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
|
10171
|
|
(Address of principal executive offices)
|
(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))
|
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
|||
Common stock, par value $0.01 per share
|
GNK
|
New York Stock Exchange (NYSE)
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated November 6, 2019.
|
GENCO SHIPPING & TRADING LIMITED
|
|||
DATE: November 6, 2019
|
|||
/s/ Apostolos Zafolias
|
|||
Apostolos Zafolias
|
|||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated November 6, 2019.
|
● |
Initiated a regular quarterly dividend policy with a dividend of $0.175 per share for the third quarter of 2019
|
o |
Payable on or about December 5, 2019 to all shareholders of record as of November 21, 2019
|
● |
Declared a special dividend of $0.325 per share, utilizing net cash proceeds from recently agreed upon vessel sales after paying down associated debt
|
o |
Payable on or about December 5, 2019, to all shareholders of record as of November 21, 2019
|
● |
Following the payment of this aggregate dividend of $0.50 per share, Genco intends to maintain an industry leading balance sheet with one of the lowest net leverage positions in the peer group
|
● |
Amended our credit facilities to provide more flexibility on capital allocation
|
● |
Continued to execute our comprehensive IMO 2020 strategy
|
o |
Have installed exhaust gas cleaning systems (“scrubbers”) on 12 of our 17 Capesize vessels to date
|
● |
In October 2019, we completed the sale of two of our oldest Handysize vessels
|
o |
Genco Challenger, 2003-built, delivered to buyers on October 10, 2019
|
o |
Genco Champion, 2006-built, delivered to buyers on October 21, 2019
|
● |
We also agreed to sell our remaining two Panamax vessels
|
o |
Genco Raptor and Genco Thunder, both 2007-built, are to be sold for an aggregate price of $20.6 million
|
o |
Both vessels are expected to deliver to their new buyers during the fourth quarter of 2019
|
● |
Recorded a net loss of $14.6 million for the third quarter of 2019
|
o |
Basic and diluted loss per share of $0.35
|
o |
Adjusted net loss of $2.4 million or basic and diluted loss per share of $0.06, excluding $12.2 million in non-cash vessel impairment charges
|
● |
Net revenue (voyage revenues minus voyage expenses and charter hire expenses) totaled $55.3 million during the third quarter of 2019
|
● |
Our average daily fleet-wide time charter equivalent, or TCE1, for Q3 2019 was $11,687 marking an improvement of 58% compared to Q2 2019
|
● |
Based on current fixtures to date, we estimate our fourth quarter 2019 TCE to date to be $14,041 for 64% of our fleet-wide available days, an improvement of 20% compared to Q3 2019
|
● |
Recorded adjusted EBITDA of $22.7 million during Q3 20191
|
● |
Capesize: $19,779 for 62% of the available Q4 2019 days
|
● |
Panamax: $12,322 for 51% of the available Q4 2019 days
|
● |
Ultramax and Supramax: $12,113 for 67% of the available Q4 2019 days
|
● |
Handysize: $11,838 for 62% of the available Q4 2019 days
|
● |
Fleet average: $14,041 for 64% of the available Q4 2019 days
