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.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated March 1, 2017.
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: March 1, 2017
|
||
/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated March 1, 2017.
|
· |
Recorded a net loss attributable to Genco Shipping & Trading Limited of $24.5 million for the fourth quarter of 2016
|
o |
Basic and diluted loss per share of $3.35
|
· |
Closed our $400 million credit facility on November 15, 2016
|
o |
Refinances all of our existing credit facilities with the exception of the $98 Million Credit Facility and the 2014 Term Loan Facilities
|
o |
No significant fixed amortization payments until 2019
|
o |
Elimination of collateral maintenance covenants through the first half of 2018
|
· |
Completed the sale of an aggregate of $125 million of Series A Preferred Stock at a price of $4.85 per share on November 15, 2016 and the conversion of the Preferred Stock to common stock on January 4, 2017
|
· |
Delivered four vessels to buyers during the fourth quarter of 2016
|
o |
Sold the Genco Sugar, the Genco Pioneer, the Genco Leader and the Genco Acheron, achieving net proceeds of $11.5 million
|
· |
In 2017 to date we have delivered three additional vessels to buyers
|
o |
Sold the Genco Wisdom, the Genco Carrier and the Genco Reliance for total net proceeds of $10.0 million, which will be recorded as cash on the balance sheet
|
· |
Entered into agreements to sell the last two of the ten vessels identified for sale, the Genco Prosperity and the Genco Success, for total net proceeds of $5.7 million
|
o |
Vessels to be delivered to their buyers by June 30, 2017, and net proceeds to be recorded as cash on the balance sheet
|
Q1 2017
|
Q2-Q4 2017
|
||
Estimated Costs (1)
|
$6.8 million
|
$4.9 million
|
|
Estimated Offhire Days (2)
|
160
|
120
|
· |
An improved repayment structure with no significant fixed amortization payments until 2019
|
· |
The elimination of collateral maintenance covenants through the first half of 2018
|
· |
The elimination of the maximum leverage covenant
|
· |
The reduction of the minimum liquidity requirement
|
Three Months Ended December 31, 2016
|
Three Months Ended December 31, 2015
|
Twelve Months Ended December 31, 2016
|
Twelve Months Ended December 31, 2015
|
|||||||||||||||
(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
|
$
|
43,785
|
$
|
34,236
|
$
|
133,246
|
$
|
150,784
|
||||||||||
Service revenues
|
100
|
718
|
2,340
|
3,175
|
||||||||||||||
Total revenues
|
43,885
|
34,954
|
135,586
|
153,959
|
||||||||||||||
Operating expenses:
|
||||||||||||||||||
Voyage expenses
|
3,995
|
5,481
|
13,227
|
20,257
|
||||||||||||||
Vessel operating expenses
|
27,510
|
31,865
|
113,636
|
122,008
|
||||||||||||||
General and administrative expenses
|
8,306
|
2,367
|
23,894
|
32,805
|
||||||||||||||
Technical management fees
|
2,171
|
2,274
|
8,932
|
8,961
|
||||||||||||||
Nonvested stock amortization expenses
|
6,168
|
5,463
|
20,680
|
42,136
|
||||||||||||||
Depreciation and amortization
|
18,178
|
20,623
|
76,330
|
79,556
|
||||||||||||||
Other operating income
|
(777
|
)
|
-
|
(960
|
)
|
-
|
||||||||||||
Impairment of vessel assets
|
-
|
4,497
|
69,278
|
39,893
|
||||||||||||||
(Gain) loss on sale of vessels
|
(3,632
|
)
|
-
|
(3,555
|
)
|
1,210
|
||||||||||||
Total operating expenses
|
61,919
|
72,570
|
321,462
|
346,826
|
||||||||||||||
Operating loss
