08/03/2022 | Press release | Distributed by Public on 08/03/2022 14:56
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• |
Declared a $0.50 per share dividend for the second quarter of 2022
|
|
o |
Represents the third dividend payment under our value strategy and second full payout utilizing our run rate voluntary quarterly debt prepayment figure of $8.75 million
|
|
o |
Q2 2022 dividend represents an annualized yield of 10% on Genco's closing share price on August 2, 2022
|
|
o |
Marks the Company's 12th consecutive quarterly payout, reflecting cumulative dividends totaling $3.015 per share
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|
o |
Our quarterly dividend reflects a higher Q2 2022 planned drydocking schedule as we frontloaded these costs
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|
o |
Q2 2022 dividend is payable on or about August 23, 2022 to all shareholders of record as of August 16, 2022
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|
• |
Prepaid $8.75 million of debt on a voluntary basis during Q2 2022, to reduce our debt to $188.5 million
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|
o |
Net loan-to-value of 12%1 as of August 2, 2022
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|
o |
Since the start of 2021, we have paid down $260.7 million or 58% of our debt
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• |
Recorded net income of $47.4 million for the second quarter of 2022
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|
o |
Basic and diluted earnings per share of $1.12 and $1.10, respectively
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|
• |
Voyage revenues totaled $137.8 million and net revenue2 (voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges) totaled $100.9 million during Q2 2022
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|
o |
Our average daily fleet-wide time charter equivalent, or TCE2, for Q2 2022 was $28,756, 36% higher year over year and our highest second quarter TCE since 2010
|
|
o |
We estimate our TCE to date for Q3 2022 to be $25,059 for 79% of our owned fleet available days, based on both period and current spot fixtures
|
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• |
Recorded EBITDA of $64.2 million during Q2 20222
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|
• |
Maintained a strong liquidity position of $269.5 million as of June 30, 2022, including:
|
|
o |
$50.6 million of cash on the balance sheet
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|
o |
$218.9 million of revolver availability
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• |
Dividends: paying sizeable quarterly cash dividends to shareholders
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• |
Deleveraging: through voluntary debt prepayments to maintain low financial leverage, and
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|
• |
Growth: opportunistically growing the Company's asset base
|
|
• |
Industry low cash flow breakeven rate
|
|
• |
Net loan-to-value of 12% as of August 2, 2022
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• |
Strong liquidity position of $269.5 million consisting of cash and our undrawn revolver as of June 30, 2022
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• |
High operating leverage with our scalable fleet across the major and minor bulk sectors
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|
• |
Dividends: declared dividends totaling $1.29 per share for 1H 2022, marking the first two full payouts under our value strategy utilizing our run rate voluntary quarterly debt repayment