|
Q4 2019
|
2020
|
|||||||
Estimated Drydock Costs (1)
|
$6.0 million
|
$10.5 million
|
||||||
Estimated BWTS Costs (2)
|
$1.6 million
|
$4.7 million
|
||||||
Estimated Scrubber Costs (3)
|
$13.5 million
|
-
|
||||||
Estimated Offhire Days (4)
|
423
|
290
|
||||||
Three Months Ended
September 30, 2019
|
Three Months Ended
September 30, 2018
|
Nine Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2018
|
||||||||||||||
(Dollars in thousands, except share and per share data)
(unaudited)
|
(Dollars in thousands, except share and per share data)
(unaudited)
|
||||||||||||||||
INCOME STATEMENT DATA:
|
|||||||||||||||||
Revenues:
|
|||||||||||||||||
Voyage revenues
|
$
|
103,776
|
$
|
92,263
|
$
|
280,790
|
$
|
255,336
|
|||||||||
Total revenues
|
103,776
|
92,263
|
280,790
|
255,336
|
|||||||||||||
Operating expenses:
|
|||||||||||||||||
Voyage expenses
|
42,967
|
31,475
|
127,789
|
78,551
|
|||||||||||||
Vessel operating expenses
|
24,711
|
25,155
|
72,260
|
72,642
|
|||||||||||||
Charter hire expenses
|
5,475
|
723
|
12,743
|
1,231
|
|||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization
|
6,144
|
5,033
|
18,253
|
16,761
|
|||||||||||||
expense of $0.6 million, $0.6 million, $1.6 million and $1.8 million, respectively)
|
|||||||||||||||||
Technical management fees
|
1,885
|
2,028
|
5,710
|
5,926
|
|||||||||||||
Depreciation and amortization
|
18,184
|
17,269
|
54,532
|
50,605
|
|||||||||||||
Impairment of vessel assets
|
12,182
|
-
|
26,078
|
56,586
|
|||||||||||||
Gain on sale of vessels
|
-
|
(1,509
|
)
|
(611
|
)
|
(1,509
|
)
|
||||||||||
Total operating expenses
|
111,548
|
80,174
|
316,754
|
280,793
|
|||||||||||||
Operating (loss) income
|
(7,772
|
)
|
12,089
|
(35,964
|
)
|
(25,457
|
)
|
||||||||||
Other (expense) income:
|
|||||||||||||||||
Other income
|
86
|
213
|
523
|
272
|
|||||||||||||
Interest income
|
892
|
1,062
|
3,292
|
2,743
|
|||||||||||||
Interest expense
|
(7,797
|
)
|
(7,656
|
)
|
(24,496
|
)
|
(24,249
|
)
|
|||||||||
Impairment of right-of-use asset
|
-
|
-
|
(223
|
)
|
-
|
||||||||||||
Loss on debt extinguishment
|
-
|
-
|
-
|
(4,533
|
)
|
||||||||||||
Other expense
|
(6,819
|
)
|
(6,381
|
)
|
(20,904
|
)
|
(25,767
|
)
|
|||||||||
Net (loss) income
|
$
|
(14,591
|
)
|
$
|
5,708
|
$
|
(56,868
|
)
|
$
|
(51,224
|
)
|
||||||
Net (loss) earnings per share - basic
|
$
|
(0.35
|
)
|
$
|
0.14
|
$
|
(1.36
|
)
|
$
|
(1.37
|
)
|
||||||
Net (loss) earnings per share - diluted
|
$
|
(0.35
|
)
|
$
|
0.14
|
$
|
(1.36
|
)
|
$
|
(1.37
|
)
|
||||||
Weighted average common shares outstanding - basic
|
41,749,200
|
41,618,187
|
41,739,287
|
37,263,200
|
|||||||||||||
Weighted average common shares outstanding - diluted
|
41,749,200
|
41,821,008
|
41,739,287
|
37,263,200
|
|||||||||||||
September 30, 2019
|
December 31, 2018
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
165,876
|
$
|
197,499
|
||||
Restricted cash
|
-
|
4,947
|
||||||
Due from charterers, net
|
20,391
|
22,306
|
||||||
Prepaid expenses and other current assets
|
9,996
|
10,449
|
||||||
Inventories
|
22,982
|
29,548
|
||||||
Vessels held for sale
|
21,819
|
5,702
|
