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 1, 2017.
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: November 1, 2017
|
||
/s/ Apostolos Zafolias
![]() |
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No. | Description |
Press Release dated November 1, 2017.
|
· |
Recorded a net loss of $31.2 million for the third quarter of 2017
|
o |
Basic and diluted loss per share of $0.90
|
o |
Adjusted basic and diluted loss of $12.5 million or $0.36 per share, excluding $18.7 million non-cash impairment charge1
|
· |
Established Singapore presence with the opening of a new office
|
o |
Appointed Ivo Kempenaer as Vice President and Commercial Director, Head of Major Bulks
|
Q4 2017
|
2018
|
|
Estimated Costs (1)
|
$0.9 million
|
$3.4 million
|
Estimated Offhire Days (2)
|
20
|
80
|
Three Months Ended
September 30, 2017
|
Three Months Ended
September 30, 2016
|
Nine Months Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|||||||||||||
(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
|
$
|
51,161
|
$
|
37,871
|
$
|
134,780
|
$
|
89,461
|
||||||||
Service revenues
|
-
|
1,016
|
-
|
2,240
|
||||||||||||
Total revenues
|
51,161
|
38,887
|
134,780
|
91,701
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Voyage expenses
|
5,550
|
2,262
|
9,743
|
9,232
|
||||||||||||
Vessel operating expenses
|
25,131
|
28,460
|
73,867
|
86,125
|
||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $1.3 million, $3.6 million, $3.5 million and $14.5 million respectively)
|
5,889
|
7,943
|
16,550
|
30,101
|
||||||||||||
Technical management fees
|
1,883
|
2,210
|
5,735
|
6,760
|
||||||||||||
Depreciation and amortization
|
17,836
|
18,127
|
54,194
|
58,152
|
||||||||||||
Other operating income
|
-
|
-
|
-
|
(182
|
)
|
|||||||||||
Impairment of vessel assets
|
18,654
|
-
|
21,993
|
69,278
|
||||||||||||
(Gain) loss on sale of vessels
|
-
|
-
|
(7,712
|
)
|
77
|
|||||||||||
Total operating expenses
|
74,943
|
59,002
|
174,370
|
259,543
|
||||||||||||
Operating loss
|
(23,782
|
)
|
(20,115
|
)
|
(39,590
|
)
|
(167,842
|
)
|
||||||||
Other (expense) income:
|
||||||||||||||||
Impairment of investment
|
-
|
-
|
-
|
(2,696
|
)
|
|||||||||||
Other (expense) income
|
(37
|
)
|
125
|
(152
|
)
|
(49
|
)
|
|||||||||
Interest income
|
494
|
49
|
1,006
|
143
|
||||||||||||
Interest expense
|
(7,857
|
)
|
(7,073
|
)
|
(22,559
|
)
|
(21,199
|
)
|
||||||||
Other expense
|
(7,400
|
)
|
(6,899
|
)
|
(21,705
|
)
|
(23,801
|
)
|
||||||||
Loss before reorganization items, net
|
(31,182
|
)
|
(27,014
|
)
|
(61,295
|
)
|
(191,643
|
)
|
||||||||
Reorganization items, net
|
-
|
(83
|
)
|
-
|
(243
|
)
|
||||||||||
Loss before income taxes
|
(31,182
|
)
|
(27,097
|
)
|
(61,295
|
)
|
(191,886
|
)
|
||||||||
Income tax expense
|
-
|
(417
|
)
|
-
|
(766
|
)
|
||||||||||
Net loss
|
$
|
(31,182
|
)
|
$
|
(27,514
|
)
|
$
|
(61,295
|
)
|
$
|
(192,652
|
)
|
||||
Net loss per share - basic
|
$
|
(0.90
|
)
|
$
|
(3.80
|
)
|
$
|
(1.80
|
)
|
$
|
(26.65
|
)
|
||||
Net loss per share - diluted
|
$
|
(0.90
|
)
|
$
|
(3.80
|
)
|
$
|
(1.80
|
)
|
$
|
(26.65
|
)
|
||||
Weighted average common shares outstanding - basic
|