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|
• |
Deleveraging: paid down $57.5 million of debt during 1H 2022. Since the beginning of 2021, we have paid down $260.7 million or 58% of our debt
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|
• |
Growth: completed the acquisition of two high quality, fuel efficient Ultramax vessels in January 2022
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|
• |
Securing revenue: opportunistically fixed various period time charterers to secure cash flows and de-risk recent acquisitions as shown in the following table:
|
Vessel
|
Type
|
DWT
|
Year Built
|
Rate
|
Duration
|
Min Expiration
|
||||||||
Baltic Wolf
|
Capesize
|
177,752
|
2010
|
$
|
30,250
|
22-28 months
|
Jun-23
|
|||||||
Genco Maximus
|
Capesize
|
169,025
|
2009
|
$
|
27,500
|
24-30 months
|
Sep-23
|
|||||||
Genco Vigilant
|
Ultramax
|
63,671
|
2015
|
$
|
17,750
|
11-13 months
|
Sep-22
|
|||||||
Genco Mary
|
Ultramax
|
61,085
|
2022
|
$
|
31,500
|
6-8 months
|
Nov-22
|
|||||||
Genco Freedom
|
Ultramax
|
63,671
|
2015
|
$
|
23,375
|
20-23 months
|
Mar-23
|
|||||||
Baltic Scorpion
|
Ultramax
|
63,462
|
2015
|
$
|
30,500
|
10-13 months
|
Mar-23
|
|||||||
Baltic Hornet
|
Ultramax
|
63,574
|
2014
|
$
|
24,000
|
20-23 months
|
Apr-23
|
|||||||
Baltic Wasp
|
Ultramax
|
63,389
|
2015
|
$
|
25,500
|
23-25 months
|
Jun-23
|
Genco Claudius
|
Capesize
|
169,001
|
2010
|
94% of BCI + scrubber premium
|
11-14 months
|
Jan-23
|
||||||||
Genco Resolute
|
Capesize
|
181,060
|
2015
|
121% of BCI + scrubber premium
|
11-14 months
|
Jan-23
|
||||||||
Genco Defender
|
Capesize
|
180,021
|
2015
|
121% of BCI + scrubber premium
|
11-14 months
|
Feb-23
|
Dividend calculation
|
Q2 2022 actual
|
Q3 2022 estimates
|
||||||
Net revenue
|
$
|
100.93
|
Fixtures + market
|
|||||
Operating expenses
|
(37.63
|
)
|
(28.58
|
)
|
||||
Operating cash flow
|
$
|
63.29
|
||||||
Less: debt repayments
|
(8.75
|
)
|
(8.75
|
)
|
||||
Less: capex for dydocking/BWTS/ESDs
|
(22.56
|
)
|
(6.81
|
)
|
||||
Less: reserve
|
(10.75
|
)
|
(10.75
|
)
|
||||
Cash flow distributable as dividends
|
$
|
21.24
|
Sum of the above
|
|||||
Number of shares to be paid dividends
|
42.6
|
42.6
|
||||||
Dividend per share
|
$
|
0.50
|
||||||
Numbers in millions except per share amounts |
Vessel Type
|
Period
|
Spot
|
Fleet-wide
|
% Fixed
|
||||||||||||
Capesize
|
$
|
26,883
|
$
|
21,497
|
$
|
22,339
|
82
|
%
|
||||||||
Ultramax/Supramax
|
$
|
23,682
|
$
|
28,030
|
$
|
26,756
|
77
|
%
|
||||||||
Fleet-wide
|
$
|
24,482
|
$
|
25,241
|
$
|
25,059
|
79
|
%
|
Q3 2022
|
Q4 2022
|
2023
|
||||||||||
Estimated Drydock Costs (1)
|
$4.0 million
|
$6.4 million
|
$2.4 million
|
|||||||||
Estimated BWTS Costs (2)
|
$0.6 million
|
$1.4 million
|
-
|
|||||||||
Estimated Fuel Efficiency Upgrade Costs (3)
|
$2.3 million
|
$2.3 million
|
-
|
Total Estimated Costs
|
$6.8 million
|
$10.1 million
|
$2.4 million
|
|||||||||
Estimated Offhire Days (4)
|
159
|
133
|
70
|
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
Six Months Ended
June 30, 2021
|
|||||||||||||
(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
|
$
|
137,764
|
$
|
121,008
|
$
|
273,991
|
$
|
208,599
|
||||||||
Total revenues
|
137,764
|
121,008
|
273,991
|
208,599
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Voyage expenses
|
32,460
|
36,702
|
70,924
|
71,775
|
||||||||||||
Vessel operating expenses
|
29,463
|
18,789
|
56,477
|
37,834
|
||||||||||||
Charter hire expenses
|
5,044
|
8,325
|
12,682
|
13,761
|