|
(18,034
|
)
|
(37,616
|
)
|
(185,876
|
)
|
(192,867
|
)
|
||||||||||
Other (expense) income:
|
||||||||||||||||||
Impairment of investment
|
-
|
(5,342
|
)
|
(2,696
|
)
|
(37,877
|
)
|
|||||||||||
Other income (expense)
|
694
|
(89
|
)
|
645
|
(796
|
)
|
||||||||||||
Interest income
|
61
|
40
|
204
|
110
|
||||||||||||||
Interest expense
|
(7,254
|
)
|
(6,144
|
)
|
(28,453
|
)
|
(20,032
|
)
|
||||||||||
Other expense
|
(6,499
|
)
|
(11,535
|
)
|
(30,300
|
)
|
(58,595
|
)
|
||||||||||
Loss before reorganization items, net
|
(24,533
|
)
|
(49,151
|
)
|
(216,176
|
)
|
(251,462
|
)
|
||||||||||
Reorganization items, net
|
(29
|
)
|
(79
|
)
|
(272
|
)
|
(1,085
|
)
|
||||||||||
Loss before income taxes
|
(24,562
|
)
|
(49,230
|
)
|
(216,448
|
)
|
(252,547
|
)
|
||||||||||
Income tax benefit (expense)
|
58
|
(268
|
)
|
(709
|
)
|
(1,821
|
)
|
|||||||||||
Net loss
|
(24,504
|
)
|
(49,498
|
)
|
(217,157
|
)
|
(254,368
|
)
|
||||||||||
Less: Net loss attributable to noncontrolling interest
|
-
|
-
|
-
|
(59,471
|
)
|
|||||||||||||
Net loss attributable to Genco Shipping & Trading Limited
|
$
|
(24,504
|
)
|
$
|
(49,498
|
)
|
$
|
(217,157
|
)
|
$
|
(194,897
|
)
|
||||||
Net loss per share - basic
|
$
|
(3.35
|
)
|
$
|
(6.86
|
)
|
$
|
(29.95
|
)
|
$
|
(29.61
|
)
|
||||||
Net loss per share - diluted
|
$
|
(3.35
|
)
|
$
|
(6.86
|
)
|
$
|
(29.95
|
)
|
$
|
(29.61
|
)
|
||||||
Weighted average common shares outstanding - basic
|
7,318,452
|
7,217,404
|
7,251,231
|
6,583,163
|
||||||||||||||
Weighted average common shares outstanding - diluted
|
7,318,452
|
7,217,404
|
7,251,231
|
6,583,163
|
||||||||||||||
December 31, 2016
|
December 31, 2015
|
|||||||
BALANCE SHEET DATA:
|
(unaudited)
|
|||||||
Cash (including restricted cash)
|
$
|
169,068
|
$
|
140,889
|
||||
Current assets
|
172,605
|
172,529
|
||||||
Total assets
|
1,568,960
|
1,714,663
|
||||||
Current liabilities (excluding current portion of long-term debt)
|
23,773
|
28,525
|
||||||
Current portion of long-term debt (net of $9.4 million of unamortized debt issuance costs at December 31, 2015)
|
4,576
|
579,023
|
||||||
Long-term debt (net of $11.4 million of unamortized debt issuance costs at December 31, 2016)
|
508,444
|
-
|
||||||
Shareholders' equity
|
1,030,299
|
1,105,966
|
||||||
Twelve Months Ended December 31, 2016
|
Twelve Months Ended December 31, 2015
|
|||||||
(unaudited)
|
||||||||
Net cash used in operating activities
|
$
|
(49,982
|
)
|
$
|
(56,086
|
)
|
||
Net cash provided by (used in) investing activities
|
6,873
|
(56,774
|
)
|
|||||
Net cash provided by financing activities
|
55,435
|
150,520
|
||||||
Three Months Ended December 31, 2016
|
Three Months Ended December 31, 2015
|
Twelve Months Ended December 31, 2016
|
Twelve Months Ended December 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
||||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net loss attributable to Genco Shipping & Trading Limited
|
$
|
(24,504
|
)
|
$
|
(49,498
|
)
|
$
|
(217,157
|
)
|
$
|
(194,897
|
)
|
|||||
+ Net interest expense
|
7,193
|
6,104
|
28,249
|
19,922
|
|||||||||||||
+ Income tax (benefit) expense
|
(58
|
)
|
268
|
709
|
1,821
|
||||||||||||
+ Depreciation and amortization
|
18,178
|
20,623
|
76,330
|
79,556
|
|||||||||||||
EBITDA(1)
|
$
|
809
|
$
|
(22,503
|
)
|
$
|
(111,869
|
)
|
$
|
(93,598
|
)
|
||||||
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||||
December 31, 2016
|
December 31, 2015
|