34,469,998
|
7,245,268
|
34,135,736
|
7,228,660
|
||||||||||||
Weighted average common shares outstanding - diluted
|
34,469,998
|
7,245,268
|
34,135,736
|
7,228,660
|
||||||||||||
September 30, 2017
|
December 31, 2016
|
|||||||
BALANCE SHEET DATA:
|
(unaudited)
|
|||||||
Cash (including restricted cash)
|
$
|
185,105
|
$
|
169,068
|
||||
Current assets
|
194,583
|
172,605
|
||||||
Total assets
|
1,516,483
|
1,568,960
|
||||||
Current liabilities (excluding current portion of long-term debt)
|
25,163
|
24,373
|
||||||
Current portion of long-term debt
|
12,076
|
4,576
|
||||||
Long-term debt (net of $9.6 million and $11.4 million of unamortized debt issuance costs at September 30, 2017 and December 31, 2016, respectively)
|
504,896
|
508,444
|
||||||
Shareholders' equity
|
971,940
|
1,029,699
|
||||||
Nine Months Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|||||||
(unaudited)
|
||||||||
Net cash provided by (used in) operating activities
|
$
|
4,439
|
$
|
(45,907
|
)
|
|||
Net cash provided by investing activities
|
18,137
|
5,119
|
||||||
Net cash used in financing activities
|
(3,465
|
)
|
(40,258
|
)
|
||||
Three Months Ended
September 30, 2017
|
Three Months Ended
September 30, 2016
|
Nine Months Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
|||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net loss
|
$
|
(31,182
|
)
|
$
|
(27,514
|
)
|
$
|
(61,295
|
)
|
$
|
(192,652
|
)
|
||||
+ Net interest expense
|
7,363
|
7,024
|
21,553
|
21,056
|
||||||||||||
+ Income tax expense
|
-
|
417
|
-
|
766
|
||||||||||||
+ Depreciation and amortization
|
17,836
|
18,127
|
54,194
|
58,152
|
||||||||||||
EBITDA(1)
|
$
|
(5,983
|
)
|
$
|
(1,946
|
)
|
$
|
14,452
|
$
|
(112,678
|
)
|
|||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2017
|
September 30, 2016
|
September 30, 2017
|
September 30, 2016
|
|||||||||||||
GENCO CONSOLIDATED FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Total number of vessels at end of period
|
60
|
69
|
60
|
69
|
||||||||||||
Average number of vessels (2)
|
60.0
|
69.0
|
61.1
|
69.5
|
||||||||||||
Total ownership days for fleet (3)
|
5,520
|
6,348
|
16,687
|
19,044
|
||||||||||||
Total available days for fleet (4)
|
5,320
|
6,161
|
15,970
|
18,482
|
||||||||||||
Total operating days for fleet (5)
|
5,206
|
6,123
|
15,611
|
18,293
|
||||||||||||
Fleet utilization (6)
|
97.9
|
%
|
99.4
|
%
|
97.8
|
%
|
99.0
|
%
|
||||||||
AVERAGE DAILY RESULTS:
|
||||||||||||||||
Time charter equivalent (7)
|
$
|
8,573
|
$
|
5,779
|
$
|
7,829
|
$
|
4,341
|
||||||||
Daily vessel operating expenses per vessel (8)
|
4,553
|
4,483
|
4,427
|
4,523
|
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.
|
February 2018
|
106% of BCI
|
Genco Tiberius
|
2007
|
Jiangsu Steamship Pte. Ltd.
|
November 2017
|
$18,100
|
Genco London
|
2007
|
Swissmarine Services S.A.
|
May 2018
|
98% of BCI
|
Genco Titus
|
2007
|
Louis Dreyfus Company Freight Asia Pte. Ltd.
|
Oct. 2017/Feb. 2018
|
$12,000/ $17,750(3)
|
Genco Constantine
|
2008
|
Oldendorff GMBH & Co.
|
Oct./Nov. 2017
|
$18,500/ $21,750(4)
|
Genco Hadrian
|
2008
|
Swissmarine Services S.A./ Pacific Bulk Cape Company Ltd.