||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $0.8million, $0.6million, $1.5 million and $1.1 million respectively)
|
6,381
|
5,854
|
12,424
|
11,957
|
||||||||||||
Technical management fees
|
700
|
1,305
|
1,617
|
2,769
|
||||||||||||
Depreciation and amortization
|
14,521
|
13,769
|
28,579
|
27,209
|
||||||||||||
Loss on sale of vessels
|
-
|
15
|
-
|
735
|
||||||||||||
Total operating expenses
|
88,569
|
84,759
|
182,703
|
166,040
|
||||||||||||
Operating income
|
49,195
|
36,249
|
91,288
|
42,559
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Other income
|
767
|
210
|
2,764
|
356
|
||||||||||||
Interest income
|
68
|
48
|
85
|
119
|
||||||||||||
Interest expense
|
(2,405
|
)
|
(4,470
|
)
|
(4,647
|
)
|
(9,012
|
)
|
||||||||
Other expense, net
|
(1,570
|
)
|
(4,212
|
)
|
(1,798
|
)
|
(8,537
|
)
|
||||||||
Net income
|
$
|
47,625
|
$
|
32,037
|
$
|
89,490
|
$
|
34,022
|
||||||||
Less: Net income attributable to noncontrolling interest
|
243
|
-
|
419
|
$
|
-
|
|||||||||||
Net income attributable to Genco Shipping & Trading Limited
|
$
|
47,382
|
$
|
32,037
|
$
|
89,071
|
$
|
34,022
|
||||||||
Earnings per share - basic
|
$
|
1.12
|
$
|
0.76
|
$
|
2.11
|
$
|
0.81
|
||||||||
Earnings per share - diluted
|
$
|
1.10
|
$
|
0.75
|
$
|
2.07
|
$
|
0.80
|
||||||||
Weighted average common shares outstanding - basic
|
42,385,423
|
42,071,019
|
42,276,371
|
42,022,669
|
||||||||||||
Weighted average common shares outstanding - diluted
|
42,996,676
|
42,612,132
|
42,932,370
|
42,445,184
|
||||||||||||
June 30, 2022
|
December 31, 2021
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
44,669
|
$
|
114,573
|
||||
Restricted cash
|
5,643
|
5,643
|
||||||
Due from charterers, net
|
24,963
|
20,116
|
||||||
Prepaid expenses and other current assets
|
9,237
|
9,935
|
||||||
Inventories
|
31,740
|
24,563
|
||||||
Fair value of derivative instruments
|
3,894
|
-
|
||||||
Total current assets
|
120,146
|
174,830
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated depreciation of $277,600and $253,005, respectively
|
1,025,403
|
981,141
|
||||||
Deposits on vessels
|
-
|
18,543
|
||||||
Deferred drydock, net
|
25,521
|
14,275
|
||||||
Fixed assets, net
|
8,014
|
7,237
|
||||||
Operating lease right-of-use assets
|
4,790
|
5,495
|
||||||
Restricted cash
|
315
|
315
|
||||||
Fair value of derivative instruments
|
1,954
|
1,166
|
||||||
Total noncurrent assets
|
1,065,997
|
1,028,172
|
||||||
Total assets
|
$
|
1,186,143
|
$
|
1,203,002
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
41,183
|
$
|
29,956
|
||||
Deferred revenue
|
5,789
|
10,081
|
||||||
Current operating lease liabilities
|
1,944
|
1,858
|
||||||
Total current liabilities
|
48,916
|
41,895
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
5,200
|
6,203
|
||||||
Long-term debt, net of deferred financing costs of $6,932 and $7,771, respectively
|
181,568
|
238,229
|
||||||
Total noncurrent liabilities
|
186,768
|
244,432
|
||||||
Total liabilities
|
235,684
|
286,327
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
423
|
419
|
||||||
Additional paid-in capital
|
1,641,664
|
1,702,166
|
||||||
Accumulated other comprehensive income
|
5,617
|
825
|
||||||
Accumulated deficit
|
(697,752
|
)
|
(786,823
|
)
|
||||
Total Genco Shipping & Trading Limited shareholders' equity
|
949,952
|
916,587
|
||||||
Noncontrolling interest
|
507
|
88
|
||||||
Total equity
|
950,459
|
916,675
|
||||||
Total liabilities and equity
|
$
|
1,186,143
|
$
|
1,203,002
|
||||
Six Months Ended
June 30, 2022
|
Six Months Ended
June 30, 2021
