Ltd.
|
June 2017
|
103.5% of BHSI(27)
|
Genco Spirit
|
2011
|
Clipper Bulk Shipping Ltd.
|
August 2016
|
$7,000(28)
|
(1) | The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. |
(2) | Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues. |
(3) | We have agreed to an extension with Swissmarine Services S.A. on a spot market-related time charter for 10.5 to 13.5 months based on 98.5% of the Baltic Capesize Index (BCI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin on or about December 15, 2015. |
(4) | We have reached an agreement to enter this vessel into the Navig8 Pan8 Pool, a vessel pool trading in the spot market of which Navig8 Inc. acts as the pool manager. Genco can withdraw the vessel with three months’ notice. |
(5) | We have reached an agreement with D/S Norden A/S on a time charter for approximately 55 days at a rate of $12,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 14, 2015 after repositioning. A ballast bonus was awarded after the repositioning period. The vessel redelivered to Genco on September 4, 2015. |
(6) | We have agreed to an extension with Swissmarine Asia Pte. Ltd. on a spot market-related time charter for 14 to 18.5 months based on 115.5% of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin on or about December 15, 2015. |
(7) | We have reached an agreement with Pioneer Navigation Ltd. on a spot market-related time charter for 14 to 18.5 months based on 115% of the BSI, as reflected in daily reports except for the initial 40 days in which hire is based on the average of the Baltic Supramax S2 and S3 routes. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 13, 2015. |
(8) | We have reached an agreement with Cargill Ocean Transportation (Singapore) Pte. Ltd. on a time charter for approximately 20 days at a rate of $5,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 18, 2015 after repositioning. The vessel redelivered to Genco on October 16, 2015. |
(9) | We have reached an agreement with Centurion Bulk Pte. Ltd., Singapore on a spot market-related time charter for 7.5 to 11.5 months based on 98.5% of the BSI, as reflected in daily reports. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. Genco maintains the option to convert to a fixed rate based on Supramax FFA values at 98.5%. The vessel delivered to charterers on October 25, 2015 after repositioning. The vessel redelivered to Genco on October 7, 2015. |
(10) | We have reached an agreement with DHL Project and Chartering (China) Ltd. on a time charter for approximately 35 days at a rate of $6,150 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 8, 2015 after repositioning. The vessel redelivered to Genco on October 1, 2015. |
(11) | We have reached an agreement with Chun An Chartering Co., Ltd. on a time charter for approximately 30 days at a rate of $4,850 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 25, 2015 after repositioning. The vessel redelivered to Genco on October 20, 2015. |
(12) | We have reached an agreement to enter these vessels into the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market of which Torvald Klaveness acts as the pool manager. Genco can withdraw a vessel with three months’ notice. |
(13) | We have reached an agreement with Fednav International Ltd. on a time charter for approximately 45 days at a rate of $10,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 30, 2015 after repositioning. The vessel redelivered to Genco on September 24, 2015. |
(14) | We have reached an agreement to enter these vessels into the Clipper Sapphire Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw a vessel with a minimum notice of six months. |
(15) | We have reached an agreement with Medi Supra Pool Management Ltd. on a time charter for approximately 20 days at a rate of $4,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 30, 2015 after repositioning. The vessel redelivered to Genco on October 21, 2015. |
(16) | We have reached an agreement with Ultrabulk A/S on a time charter for approximately 20 days at a rate of $5,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 22, 2015 after repositioning. The vessel redelivered to Genco on October 20, 2015. |
(17) | We have agreed to an extension with Pioneer Navigation Ltd. on a spot market-related time charter for 10.5 to 13.5 months based on 100% of the BSI, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. Genco maintains the option to convert to a fixed rate based on Supramax FFA values at 100%. The extension began on October 12, 2015. |
(18) | We have agreed to an extension with Pioneer Navigation Ltd. on a spot market-related time charter for 12 to 15.5 months based on 100% of the BSI, as reflected in daily reports except for the initial 42 days in which hire is based on the average of the Baltic Supramax S2 and S3 routes. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin after completion of drydocking for scheduled maintenance. |
(19) | We have reached an agreement with Dragon Carriers Ltd. on a time charter for approximately 30 days at a rate of $4,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about November 6, 2015 after repositioning. The vessel redelivered to Genco on October 27, 2015. |
(20) | We have reached an agreement with Centurion Bulk Pte. Ltd., Singapore on a time charter for approximately 20 days at a rate of $3,650 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 24, 2015. |
(21) | The vessel redelivered to Genco on November 3, 2015 and is current awaiting next employment. |
(22) | We have reached an agreement with Thoresen Shipping Singapore Pte. Ltd. on a time charter for approximately 35 days at a rate of $4,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 28, 2015 after repositioning. The vessel redelivered to Genco on October 22, 2015. |
(23) | We have reached an agreement with Centurion Bulk Pte. Ltd., Singapore on a time charter for approximately 20 days at a rate of $4,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 10, 2015. |
(24) | We have reached an agreement to enter these vessels into the Clipper Logger Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw the vessels with a minimum notice of six months. |
(25) | We have reached an agreement with Trammo Bulk Carriers on a spot market-related time charter for 15.5 to 20.5 months based on 103% of the Baltic Handysize Index (BHSI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The vessel delivered to charterers on September 28, 2015 after completion of drydocking for scheduled maintenance. |
(26) | We have reached an agreement with Ultrabulk S.A. on a spot market-related time charter for 15.5 to 19.5 months based on 104% of the BHSI, as reflected in daily reports. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers after the completion of drydocking for scheduled maintenance. |
(27) | We have agreed to an extension with Pioneer Navigation Ltd. on a spot-market related time charter for 12 to 15.5 months based on 103.5% of the BHSI, as reflected in daily reports except for the initial 42 days in which hire is based on the average of the Baltic Handysize HS2 and HS3 routes. The extension is expected to begin after completion of drydocking for scheduled maintenance. |
(28) | We have agreed to an extension with Clipper Bulk Shipping Ltd. on a time charter at a rate of $7,000 per day except for the initial 40 days in which the hire rate is $4,250 per day. The minimum and maximum expiration dates of the time charter are August 15, 2016 and October 15, 2016, respectively. The extension began on October 14, 2015. |
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