||||||
Total current assets
|
241,064
|
270,451
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated depreciation of $272,074 and $244,529, respectively
|
1,290,741
|
1,344,870
|
||||||
Deferred drydock, net
|
16,039
|
9,544
|
||||||
Fixed assets, net
|
5,229
|
2,290
|
||||||
Operating lease right-of-use assets
|
8,576
|
-
|
||||||
Restricted cash
|
315
|
315
|
||||||
Total noncurrent assets
|
1,320,900
|
1,357,019
|
||||||
Total assets
|
$
|
1,561,964
|
$
|
1,627,470
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
41,145
|
$
|
29,143
|
||||
Current portion of long-term debt
|
70,111
|
66,320
|
||||||
Deferred revenue
|
6,325
|
6,404
|
||||||
Current operating lease liabilities
|
1,655
|
-
|
||||||
Total current liabilities
|
119,236
|
101,867
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
10,253
|
-
|
||||||
Deferred rent
|
-
|
3,468
|
||||||
Long-term debt, net of deferred financing costs of $14,054 and $16,272, respectively
|
434,440
|
468,828
|
||||||
Total noncurrent liabilities
|
444,693
|
472,296
|
||||||
Total liabilities
|
563,929
|
574,163
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
416
|
416
|
||||||
Additional paid-in capital
|
1,741,759
|
1,740,163
|
||||||
Retained deficit
|
(744,140
|
)
|
(687,272
|
)
|
||||
Total equity
|
998,035
|
1,053,307
|
||||||
Total liabilities and equity
|
$
|
1,561,964
|
$
|
1,627,470
|
||||
Nine Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2018
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(56,868
|
)
|
$
|
(51,224
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
54,532
|
50,605
|
||||||
Amortization of deferred financing costs
|
2,828
|
2,110
|
||||||
PIK interest, net
|
-
|
(5,341
|
)
|
|||||
Noncash operating lease expense
|
911
|
-
|
||||||
Amortization of nonvested stock compensation expense
|
1,596
|
1,776
|
||||||
Impairment of right-of-use asset
|
223
|
-
|
||||||
Impairment of vessel assets
|
26,078
|
56,586
|
||||||
Gain on sale of vessels
|
(611
|
)
|
(1,509
|
)
|
||||
Loss on debt extinguishment
|
-
|
4,533
|
||||||
Insurance proceeds for protection and indemnity claims
|
413
|
268
|
||||||
Insurance proceeds for loss of hire claims
|
-
|
58
|
||||||
Change in assets and liabilities:
|
||||||||
Decrease (increase) in due from charterers
|
1,915
|
(6,329
|
)
|
|||||
Increase in prepaid expenses and other current assets
|
(655
|
)
|
(5,966
|
)
|
||||
Decrease (increase) in inventories
|
6,566
|
(14,647
|
)
|
|||||
Decrease in other noncurrent assets
|
-
|
514
|
||||||
Increase in accounts payable and accrued expenses
|
5,061
|
8,169
|
||||||
(Decrease) increase in deferred revenue
|
(79
|
)
|
5,017
|
|||||
Decrease in operating lease liabilities
|
(1,187
|
)
|
-
|
|||||
Increase in deferred rent
|
-
|
988
|
||||||
Deferred drydock costs incurred
|
(11,965
|
)
|
(2,233
|
)
|
||||
Net cash provided by operating activities
|
28,758
|
43,375
|
||||||
Cash flows from investing activities
|
||||||||
Purchase of vessels, including deposits
|
(10,392
|
)
|
(239,695
|
)
|
||||
Purchase of scrubbers (capitalized in Vessels)
|
(24,736
|
)
|
-
|
|||||
Purchase of other fixed assets
|