December 31, 2016
|
December 31, 2015
|
||||||||||||||
GENCO CONSOLIDATED FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Total number of vessels at end of period
|
65
|
70
|
65
|
70
|
|||||||||||||
Average number of vessels (2)
|
66.7
|
69.9
|
68.8
|
68.6
|
|||||||||||||
Total ownership days for fleet (3)
|
6,132
|
6,432
|
25,176
|
25,051
|
|||||||||||||
Total available days for fleet (4)
|
5,975
|
6,104
|
24,457
|
23,970
|
|||||||||||||
Total operating days for fleet (5)
|
5,869
|
6,020
|
24,164
|
23,628
|
|||||||||||||
Fleet utilization (6)
|
98.2
|
%
|
98.6
|
%
|
98.8
|
%
|
98.6
|
%
|
|||||||||
AVERAGE DAILY RESULTS:
|
|||||||||||||||||
Time charter equivalent (7)
|
$
|
6,659
|
$
|
4,711
|
$
|
4,907
|
$
|
5,445
|
|||||||||
Daily vessel operating expenses per vessel (8)
|
4,486
|
4,954
|
4,514
|
4,870
|
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. For these reasons, we believe that EBITDA is a useful measure to present to our investors. 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 source 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. Pursuant to the amendments entered into on April 30, 2015 for our $100 Million Term Loan Facility and our $253 Million Term Loan Facility, the definition of Consolidated EBITDA used in the financial covenants has been eliminated.
|
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 available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels between time charters. 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.
|
5) |
We define operating days as the number of our available days in a period less the aggregate number of days that our 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.
|
6) |
We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
|
7) |
We define TCE rates as our net voyage revenue (voyage revenues less voyage expenses (including voyage expenses to Parent)) divided by the number of our available days during the period, which is consistent with industry standards. 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.
|
8) |
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
|
Year
Built
|
Charterer
|
Charter
Expiration(1)
|
Cash Daily
Rate(2)
|
Capesize Vessels
|
||||
Genco Augustus
|
2007
|
Swissmarine Services S.A.
|
April 2017
|
$7,800
|
Genco Tiberius
|
2007
|
Cargill International S.A.
|
July 2017
|
$10,500(3)
|
Genco London
|
2007
|
Swissmarine Services S.A.
|
April 2017
|
$3,250 with 50% profit sharing
|
Genco Titus
|
2007
|
Swissmarine Services S.A.
|
February 2017
|
$8,000(4)
|
Genco Constantine
|
2008
|
Swissmarine Services S.A.
|
April 2017
|
$7,800
|
Genco Hadrian
|
2008
|
Swissmarine Services S.A.
|
June 2017
|
98.5% of BCI/$6,100
|
Genco Commodus
|
2009
|
Swissmarine Asia Pte. Ltd.
|
April 2017
|
$3,250 with 50% profit sharing
|
Genco Maximus
|
2009
|
Swissmarine Services S.A.
|
March 2017
|
$3,250 with 50% profit sharing
|
Genco Claudius
|
2010
|
Swissmarine Services S.A.
|
April 2017
|
$8,000
|
Genco Tiger
|
2011
|
Cargill International S.A.
|
March 2017
|
$7,500(5)
|
Baltic Lion
|
2012
|
Swissmarine Services S.A.
|
April 2017
|
$3,250 with 50% profit sharing
|
Baltic Bear
|
2010
|
Swissmarine Services S.A.
|
April 2017
|
$7,000
|
Baltic Wolf
|
2010
|
Swissmarine Services S.A.
|
April 2017
|
$3,250 with 50% profit sharing
|
Panamax Vessels
|
||||
Genco Beauty
|
1999
|
Cargill International S.A.
|
April 2017
|
$7,000(6)
|
Genco Knight
|
1999
|
Swissmarine Services S.A.