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
89,490
|
$
|
34,022
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
28,579
|
27,209
|
||||||
Amortization of deferred financing costs
|
841
|
2,235
|
||||||
Right-of-use asset amortization
|
705
|
690
|
||||||
Amortization of nonvested stock compensation expense
|
1,516
|
1,073
|
||||||
Loss on sale of vessels
|
-
|
735
|
||||||
Amortization of premium on derivative
|
110
|
111
|
||||||
Interest rate cap premium payment
|
-
|
(240
|
)
|
|||||
Insurance proceeds for protection and indemnity claims
|
169
|
101
|
||||||
Change in assets and liabilities:
|
||||||||
Increase in due from charterers
|
(4,847
|
)
|
(921
|
)
|
||||
Decrease (increase) in prepaid expenses and other current assets
|
584
|
(894
|
)
|
|||||
Increase in inventories
|
(7,177
|
)
|
(4,858
|
)
|
||||
Increase in accounts payable and accrued expenses
|
8,602
|
5,028
|
||||||
(Decrease) increase in deferred revenue
|
(4,292
|
)
|
954
|
|||||
Decrease in operating lease liabilities
|
(917
|
)
|
(871
|
)
|
||||
Deferred drydock costs incurred
|
(14,204
|
)
|
(1,822
|
)
|
||||
Net cash provided by operating activities
|
99,159
|
62,552
|
||||||
Cash flows from investing activities
|
||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(48,346
|
)
|
(24,678
|
)
|
||||
Purchase of scrubbers (capitalized in Vessels)
|
-
|
(126
|
)
|
|||||
Purchase of other fixed assets
|
(1,927
|
)
|
(431
|
)
|
||||
Net proceeds from sale of vessels
|
-
|
29,096
|
||||||
Insurance proceeds for hull and machinery claims
|
293
|
295
|
||||||
Net cash (used in) provided by investing activities
|
(49,980
|
)
|
4,156
|
|||||
Cash flows from financing activities
|
||||||||
Repayments on the $450 Million Credit Facility
|
(57,500
|
)
|
-
|
|||||
Repayments on the $133 Million Credit Facility
|
-
|
(24,320
|
)
|
|||||
Repayments on the $495 Million Credit Facility
|
-
|
(57,883
|
)
|
|||||
Cash dividends paid
|
(61,572
|
)
|
(2,983
|
)
|
||||
Payment of deferred financing costs
|
(11
|
)
|
-
|
|||||
Net cash used in financing activities
|
(119,083
|
)
|
(85,186
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(69,904
|
)
|
(18,478
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
120,531
|
179,679
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
50,627
|
$
|
161,201
|
||||
Three Months Ended
June 30, 2022
|
||||
Net Income Reconciliation
|
(unaudited)
|
|||
Net income attributable to Genco Shipping & Trading Limited
|
$
|
47,382
|
||
Earnings per share - basic
|
$
|
1.12
|
||
Earnings per share - diluted
|
$
|
1.10
|
||
Weighted average common shares outstanding - basic
|
42,385,423
|
|||
Weighted average common shares outstanding - diluted
|
42,996,676
|
|||
Weighted average common shares outstanding - basic as per financial statements
|
42,385,423
|
|||
Dilutive effect of stock options
|
415,578
|
|||
Dilutive effect of restricted stock units
|
195,675
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
42,996,676
|
|||
|
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
Six Months Ended
June 30, 2021
|
||||||||||||
|
(Dollars in thousands)
|
(Dollars in thousands)
|
||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net income attributable to Genco Shipping & Trading Limited
|
$
|
47,382
|
$
|
32,037
|
$
|
89,071
|
$
|
34,022
|
||||||||
+ Net interest expense
|
2,337
|
4,422
|
4,562
|
8,893
|
||||||||||||
+ Depreciation and amortization
|
14,521
|
13,769
|
28,579
|
27,209
|
||||||||||||
EBITDA(1)
|
$
|
64,240
|
$
|
50,228
|
$
|
122,212
|
$
|
70,124
|
||||||||
|
||||||||||||||||
+ Loss on sale of vessels