|
Oct. 2017/Jan. 2018
|
98.5% of BCI/ $16,600(5)
|
Genco Commodus
|
2009
|
Swissmarine Asia Pte. Ltd.
|
January 2018
|
88% of BCI
|
Genco Maximus
|
2009
|
Oldendorff GMBH & Co.
|
Oct./Nov. 2017
|
$14,750/ $14,750(6)
|
Genco Claudius
|
2010
|
Louis Dreyfus Company Freight Asia Pte. Ltd.
|
December 2017
|
$13,000
|
Genco Tiger
|
2011
|
Uniper Global Commodities SE.
|
December 2017
|
$10,750
|
Baltic Lion
|
2012
|
Koch Shipping Pte. Ltd.
|
December 2017
|
$15,300
|
Baltic Bear
|
2010
|
Trafigura Maritime Logistics Pte. Ltd.
|
December 2017
|
$10,750(7)
|
Baltic Wolf
|
2010
|
Cargill International S.A.
|
February 2018
|
$15,350
|
Panamax Vessels
|
||||
Genco Beauty
|
1999
|
Swissmarine Asia Pte. Ltd.
|
December 2017
|
$9,000(8)
|
Genco Knight
|
1999
|
Raffles Shipping International Pte. Ltd.
|
November 2017
|
$12,000(9)
|
Genco Vigour
|
1999
|
Trafigura Maritime Logistics Pte. Ltd.
|
November 2017
|
$9,750(10)
|
Genco Surprise
|
1998
|
Swissmarine Asia Pte., Ltd.
|
December 2017
|
$8,000(11)
|
Genco Raptor
|
2007
|
Golden Ocean Trading Ltd. Bermuda/Aquavita International S.A.
|
Oct. 2017/Feb. 2018
|
$9,650/ $12,300(12)
|
Genco Thunder
|
2007
|
Raffles Shipping International Pte. Ltd.
|
October 2017
|
$10,500(13)
|
Ultramax Vessels
|
||||
Baltic Hornet
|
2014
|
Swissmarine Asia Pte. Ltd.
|
June 2018
|
113.5% of BSI
|
Baltic Wasp
|
2015
|
Pioneer Navigation Ltd.
|
July 2018
|
$11,000
|
Baltic Scorpion
|
2015
|
SK Shipping Co., Ltd./Mosaic Global Sales
|
Oct. 2017/Jan. 2018
|
$8,500/Voyage
|
Baltic Mantis
|
2015
|
Gavilon Grain LLC
|
November 2017
|
Voyage(14)
|
Supramax Vessels
|
||||
Genco Predator
|
2005
|
D/S Norden A/S
|
November 2017
|
$10,250(15)
|
Genco Warrior
|
2005
|
Americas Bulk Transport (BVI) Ltd./Ultrabulk A/S
|
Oct./Nov. 2017
|
$10,750/ $12,000(16)
|
Genco Hunter
|
2007
|
Daewoo Logistics Corp.
|
November 2017
|
$3,500(17)
|
Genco Cavalier
|
2007
|
Bulkhandling Handymax A/S/Transwind Shipping Co., Ltd.
|
Oct./Nov. 2017
|
Spot Pool/$10,500
|
Genco Lorraine
|
2009
|
Bulkhandling Handymax A/S
|
November 2017
|
Spot Pool
|
Genco Loire
|
2009
|
Bulkhandling Handymax A/S/ Medi Supra Pool Management Ltd./ BaltNav A/S
|
Oct./Nov./Nov. 2017
|
Spot Pool/$13,500/ $8,000(18)
|
Genco Aquitaine
|
2009
|
ADMIntermare/S. Norton & Co. Ltd.
|
Oct./Nov. 2017
|
$16,000/ $20,000(19)
|
Genco Ardennes
|
2009
|
Norvic Shipping International Ltd./Clipper Bulk Shipping Ltd.
|
Oct./Nov. 2017
|
$14,000/ $7,000(20)
|
Genco Auvergne
|
2009
|
Western Bulk Pte. Ltd., Singapore/International Materials Inc.
