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)
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☐ |
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))
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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 May 8, 2017.
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: May 8, 2017
|
||
/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
|
|
|
|
99.1 |
Press Release dated May 8, 2017.
|
· |
Recorded a net loss of $15.6 million for the first quarter of 2017
|
o |
Basic and diluted loss per share of $0.47
|
o |
Adjusted basic and diluted loss of $22.0 million or $0.66 per share, excluding $6.4 million for gain on sale of vessels1
|
· |
During the first quarter of 2017 we delivered four vessels to buyers
|
o |
Sold the Genco Wisdom, the Genco Carrier, the Genco Reliance and the Genco Success for total net proceeds of $12.7 million, which were recorded as cash on the balance sheet
|
· |
Expect to sell the Genco Prosperity, the last of the ten vessels identified for sale, for total net proceeds of $2.9 million
|
o |
Anticipate the vessel to be delivered to buyers by May 20, 2017, and net proceeds to be recorded as cash on the balance sheet
|
Q2 2017
|
Q3-Q4 2017
|
|
Estimated Costs (1)
|
$5.1 million
|
$2.4 million
|
Estimated Offhire Days (2)
|
120
|
60
|
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||
(Dollars in thousands, except share and per share data)
|
||||||||
(unaudited)
|
||||||||
INCOME STATEMENT DATA:
|
||||||||
Revenues:
|
||||||||
Voyage revenues
|
$
|
38,249
|
$
|
20,131
|
||||
Service revenues
|
-
|
811
|
||||||
Total revenues
|
38,249
|
20,942
|
||||||
Operating expenses:
|
||||||||
Voyage expenses
|
3,241
|
3,896
|
||||||
Vessel operating expenses
|
24,884
|
29,127
|
||||||
General and administrative expenses (inclusive of non-vested stock amortization expense of $0.7 million and $5.5 million, respectively)
|
4,909
|
10,569
|
||||||
Technical management fees
|
1,981
|
2,286
|
||||||
Depreciation and amortization
|
18,173
|
20,339
|
||||||
Impairment of vessel assets
|
-
|
1,685
|
||||||
Gain on sale of vessels
|
(6,369
|
)
|
-
|
|||||
Total operating expenses
|
46,819
|
67,902
|
||||||
Operating loss
|
(8,570
|
)
|
(46,960
|
)
|
||||
Other (expense) income:
|
||||||||
Other expense
|
(65
|
)
|
(125
|
)
|
||||
Interest income
|
173
|
62
|
||||||
Interest expense
|
(7,138
|
)
|
(7,113
|
)
|
||||
Other expense
|
(7,030
|
)
|
(7,176
|
)
|
||||
Loss before reorganization items, net
|
(15,600
|
)
|
(54,136
|
)
|
||||
Reorganization items, net
|
-
|
(94
|
)
|
|||||
Loss before income taxes
|
(15,600
|
)
|
(54,230
|
)
|
||||
Income tax expense
|
-
|
(253
|
)
|
|||||
Net loss
|
$
|
(15,600
|
)
|
$
|
(54,483
|
)
|
||
Net loss per share - basic
|
$
|
(0.47
|
)
|
$
|
(7.55
|
)
|
||
Net loss per share - diluted
|
$
|
(0.47
|
)
|
$
|
(7.55
|
)
|
||
Weighted average common shares outstanding - basic
|
33,495,738
|
7,218,795
|
||||||
Weighted average common shares outstanding - diluted
|
33,495,738
|
7,218,795
|
||||||
March 31, 2017
|
December 31, 2016
|
|||||||
BALANCE SHEET DATA:
|
(unaudited)
|
|||||||
Cash (including restricted cash)