|
March 2017
|
95% of BPI
|
Genco Vigour
|
1999
|
Swissmarine Services S.A.
|
January 2017
|
95% of BPI(7)
|
Genco Surprise
|
1998
|
Cargill International S.A.
|
March 2017
|
$9,000(8)
|
Genco Raptor
|
2007
|
M2M Panamax Pool Ltd.
|
April 2017
|
100% of BPI
|
Genco Thunder
|
2007
|
Swissmarine Services S.A.
|
May 2017
|
100% of BPI
|
Ultramax Vessels
|
||||
Baltic Hornet
|
2014
|
Swissmarine Asia Pte. Ltd.
|
Apr. 2017/Jun. 2018
|
115.5%/113.5% of BSI
|
Baltic Wasp
|
2015
|
Pioneer Navigation Ltd.
|
April 2017
|
$3,250 with 50% profit sharing
|
Baltic Scorpion
|
2015
|
Bunge S.A.
|
April 2017
|
$7,500(9)
|
Baltic Mantis
|
2015
|
Pioneer Navigation Ltd.
|
April 2017
|
115% of BSI
|
Supramax Vessels
|
||||
Genco Predator
|
2005
|
Cargill International S.A.
|
April 2017
|
$9,250(10)
|
Genco Warrior
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
April 2017
|
98.5% of BSI
|
Genco Hunter
|
2007
|
Pioneer Navigation Ltd.
|
June 2017
|
104% of BSI
|
Genco Cavalier
|
2007
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(11)
|
Genco Lorraine
|
2009
|
Bulkhandling Handymax A/S
|
July 2017
|
Spot Pool(11)
|
Genco Loire
|
2009
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(11)
|
Genco Aquitaine
|
2009
|
D/S Norden A/S
|
March 2017
|
$9,000(12)
|
Genco Ardennes
|
2009
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(13)
|
Genco Auvergne
|
2009
|
Jaldhi Overseas Pte. Ltd.
|
March 2017
|
$7,750(14)
|
Genco Bourgogne
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(13)
|
Genco Brittany
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(13)
|
Genco Languedoc
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(13)
|
Genco Normandy
|
2007
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(11)
|
Genco Picardy
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
March 2017
|
98.5% of BSI
|
Genco Provence
|
2004
|
D/S Norden A/S
|
April 2017
|
$8,000(15)
|
Genco Pyrenees
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(13)
|
Genco Rhone
|
2011
|
Western Bulk Carriers A/S
|
March 2017
|
$10,750(16)
|
Baltic Leopard
|
2009
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(11)
|
Baltic Panther
|
2009
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(11)
|
Baltic Jaguar
|
2009
|
Centurion Bulk Pte. Ltd.
|
Mar./Jun. 2017
|
$6,300/$8,500(17)
|
Baltic Cougar
|
2009
|
Bulkhandling Handymax A/S
|
June 2017
|
Spot Pool(10)
|
Handymax Vessels
|
||||
Genco Success
|
1997
|
TST NV, Nevis
|
March 2017
|
87.5% of BSI
|
Genco Prosperity
|
1997
|
TST NV, Nevis
|
April 2017
|
87.5% of BSI
|
Genco Muse
|
2001
|
ED&F Man Shipping Ltd.
|
April 2017
|
$7,925(18)
|
Handysize Vessels
|
||||
Genco Progress
|
1999
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Genco Explorer
|
1999
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Baltic Hare
|
2009
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Baltic Fox
|
2010
|
Clipper Logger Pool
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September 2017
|
Spot Pool(19)
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Genco Charger
|
2005
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Genco Challenger
|
2003
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Genco Champion
|
2006
|
Clipper Logger Pool
|
September 2017
|
Spot Pool(19)
|
Baltic Wind
|
2009
|
Integrity Bulk APS
|
April 2017
|
$3,400(20)
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Baltic Cove
|
2010
|
Clipper Bulk Shipping Ltd.
|
July 2017
|
$5,750
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Baltic Breeze
|
2010
|
Trammo Bulk Carriers
|
February 2017
|
103% of BHSI(21)
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Genco Ocean
|
2010
|
Falcon Navigation A/S
|
April 2017
|
$8,600(22)
|
Genco Bay
|
2010
|
China Pacific Maritime Inc.
|
March 2017
|
$3,750(23)
|
Genco Avra
|
2011
|
Ultrabulk S.A.
|
April 2017
|
104% of BHSI
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Genco Mare
|
2011
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Pioneer Navigation Ltd.