|
Oct./Nov. 2017
|
$9,350/ Voyage(21)
|
Genco Bourgogne
|
2010
|
Phoenix Global DMCC
|
November 2017
|
Voyage
|
Genco Brittany
|
2010
|
Trafigura Maritime Logistics Pte. Ltd.
|
November 2017
|
$15,000(22)
|
Genco Languedoc
|
2010
|
Oldendorff Carriers GMBH & Co.
|
November 2017
|
$7,900(23)
|
Genco Normandy
|
2007
|
Bulkhandling Handymax A/S/ SK Shipping Co., Ltd.
|
Oct./Dec. 2017
|
Spot Pool/ $5,000(24)
|
Genco Picardy
|
2005
|
Centurion Bulk Pte. Ltd., Singapore
|
November 2017
|
$9,000(25)
|
Genco Provence
|
2004
|
HC Trading Malta Ltd.
|
November 2017
|
Voyage(26)
|
Genco Pyrenees
|
2010
|
Kawasaki Kisen Kaisha Ltd./ Western Bulk Pte. Ltd./ Western Bulk Pte. Ltd.
|
Oct./Nov. 2017/ Mar. 2018
|
$17,600/ $13,000/ $16,500(27)
|
Genco Rhone
|
2011
|
Camden Iron and Metal/Ameropa S.A. Lausanne
|
Oct./Nov. 2017
|
Voyage/ Voyage(28)
|
Baltic Leopard
|
2009
|
Bulkhandling Handymax A/S
|
November 2017
|
Spot Pool
|
Baltic Panther
|
2009
|
Bulkhandling Handymax A/S
|
November 2017
|
Spot Pool
|
Baltic Jaguar
|
2009
|
Bunge Latin America LLC/Sims Group Global Trade Corp.
|
Oct./Nov. 2017
|
$11,000/ Voyage(29)
|
Baltic Cougar
|
2009
|
Bulkhandling Handymax A/S/ Nordic Bulk Carriers A/S
|
Oct. 2017/Jan. 2018
|
Spot Pool/$10,500
|
Handymax Vessels
|
||||
Genco Muse
|
2001
|
Centurion Bulk Pte. Ltd. Singapore
|
November 2017
|
$8,500(30)
|
Handysize Vessels
|
||||
Genco Progress
|
1999
|
Sun United Maritime Ltd.
|
November 2017
|
$6,000(31)
|
Genco Explorer
|
1999
|
Daiichi Chuo Kisen Kaisha/ ADMIntermare/ ADMIntermare
|
Oct./Nov./Nov. 2017
|
$4,000/ Voyage/ Voyage(32)
|
Baltic Hare
|
2009
|
NYK Bulk & Projects Carriers Ltd./Norden Shipping (Singapore) Pte. Ltd.
|
Oct./Nov. 2017
|
$8,300/$5,000(33)
|
Baltic Fox
|
2010
|
Clipper Logger Pool
|
November 2017
|
Spot Pool
|
Genco Charger
|
2005
|
Agriculture & Energy Carriers Ltd.
|
November 2017
|
$4,000(34)
|
Genco Challenger
|
2003
|
Mitsui OSK Lines, Ltd.
|
November 2017
|
$7,000(35)
|
Genco Champion
|
2006
|
Clipper Logger Pool/Cargill Ocean Transportation, Singapore Pte. Ltd.
|
Oct./Nov. 2017
|
Spot Pool/ $7,250(36)
|
Baltic Wind
|
2009
|
Ultrabulk Parcel Service A/S
|
November 2017
|
$7,500(37)
|
Baltic Cove
|
2010
|
Clipper Bulk Shipping Ltd./MUR Shipping B.V.
|
Nov./Nov. 2017
|
$5,750/ $10,000(38)
|
Baltic Breeze
|
2010
|
ADMIntermare/CAI Trading LLC
|
Oct./Nov. 2017
|
Voyage/ Voyage(39)
|
Genco Ocean
|
2010
|
Empremar S.A./Cargill International S.A.
|
Oct./Nov. 2017
|
$8,500/ $8,000(40)
|
Genco Bay
|
2010
|
Pacific Basin Handysize Ltd./Bulk Atlantic Inc.
|
Oct./Nov. 2017
|
$9,500/ $12,000(41)
|
Genco Avra
|
2011
|
Sims Group Global Trade Corp./ NYK Bulk & Projects Carriers Ltd.