(3,590
|
)
|
(888
|
)
|
||||
Net proceeds from sale of vessels
|
6,309
|
10,626
|
||||||
Insurance proceeds for hull and machinery claims
|
612
|
3,466
|
||||||
Net cash used in investing activities
|
(31,797
|
)
|
(226,491
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from the $108 Million Credit Facility
|
-
|
108,000
|
||||||
Repayments on the $108 Million Credit Facility
|
(4,740
|
)
|
-
|
|||||
Proceeds from the $495 Million Credit Facility
|
21,500
|
460,000
|
||||||
Repayments on the $495 Million Credit Facility
|
(49,575
|
)
|
-
|
|||||
Repayments on the $400 Million Credit Facility
|
-
|
(399,600
|
)
|
|||||
Repayments on the $98 Million Credit Facility
|
-
|
(93,939
|
)
|
|||||
Repayments on the 2014 Term Loan Facilities
|
-
|
(25,544
|
)
|
|||||
Payment of debt extinguishment costs
|
-
|
(2,962
|
)
|
|||||
Proceeds from issuance of common stock
|
-
|
110,249
|
||||||
Payment of common stock issuance costs
|
(105
|
)
|
(496
|
)
|
||||
Payment of deferred financing costs
|
(611
|
)
|
(11,499
|
)
|
||||
Net cash (used in) provided by financing activities
|
(33,531
|
)
|
144,209
|
|||||
|
||||||||
Net decrease in cash, cash equivalents and restricted cash
|
(36,570
|
)
|
(38,907
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
202,761
|
204,946
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
166,191
|
$
|
166,039
|
||||
Three Months Ended
September 30, 2019
|
||||
Adjusted Net Loss Reconciliation
|
(unaudited)
|
|||
Net loss
|
$
|
(14,591
|
)
|
|
+ Impairment of vessel assets
|
12,182
|
|||
Adjusted net loss
|
$
|
(2,409
|
)
|
|
|
||||
Adjusted net loss per share - basic
|
$
|
(0.06
|
)
|
|
Adjusted net loss per share - diluted
|
$
|
(0.06
|
)
|
|
|
||||
Weighted average common shares outstanding - basic
|
41,749,200
|
|||
Weighted average common shares outstanding - diluted
|
41,749,200
|
|||
|
||||
Weighted average common shares outstanding - basic as per financial statements
|
41,749,200
|
|||
Dilutive effect of stock options
|
-
|
|||
Dilutive effect of restricted stock awards
|
-
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
41,749,200
|
|||
Three Months Ended
September 30, 2019
|
Three Months Ended
September 30, 2018
|
Nine Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2018
|
||||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
||||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net (loss) income
|
$
|
(14,591
|
)
|
$
|
5,708
|
$
|
(56,868
|
)
|
$
|
(51,224
|
)
|
||||||
+ Net interest expense
|
6,905
|
6,594
|
21,204
|
21,506
|
|||||||||||||
+ Depreciation and amortization
|
18,184
|
17,269
|
54,532
|
50,605
|
|||||||||||||
EBITDA(1)
|
$
|
10,498
|
$
|
29,571
|
$
|
18,868
|
$
|
20,887
|
|||||||||
|
|||||||||||||||||
+ Impairment of vessel assets
|
12,182
|
-
|
26,078
|
56,586
|
|||||||||||||
+ Impairment of right-of-use asset
|
-
|
-
|
223
|
-
|
|||||||||||||
- Gain on sale of vessels
|
-
|
(1,509
|
)
|
(611
|
)
|
(1,509
|
)
|
||||||||||
+ Loss on debt extinguishment
|
-
|
-
|
-
|
4,533
|
|||||||||||||
Adjusted EBITDA
|
$
|
22,680
|
$
|
28,062
|
$
|
44,558
|
$
|
80,497
|
|||||||||
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||