|
$
|
173,895
|
$
|
169,068
|
||||
Current assets
|
173,651
|
172,605
|
||||||
Total assets
|
1,551,431
|
1,568,960
|
||||||
Current liabilities (excluding current portion of long-term debt)
|
20,258
|
24,373
|
||||||
Current portion of long-term debt
|
7,076
|
4,576
|
||||||
Long-term debt (net of $10.8 million and $11.4 million of unamortized debt issuance costs at March 31, 2017 and December 31, 2016, respectively)
|
507,239
|
508,444
|
||||||
Shareholders' equity
|
1,014,810
|
1,029,699
|
||||||
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||
(unaudited)
|
||||||||
Net cash used in operating activities
|
$
|
(5,983
|
)
|
$
|
(27,304
|
)
|
||
Net cash provided by investing activities
|
13,187
|
389
|
||||||
Net cash used in financing activities
|
(1,731
|
)
|
(18,555
|
)
|
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||
(Dollars in thousands)
|
||||||||
EBITDA Reconciliation:
|
(unaudited)
|
|||||||
Net loss
|
$
|
(15,600
|
)
|
$
|
(54,483
|
)
|
||
+ Net interest expense
|
6,965
|
7,051
|
||||||
+ Income tax expense
|
-
|
253
|
||||||
+ Depreciation and amortization
|
18,173
|
20,339
|
||||||
EBITDA(1)
|
$
|
9,538
|
$
|
(26,840
|
)
|
|||
Three Months Ended
|
||||||||
March 31, 2017
|
March 31, 2016
|
|||||||
GENCO CONSOLIDATED FLEET DATA:
|
(unaudited)
|
|||||||
Total number of vessels at end of period
|
61
|
70
|
||||||
Average number of vessels (2)
|
62.9
|
70.0
|
||||||
Total ownership days for fleet (3)
|
5,662
|
6,370
|
||||||
Total available days for fleet (4)
|
5,387
|
6,174
|
||||||
Total operating days for fleet (5)
|
5,337
|
6,079
|
||||||
Fleet utilization (6)
|
99.1
|
%
|
98.5
|
%
|
||||
AVERAGE DAILY RESULTS:
|
||||||||
Time charter equivalent (7)
|
$
|
6,498
|
$
|
2,629
|
||||
Daily vessel operating expenses per vessel (8)
|
4,395
|
4,573
|
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.
|
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.
|
Jun. 2017/Feb. 2018
|
$7,800/106% of BCI(3)
|
Genco Tiberius
|
2007
|
Cargill International S.A.
|
July 2017
|
$10,500
|
Genco London
|
2007
|
Swissmarine Services S.A.
|
May 2017
|
100% of BCI
|
Genco Titus
|
2007
|
Louis Dreyfus Company Freight Asia Pte. Ltd.
|
July 2017
|
$12,000(4)
|
Genco Constantine
|
2008
|
Swissmarine Services S.A.
|
June 2017
|
$7,800
|
Genco Hadrian
|
2008
|
Swissmarine Services S.A.
|
June 2017
|
98.5% of BCI
|
Genco Commodus
|
2009
|
Swissmarine Asia Pte. Ltd.
|
June 2017
|
$3,250 with 50% profit sharing
|
Genco Maximus
|
2009
|
Trafigura Maritime Logistics Pte. Ltd.
|
July 2017
|
$11,000
|
Genco Claudius
|
2010
|
Swissmarine Services S.A.
|
May 2017
|
$8,000
|
Genco Tiger
|
2011
|
Uniper Global Commodities SE.
|
August 2017
|
$10,750
|
Baltic Lion
|
2012
|
Koch Shipping Pte. Ltd.
|
October 2017
|
$15,300(5)
|
Baltic Bear
|
2010
|
Swissmarine Services S.A.
|
May 2017
|
$7,000
|
Baltic Wolf
|
2010
|
Cargill International S.A.
|
February 2018
|
$15,350(6)
|
Panamax Vessels
|
||||
Genco Beauty
|
1999
|
Cargill International S.A.
|
May 2017
|
$7,000(7)
|
Genco Knight
|
1999
|
Swissmarine Services S.A.
|
April 2017
|
97.5% of BPI(8)
|
Genco Vigour
|
1999
|
Cofco Agri Freight Geneva, S.A.