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Oct./Nov. 2017
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Voyage/ 10,500(42)
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Genco Mare
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2011
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Pioneer Navigation Ltd.
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November 2017
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103.5% of BHSI
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Genco Spirit
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2011
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Norvic Shipping International Ltd./BBC Chartering Carriers GMBH & Co. KG
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Oct./Dec. 2017
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$5,250/ $12,500(43)
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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 certain contracts, 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 agreed to an extension with Louis Dreyfus Company Freight Asia Pte. Ltd. on a time charter for 3.5 to 6 months at a rate of $17,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on October 21, 2017.
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(4) |
We have agreed to an extension with Oldendorff GMBH & Co. on a time charter for approximately 35 days at a rate of $21,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on October 20, 2017.
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(5) |
We have reached an agreement with Pacific Bulk Cape Company Ltd. on a time charter for 3.5 to 6.5 months at a rate of $16,600 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 4, 2017.
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(6) |
We have agreed to an extension with Oldendorff GMBH & Co. on a time charter for approximately 35 days at a rate of $14,750 per day Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on October 6, 2017.
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(7) |
We have reached an agreement with Trafigura Maritime Logistics Pte. Ltd. on a time charter for 3.5 to 7.5 months 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 July 12, 2017.
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(8) |
We have reached an agreement with Swissmarine Asia Pte. Ltd. on a time charter for 3.5 to 6.5 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 August 4, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on June 29, 2017.
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(9) |
We have reached an agreement with Raffles Shipping International Pte. Ltd. on a time charter for approximately 75 days 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 September 1, 2017 after repositioning. The vessel had redelivered to Genco on August 26, 2017.
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(10) |
We have reached an agreement with Trafigura Maritime Logistics Pte. Ltd. on a time charter for approximately 25 days at a rate of $9,750 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 4, 2017 after repositioning. A ballast bonus was awarded after the repositioning period. The vessel redelivered to Genco on September 4, 2017.
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(11) |
We have reached an agreement with Swissmarine Asia Pte., Ltd. on a time charter for 3.5 to 8.5 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 June 18, 2017.
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(12) |
We have reached an agreement with Aquavita International S.A. on a time charter for 4 to 6.5 months at a rate of $12,300 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, 2017.
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(13) |
The vessel redelivered to Genco on October 31, 2017 and is currently awaiting next employment.
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(14) |
We have reached an agreement with Gavilon Grain LLC for one voyage for approximately 90 days.
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(15) |
We have reached an agreement with D/S Norden A/S on a time charter for approximately 45 days at a rate of $10,250 per day. If the duration of the time charter exceeds 47 days, the hire rate will be $12,500 thereafter. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on September 22, 2017 after repositioning. The vessel redelivered to Genco on September 16, 2017.
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(16) |
We have reached an agreement with Ultrabulk A/S on a time charter for approximately 50 days 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 October 1, 2017.
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(17) |
We have reached an agreement with Daewoo Logistics Corp. on a time charter for approximately 60 days at a rate of $3,500 per day. If the duration of the time charter exceeds 66 days, the hire rate will be $10,000 per day thereafter. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on September 11, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on August 18, 2017.
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(18) |
We have reached an agreement with BaltNav A/S on a time charter for approximately 20 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 November 1, 2017.
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(19) |
We have reached an agreement with S. Norton & Co. Ltd. on a time charter for approximately 20 days at a rate of $20,000 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, 2017.
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(20) |
We have reached an agreement with Clipper Bulk Shipping Ltd. on a time charter for approximately 35 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 October 17, 2017.
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(21) |
We have reached an agreement with International Materials Inc. for one voyage for approximately 50 days.