September 30, 2019
|
September 30, 2018
|
September 30, 2019
|
September 30, 2018
|
||||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Total number of vessels at end of period
|
58
|
64
|
58
|
64
|
|||||||||||||
Average number of vessels (2)
|
58.0
|
61.7
|
58.1
|
60.6
|
|||||||||||||
Total ownership days for fleet (3)
|
5,336
|
5,673
|
15,861
|
16,533
|
|||||||||||||
Total chartered-in days (4)
|
430
|
65
|
1,071
|
114
|
|||||||||||||
Total available days for fleet (5)
|
5,165
|
5,680
|
15,984
|
16,505
|
|||||||||||||
Total available days for owned fleet (6)
|
4,735
|
5,615
|
14,914
|
16,391
|
|||||||||||||
Total operating days for fleet (7)
|
5,130
|
5,623
|
15,737
|
16,318
|
|||||||||||||
Fleet utilization (8)
|
98.9
|
%
|
98.5
|
%
|
97.9
|
%
|
98.5
|
%
|
|||||||||
AVERAGE DAILY RESULTS:
|
|||||||||||||||||
Time charter equivalent (9)
|
$
|
11,687
|
$
|
10,696
|
$
|
9,405
|
$
|
10,710
|
|||||||||
Daily vessel operating expenses per vessel (10)
|
4,631
|
4,434
|
4,556
|
4,394
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||
September 30, 2019
|
September 30, 2018
|
September 30, 2019
|
September 30, 2018
|
||||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Ownership days
|
|||||||||||||||||
Capesize
|
1,564.0
|
1,334.5
|
4,641.0
|
3,687.5
|
|||||||||||||
Panamax
|
184.0
|
497.1
|
573.2
|
1,583.1
|
|||||||||||||
Ultramax
|
552.0
|
455.2
|
1,638.0
|
1,179.2
|
|||||||||||||
Supramax
|
1,840.0
|
1,932.0
|
5,460.0
|
5,733.0
|
|||||||||||||
Handymax
|
-
|
92.0
|
-
|
273.0
|
|||||||||||||
Handysize
|
1,196.0
|
1,362.1
|
3,549.0
|
4,077.1
|
|||||||||||||
Total
|
5,336.0
|
5,673.0
|
15,861.2
|
16,532.9
|
|||||||||||||
Chartered-in days
|
|||||||||||||||||
Capesize
|
103.5
|
-
|
182.9
|
-
|
|||||||||||||
Panamax
|
-
|
-
|
-
|
-
|
|||||||||||||
Ultramax
|
-
|
-
|
96.3
|
-
|
|||||||||||||
Supramax
|
247.5
|
-
|
529.3
|
49.4
|
|||||||||||||
Handymax
|
-
|
37.0
|
17.4
|
37.0
|
|||||||||||||
Handysize
|
79.2
|
27.6
|
244.8
|
27.6
|
|||||||||||||
Total
|
430.2
|
64.5
|
1,070.7
|
114.0
|
|||||||||||||
Available days (owned & chartered-in fleet)
|
|||||||||||||||||
Capesize
|
1,220.2
|
1,288.0
|
4,258.9
|
3,608.0
|
|||||||||||||
Panamax
|
183.7
|
496.1
|
572.9
|
1,582.1
|
|||||||||||||
Ultramax
|
532.9
|
448.8
|
1,715.1
|
1,172.5
|
|||||||||||||
Supramax
|
1,955.1
|
1,928.6
|
5,686.2
|
5,775.4
|
|||||||||||||
Handymax
|
-
|
129.0
|
17.4
|
299.9
|
|||||||||||||
Handysize
|
1,273.1
|
1,389.5
|
3,733.9
|
4,067.5
|
|||||||||||||
Total
|
5,165.0
|
5,680.0
|
15,984.4
|
16,505.4
|
|||||||||||||
Available days (owned fleet)
|
|||||||||||||||||
Capesize
|
1,116.7
|
1,288.0
|
4,076.0
|
3,608.0
|
|||||||||||||
Panamax
|
183.7
|
496.1
|
572.9
|
1,582.1
|
|||||||||||||
Ultramax
|
532.9
|
448.8
|
1,618.8
|
1,172.5
|
|||||||||||||
Supramax
|
1,707.6
|
1,928.6
|
5,156.9
|
5,726.0
|
|||||||||||||
Handymax
|
-
|
92.0
|
-
|
262.9
|
|||||||||||||
Handysize
|
1,193.9
|
1,361.9
|
3,489.1
|
4,039.9
|
|||||||||||||
Total
|
4,734.8
|
5,615.4
|
14,913.7
|
16,391.4
|
|||||||||||||
Operating days
|
|||||||||||||||||
Capesize
|
1,213.5
|
1,286.1
|
4,219.0
|
3,606.0
|