|
May 2017
|
$8,000(9)
|
Genco Surprise
|
1998
|
Glencore Agriculture B.V. Rotterdam
|
June 2017
|
$11,500(10)
|
Genco Raptor
|
2007
|
M2M Panamax Pool Ltd.
|
April 2017
|
100% of BPI(11)
|
Genco Thunder
|
2007
|
Swissmarine Services S.A.
|
June 2017
|
100% of BPI
|
Ultramax Vessels
|
||||
Baltic Hornet
|
2014
|
Swissmarine Asia Pte. Ltd.
|
June 2018
|
113.5% of BSI
|
Baltic Wasp
|
2015
|
Pioneer Navigation Ltd.
|
May 2017/Jul. 2018
|
$3,250 with 50% profit sharing/$11,000
|
Baltic Scorpion
|
2015
|
Bunge S.A.
|
June 2017
|
$7,500
|
Baltic Mantis
|
2015
|
Pioneer Navigation Ltd.
|
June 2017
|
115% of BSI
|
Supramax Vessels
|
||||
Genco Predator
|
2005
|
ED&F Man Shipping Ltd.
|
May 2017
|
$13,500(12)
|
Genco Warrior
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
June 2017
|
98.5% of BSI
|
Genco Hunter
|
2007
|
Pioneer Navigation Ltd.
|
June 2017
|
104% of BSI
|
Genco Cavalier
|
2007
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Genco Lorraine
|
2009
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Genco Loire
|
2009
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Genco Aquitaine
|
2009
|
Gearbulk Pool Ltd., Norway
|
June 2017
|
$16,000(14)
|
Genco Ardennes
|
2009
|
Clipper Sapphire Pool
|
June 2017
|
Spot Pool(15)
|
Genco Auvergne
|
2009
|
Western Bulk Pte. Ltd., Singapore
|
June 2017
|
$9,350(16)
|
Genco Bourgogne
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(15)
|
Genco Brittany
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(15)
|
Genco Languedoc
|
2010
|
Clipper Sapphire Pool
|
June 2017
|
Spot Pool(15)
|
Genco Normandy
|
2007
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Genco Picardy
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
July 2017
|
$9,000(17)
|
Genco Provence
|
2004
|
Eastern Bulk A/S
|
June 2017
|
$11,600(18)
|
Genco Pyrenees
|
2010
|
Clipper Sapphire Pool
|
August 2017
|
Spot Pool(15)
|
Genco Rhone
|
2011
|
Cargill International S.A.
|
May 2017
|
$15,000(19)
|
Baltic Leopard
|
2009
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Baltic Panther
|
2009
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Baltic Jaguar
|
2009
|
Centurion Bulk Pte. Ltd.
|
June 2017
|
$8,500(20)
|
Baltic Cougar
|
2009
|
Bulkhandling Handymax A/S
|
August 2017
|
Spot Pool(13)
|
Handymax Vessels
|
||||
Genco Prosperity
|
1997
|
TST NV, Nevis
|
May 2017
|
87.5% of BSI
|
Genco Muse
|
2001
|
Centurion Bulk Pte. Ltd. Singapore
|
July 2017
|
$10,250(21)
|
Handysize Vessels
|
||||
Genco Progress
|
1999
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Genco Explorer
|
1999
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Baltic Hare
|
2009
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Baltic Fox
|
2010
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Genco Charger
|
2005
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Genco Challenger
|
2003
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Genco Champion
|
2006
|
Clipper Logger Pool
|
November 2017
|
Spot Pool(22)
|
Baltic Wind
|
2009
|
Ultrabulk A/S
|
July 2017
|
$9,000(23)
|
Baltic Cove
|
2010
|
Clipper Bulk Shipping Ltd.