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(22) |
We have reached an agreement with Trafigura Maritime Logistics Pte. Ltd. on a time charter for approximately 50 days at a rate of $15,000. Hire is paid every 15 days in advance less a 5.00% third-party broker commission. The vessel delivered to charterers on September 18, 2017.
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(23) |
We have reached an agreement with Oldendorff Carriers GMBH & Co. on a time charter for 3 to 5.5 months at a rate of $7,900 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on June 21, 2017.
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(24) |
We have reached an agreement with SK Shipping Co., Ltd. on a time charter for approximately 65 days at a rate of $5,000 per day. If the duration of the time charter exceeds 67 days, the hire rate will be $11,000 per day thereafter. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on October 24, 2017.
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(25) |
We have agreed to an extension with Centurion Bulk Pte. Ltd., Singapore on a time charter at a rate of $9,000 per day. The minimum and maximum expiration dates of the time charter are October 1, 2017 and December 1, 2017, respectively. Hire is paid every 15 days in advance less a 5.00% third-party broker age commission.
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(26) |
We have reached an agreement with HC Trading Malta Ltd. for one voyage for approximately 25 days.
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(27) |
We have reached an agreement with Western Bulk Pte. Ltd. on a time charter for 3.5 to 6.5 months at a rate of $16,500 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 15, 2017.
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(28) |
We have reached an agreement with Ameropa S.A. Lausanne for one voyage for approximately 45 days.
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(29) |
We have reached an agreement with Sims Group Global Trade Corp. for one voyage for approximately 45 days.
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(30) |
We have agreed to an extension with Centurion Bulk Pte. Ltd. Singapore 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 July 4, 2017.
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(31) |
We have reached an agreement with Sun United Maritime Ltd. on a time charter for approximately 65 days at a rate of $6,000 per day. If the time charter extends beyond 65 days, the hire rate will be $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 August 17, 2017.
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(32) |
We have reached an agreement with ADMIntermare for one voyage for approximately 20 days.
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(33) |
We have reached an agreement with Norden Shipping (Singapore) Pte. Ltd. on a time charter for approximately 40 days at a rate of $5,000 per day. If the time charter extends beyond 50 days, the hire rate will be $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 October 21, 2017 after repositioning. The vessel had redelivered to Genco on October 13, 2017.
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(34) |
We have reached an agreement with Agriculture & Energy Carriers Ltd. on a time charter for approximately 65 days at a rate of $4,000 per day. If the time charter exceeds 67 days then the hire rate will be $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 August 27, 2017.
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(35) |
We have reached an agreement with Mitsui OSK Lines, Ltd. on a time charter for approximately 60 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 August 26, 2017 after repositioning. The vessel redelivered to Genco on August 22, 2017.
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(36) |
We have reached an agreement with Cargill Ocean Transportation, Singapore Pte. Ltd. on a time charter for approximately 20 days at a rate of $7,250 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 5, 2017.
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(37) |
We have reached an agreement with Ultrabulk Parcel Service A/S on a time charter for approximately 55 days at a rate of $7,500 per day for the first 45 days and $9,250 per thereafter. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on September 17, 2017.
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(38) |
We have reached an agreement with MUR Shipping B.V. on a time charter for approximately 25 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 is expected to deliver to charterer on or about November 4, 2017.
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(39) |
We have reached an agreement with CAI Trading LLC for one voyage for approximately 30 days.
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(40) |
We have reached an agreement with Cargill International S.A. 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 brokerage commission. The vessel delivered to charterers on October 5, 2017.
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(41) |
We have reached an agreement with Bulk Atlantic Inc. on a time charter for approximately 35 days 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 October 16, 2017.
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(42) |
We have reached an agreement with NYK Bulk & Projects Carriers Ltd. on a time charter for approximately 15 days at a rate of $10,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party broker commission. The vessel delivered to charterers on October 14, 2017.
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(43) |
We have reached an agreement with BBC Chartering Carriers GMBH & Co. KG on a time charter for approximately 45 days at a rate of $12,500 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 21, 2017.
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