|||||||||||||
Panamax
|
183.7
|
472.0
|
565.4
|
1,547.9
|
|||||||||||||
Ultramax
|
530.9
|
445.4
|
1,672.7
|
1,152.3
|
|||||||||||||
Supramax
|
1,940.5
|
1,911.5
|
5,609.5
|
5,707.3
|
|||||||||||||
Handymax
|
-
|
124.0
|
17.4
|
292.9
|
|||||||||||||
Handysize
|
1,261.2
|
1,383.9
|
3,652.9
|
4,011.8
|
|||||||||||||
Total
|
5,129.8
|
5,622.8
|
15,736.9
|
16,318.2
|
|||||||||||||
Fleet utilization
|
|||||||||||||||||
Capesize
|
98.3
|
%
|
98.5
|
%
|
98.3
|
%
|
99.2
|
%
|
|||||||||
Panamax
|
99.9
|
%
|
94.9
|
%
|
98.6
|
%
|
97.8
|
%
|
|||||||||
Ultramax
|
99.6
|
%
|
97.8
|
%
|
97.5
|
%
|
97.7
|
%
|
|||||||||
Supramax
|
99.0
|
%
|
98.9
|
%
|
97.8
|
%
|
98.7
|
%
|
|||||||||
Handymax
|
-
|
96.2
|
%
|
-
|
94.5
|
%
|
|||||||||||
Handysize
|
99.1
|
%
|
99.6
|
%
|
97.8
|
%
|
98.3
|
%
|
|||||||||
Fleet average
|
98.9
|
%
|
98.5
|
%
|
97.9
|
%
|
98.5
|
%
|
|||||||||
Average Daily Results:
|
|||||||||||||||||
Time Charter Equivalent
|
|||||||||||||||||
Capesize
|
$
|
16,311
|
$
|
15,168
|
$
|
11,549
|
$
|
14,716
|
|||||||||
Panamax
|
14,747
|
9,319
|
10,935
|
9,513
|
|||||||||||||
Ultramax
|
12,634
|
8,063
|
10,298
|
9,930
|
|||||||||||||
Supramax
|
9,989
|
10,014
|
8,588
|
10,115
|
|||||||||||||
Handymax
|
-
|
11,948
|
-
|
10,965
|
|||||||||||||
Handysize
|
8,945
|
8,719
|
7,488
|
8,655
|
|||||||||||||
Fleet average
|
11,687
|
10,696
|
9,405
|
10,710
|
|||||||||||||
Daily vessel operating expenses
|
|||||||||||||||||
Capesize
|
$
|
5,174
|
$
|
5,172
|
$
|
5,065
|
$
|
4,849
|
|||||||||
Panamax
|
4,809
|
4,039
|
4,538
|
4,149
|
|||||||||||||
Ultramax
|
4,841
|
4,879
|
4,628
|
4,518
|
|||||||||||||
Supramax
|
4,550
|
4,246
|
4,426
|
4,338
|
|||||||||||||
Handymax
|
-
|
3,928
|
-
|
5,012
|
|||||||||||||
Handysize
|
3,920
|
4,008
|
4,060
|
4,078
|
|||||||||||||
Fleet average
|
4,631
|
4,434
|
4,556
|
4,394
|
|||||||||||||
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. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition
to net income to evaluate our performance prior to these costs. 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 measure 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 chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.
|
5) |
We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel
upgrades or special surveys. 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.
|
6) |
We define available days for the owned fleet as available days less chartered-in days.
|
7) |
We define operating days as the number of our total available days in a period less the aggregate number of days that the 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.
|
8) |
We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.
|
9) |
We define TCE rates as our voyage revenues less voyage expenses and charter hire expenses, divided by the number of the available days of our owned fleet 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. Our estimated TCE for the fourth quarter of 2019 is based on fixtures booked to date.
Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the fourth quarter to the most comparable
financial measures presented in accordance with GAAP.