|
July 2017
|
$5,750
|
Baltic Breeze
|
2010
|
Clipper Bulk Shipping
|
June 2017
|
$8,000(24)
|
Genco Ocean
|
2010
|
Falcon Navigation A/S
|
May 2017
|
$8,600(25)
|
Genco Bay
|
2010
|
Clipper Bulk Shipping
|
June 2017
|
$8,000(26)
|
Genco Avra
|
2011
|
Ultrabulk S.A.
|
June 2017
|
104% of BHSI
|
Genco Mare
|
2011
|
Pioneer Navigation Ltd.
|
July 2017
|
103.5% of BHSI
|
Genco Spirit
|
2011
|
Western Bulk Carriers A/S/Falcon Navigation A/S
|
May/Jul. 2017
|
$9,250/$9,250(27)
|
(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 8.5 to 12.5 months at a rate based on 106% 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 June 3, 2017.
|
(4) |
We have reached an agreement with Louis Dreyfus Company Freight Asia Pte. Ltd. on a time charter for 4.5 to 8 months at a rate of $12,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 6, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on February 23, 2017.
|
(5) |
We have reached an agreement with Koch Shipping Pte. Ltd. on a time charter for 5 to 8.5 months at a rate of $15,300 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 May 19, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement.
|
(6) |
We have reached an agreement with Cargill International S.A. on a time charter for 9 to 12.5 months at a rate of $15,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on May 5, 2017.
|
(7) |
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 had redelivered to Genco on January 30, 2017.
|
(8) |
The vessel redelivered to Genco on April 17, 2017 and is currently in drydocking for scheduled maintenance.
|
(9) |
We have reached an agreement with Cofco Agri Freight Geneva, S.A. on a time charter for approximately 75 days at a rate of $8,000 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.
|
(10) |
We have reached an agreement with Glencore Agriculture B.V. Rotterdam on a time charter for approximately 75 days at a rate of $11,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 21, 2017 after repositioning. The vessel had redelivered to Genco on March 11, 2017.
|
(11) |
The vessel redelivered to Genco on April 10, 2017 and is currently in drydocking for scheduled maintenance.
|
(12) |
We have reached an agreement with ED&F Man Shipping Ltd. on a time charter for approximately 30 days at a rate of $13,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 21, 2017 after repositioning. The vessel had redelivered to Genco on April 17, 2017.
|
(13) |
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.
|
(14) |
We have reached an agreement with Gearbulk Pool Ltd., Norway on a time charter for approximately 40 days at a rate of $16,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 29, 2017 after repositioning. The vessel had redelivered to Genco on April 10, 2017.
|
(15) |
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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(16) |
We have reached an agreement with Western Bulk Pte. Ltd., Singapore on a time charter for 3 to 5.5 months at a rate of $9,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 19, 2017 after repositioning. The vessel had redelivered to Genco on March 16, 2017.
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(17) |
We have agreed to an extension with Centurion Bulk Pte. Ltd., Singapore on a time charter for 4 to 6.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advances less a 5.00% third-party broker age commission. The extension began on March 8, 2017.
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(18) |
We have reached an agreement with Eastern Bulk A/S on a time charter for 2 to 4.5 months at a rate of $11,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party commission. The vessel delivered to charterers on April 20, 2017 after repositioning. The vessel redelivered to Genco on April 18, 2017.
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(19) |
We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $15,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 11, 2017 after repositioning. The vessel had redelivered to Genco on March 27, 2017.
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(20) |
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 began on April 3, 2017.
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(21) |
We have reached an agreement with Centurion Bulk Pte. Ltd. Singapore on a time charter for 2.5 to 5.5 months at a rate of $10,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 9, 2017.
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(22) |
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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(23) |
We have reached an agreement with Ultrabulk A/S on a time charter for 2.5 to 5.5 months 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 April 23, 2017.
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(24) |
We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 15, 2017 after repositioning. The vessel had redelivered to Genco on February 21, 2017.
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(25) |
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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(26) |
We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 28, 2017.
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(27) |
We have reached an agreement with Falcon Navigation A/S on a time charter for 2.5 to 5.5 months 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 May 10, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement.
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