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July 2017
|
103.5% of BHSI
|
Genco Spirit
|
2011
|
Western Bulk Carriers A/S
|
March 2017
|
$9,250(24)
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(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.
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(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.
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(3) |
We have reached an agreement with Cargill International S.A. on a time charter for 5 to 7.5 months at a rate of $10,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 27, 2017 after the completion of drydocking for scheduled maintenance. The vessel redelivered to Genco on February 14, 2017.
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(4) |
The vessel redelivered to Genco on February 23, 2017 and is currently in drydocking for scheduled maintenance.
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(5) |
We have reached an agreement with Cargill International S.A. on a time charter for approximately 35 days at a rate of $7,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on January 22, 2017.
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(6) |
We have reached an agreement with Cargill International S.A. on a time charter for approximately 70 days at a rate of $7,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 3, 2017 after repositioning. The vessel redelivered to Genco on January 30, 2017.
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(7) |
The vessel redelivered to Genco on January 19, 2017 and is currently awaiting next employment after completing drydocking for scheduled maintenance.
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(8) |
We have reached an agreement with Cargill International S.A. on a time charter for approximately 55 days at a rate of $9,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on January 4, 2017 after repositioning. A ballast bonus was awarded after the repositioning period. The vessel redelivered to Genco on November 25, 2016.
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(9) |
We have reached an agreement with Bunge S.A. on a time charter for 3.5 to 7 months at a rate of $7,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 6, 2016.
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(10) |
We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $9,250 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 March 10, 2017 after repositioning. The vessel redelivered to Genco on February 23, 2017.
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(11) |
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.
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(12) |
We have reached an agreement with D/S Norden A/S on a time charter for approximately 40 days at a rate of $9,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 18, 2017 after repositioning. The vessel redelivered to Genco on January 21, 2017.
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(13) |
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.
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(14) |
We have reached an agreement with Jaldhi Overseas Pte. Ltd. on a time charter for approximately 30 days at a rate of $7,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel deliver to charterers on February 13, 2017.
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(15) |
We have reached an agreement with D/S Norden A/S on a time charter for approximately 40 days at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party commission. The vessel delivered to charterers on February 25, 2017 after repositioning. The vessel redelivered to Genco on January 18, 2017.
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(16) |
We have reached an agreement with Western Bulk Carriers A/S on a time charter for approximately 40 days at a rate of $10,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 4, 2017 after repositioning. The vessel redelivered to Genco on December 30, 2016.
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(17) |
We have agreed to an extension with Centurion Bulk Pte. Ltd. on a time charter for 2.5 to 5.5 months at a rate of $8,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension is expected to begin on or about March 25, 2017.
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(18) |
We have reached an agreement with ED&F Man Shipping Ltd. on a time charter for 2.5 to 5.5 months at a rate of $7,925 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on November 27, 2016.
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(19) |
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.
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(20) |
We have reached an agreement with Integrity Bulk APS on a time charter for approximately 50 days at a rate of $3,400 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 16, 2017.
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(21) |
The vessel redelivered to Genco on February 21, 2017 and is currently awaiting next employment.
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(22) |
We have reached an agreement with Falcon Navigation A/S on a time charter for 3.5 to 6.5 months at a rate of $8,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 31, 2016.
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(23) |
We have reached an agreement with China Pacific Maritime Inc. on a time charter for approximately 65 days at a rate of $3,750 per day. After the initial 65 days, the hire rate will be $6,500 for the balance of the period. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 18, 2016 after repositioning. The vessel redelivered to Genco on December 13, 2016.
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(24) |
We have reached an agreement with Western Bulk Carriers A/S on a time charter for approximately 60 days at a rate of $9,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on January 22, 2017.
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