|
Three Months Ended
September 30, 2019
|
Three Months Ended
September 30, 2018
|
Nine Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2018
|
||||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
Voyage revenues (in thousands)
|
$
|
103,776
|
$
|
92,263
|
$
|
280,790
|
$
|
255,336
|
|||||||||
Voyage expenses (in thousands)
|
42,967
|
31,475
|
127,789
|
78,551
|
|||||||||||||
Charter hire expenses (in thousands)
|
5,475
|
723
|
12,743
|
1,231
|
|||||||||||||
55,334
|
60,065
|
140,258
|
175,554
|
||||||||||||||
Total available days for owned fleet
|
4,735
|
5,615
|
14,914
|
16,391
|
|||||||||||||
Total TCE rate
|
$
|
11,687
|
$
|
10,696
|
$
|
9,405
|
$
|
10,710
|
|||||||||
10) |
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
|
DWT
|
Year Built
|
||
Capesize | ||||
1
|
Genco Resolute
|
181,060
|
2015
|
|
2
|
Genco Endeavour
|
181,060
|
2015
|
|
3
|
Genco Constantine
|
180,183
|
2008
|
|
4
|
Genco Augustus
|
180,151
|
2007
|
|
5
|
Genco Liberty
|
180,032
|
2016
|
|
6
|
Genco Defender
|
180,021
|
2016
|
|
7
|
Baltic Lion
|
179,185
|
2012
|
|
8
|
Genco Tiger
|
179,185
|
2011
|
|
9
|
Genco London
|
177,833
|
2007
|
|
10
|
Baltic Wolf
|
177,752
|
2010
|
|
11
|
Genco Titus
|
177,729
|
2007
|
|
12
|
Baltic Bear
|
177,717
|
2010
|
|
13
|
Genco Tiberius
|
175,874
|
2007
|
|
14
|
Genco Commodus
|
169,098
|
2009
|
|
15
|
Genco Hadrian
|
169,025
|
2008
|
|
16
|
Genco Maximus
|
169,025
|
2009
|
|
17
|
Genco Claudius
|
169,001
|
2010
|
|
Panamax | ||||
1
|
Genco Thunder
|
76,588
|
2007
|
|
2
|
Genco Raptor
|
76,499
|
2007
|
|
Ultramax | ||||
1
|
Baltic Hornet
|
63,574
|
2014
|
|
2
|
Baltic Mantis
|
63,470
|
2015
|
|
3
|
Baltic Scorpion
|
63,462
|
2015
|
|
4
|
Baltic Wasp
|
63,389
|
2015
|
|
5
|
Genco Weatherly
|
61,556
|
2014
|
|
6
|
Genco Columbia
|
60,294
|
2016
|
Supramax | ||||
1
|
Genco Hunter
|
58,729
|
2007
|
|
2
|
Genco Auvergne
|
58,020
|
2009
|
|
3
|
Genco Rhone
|
58,018
|
2011
|
|
4
|
Genco Ardennes
|
58,018
|
2009
|
|
5
|
Genco Brittany
|
58,018
|
2010
|
|
6
|
Genco Languedoc
|
58,018
|
2010
|
|
7
|
Genco Pyrenees
|
58,018
|
2010
|
|
8
|
Genco Bourgogne
|
58,018
|
2010
|
|
9
|
Genco Aquitaine
|
57,981
|
2009
|
|
10
|
Genco Warrior
|
55,435
|
2005
|
|
11
|
Genco Predator
|
55,407
|
2005
|
|
12
|
Genco Provence
|
55,317
|
2004
|
|
13
|
Genco Picardy
|
55,257
|
2005
|
|
14
|
Genco Normandy
|
53,596
|
2007
|
|
15
|
Baltic Jaguar
|
53,474
|
2009
|
|
16
|
Baltic Leopard
|
53,447
|
2009
|
|
17
|
Baltic Cougar
|
53,432
|
2009
|
|
18
|
Genco Loire
|
53,430
|
2009
|
|
19
|
Genco Lorraine
|
53,417
|
2009
|
|
20
|
Baltic Panther
|
53,351
|
2009
|
|
Handysize | ||||
1
|
Genco Spirit
|
34,432
|
2011
|
|
2
|
Genco Mare
|
34,428
|
2011
|
|
3
|
Genco Ocean
|
34,409
|
2010
|
|
4
|
Baltic Wind
|
34,409
|
2009
|
|
5
|
Baltic Cove
|
34,403
|
2010
|
|
6
|
Genco Avra
|
34,391
|
2011
|
|
7
|
Baltic Breeze
|
34,386
|
2010
|
|
8
|
Genco Bay
|
34,296
|
2010
|
|
9
|
Baltic Hare
|
31,887
|
2009
|
|
10
|
Baltic Fox
|
31,883
|
2010
|
|
11
|
Genco Charger
|
28,398
|
2005
|