|
-
|
15
|
-
|
735
|
||||||||||||
Adjusted EBITDA
|
$
|
64,240
|
$
|
50,243
|
$
|
122,212
|
$
|
70,859
|
||||||||
|
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2022
|
June 30, 2021
|
June 30, 2022
|
June 30, 2021
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Total number of vessels at end of period
|
44
|
40
|
44
|
40
|
||||||||||||
Average number of vessels (2)
|
44.0
|
40.1
|
43.9
|
41.7
|
||||||||||||
Total ownership days for fleet (3)
|
4,004
|
3,648
|
7,954
|
7,545
|
||||||||||||
Total chartered-in days (4)
|
146
|
446
|
457
|
787
|
||||||||||||
Total available days for fleet (5)
|
3,656
|
4,041
|
7,730
|
8,242
|
||||||||||||
Total available days for owned fleet (6)
|
3,510
|
3,595
|
7,273
|
7,455
|
||||||||||||
Total operating days for fleet (7)
|
3,611
|
3,998
|
7,568
|
8,120
|
||||||||||||
Fleet utilization (8)
|
97.2
|
%
|
98.3
|
%
|
95.6
|
%
|
98.1
|
%
|
||||||||
AVERAGE DAILY RESULTS:
|
||||||||||||||||
Time charter equivalent (9)
|
$
|
28,756
|
$
|
21,137
|
$
|
26,354
|
$
|
16,508
|
||||||||
Daily vessel operating expenses per vessel (10)
|
7,358
|
5,151
|
7,100
|
5,015
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2022
|
June 30, 2021
|
June 30, 2022
|
June 30, 2021
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Ownership days
|
||||||||||||||||
Capesize
|
1,547.0
|
1,547.0
|
3,077.0
|
3,077.0
|
||||||||||||
Ultramax
|
1,365.0
|
819.0
|
2,704.9
|
1,550.8
|
||||||||||||
Supramax
|
1,092.0
|
1,281.5
|
2,172.0
|
2,689.2
|
||||||||||||
Handysize
|
-
|
-
|
-
|
227.5
|
||||||||||||
Total
|
4,004.0
|
3,647.5
|
7,953.9
|
7,544.5
|
||||||||||||
Chartered-in days
|
||||||||||||||||
Capesize
|
-
|
-
|
-
|
-
|
||||||||||||
Ultramax
|
-
|
111.7
|
190.3
|
344.2
|
||||||||||||
Supramax
|
145.7
|
334.2
|
266.3
|
442.5
|
||||||||||||
Handysize
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
145.7
|
445.9
|
456.6
|
786.7
|
||||||||||||
Available days (owned & chartered-in fleet)
|
||||||||||||||||
Capesize
|
1,108.5
|
1,514.4
|
2,610.4
|
3,020.0
|
||||||||||||
Ultramax
|
1,341.7
|
930.7
|
2,792.7
|
1,886.4
|
||||||||||||
Supramax
|
1,205.3
|
1,595.6
|
2,326.8
|
3,107.7
|
||||||||||||
Handysize
|
-
|
-
|
-
|
227.5
|
||||||||||||
Total
|
3,655.5
|
4,040.7
|
7,729.9
|
8,241.6
|
||||||||||||
Available days (owned fleet)
|
||||||||||||||||
Capesize
|
1,108.5
|
1,514.4
|
2,610.4
|
3,020.0
|
||||||||||||
Ultramax
|
1,341.7
|
819.0
|
2,602.4
|
1,542.2
|
||||||||||||
Supramax
|
1,059.6
|
1,261.4
|
2,060.5
|
2,665.2
|
||||||||||||
Handysize
|
-
|
-
|
-
|
227.5
|
||||||||||||
Total
|
3,509.8
|
3,594.8
|
7,273.3
|
7,454.9
|
||||||||||||
Operating days
|
||||||||||||||||
Capesize
|
1,100.7
|
1,505.6
|
2,555.9
|
3,004.8
|
||||||||||||
Ultramax
|
1,327.4
|
923.3
|
2,760.2
|
1,874.0
|
||||||||||||
Supramax
|
1,182.6
|
1,568.6
|
2,251.9
|
3,050.3
|
||||||||||||
Handysize
|
-
|
-
|
-
|
191.3
|
||||||||||||
Total
|
3,610.7
|
3,997.5
|
7,568.0
|
8,120.4
|
||||||||||||
Fleet utilization
|
||||||||||||||||
Capesize
|
97.7
|
%
|
99.1
|
%
|
96.9
|
%
|
99.3
|
%
|
||||||||
Ultramax
|
98.4
|
%
|
99.2
|
%
|
96.6
|
%
|
98.9
|
%
|
||||||||
Supramax
|
95.5
|
%
|
97.1
|
%
|
93.1
|
%
|
97.4
|
%
|
||||||||
Handysize
|
-
|
-
|
-
|
84.1
|
%
|
|||||||||||
Fleet average
|
97.2
|
%
|
98.3
|
%
|
95.6
|
%
|
98.1
|
%
|
||||||||
Average Daily Results:
|
||||||||||||||||
Time Charter Equivalent
|
||||||||||||||||
Capesize
|
$
|
27,034
|
$
|
23,760
|
$
|
25,649
|
$
|
18,692
|
||||||||
Ultramax
|
29,045
|
19,524
|
27,312
|
15,331
|
||||||||||||
Supramax
|
30,193
|
19,027
|
26,032
|
15,480
|
||||||||||||
Handysize
|
-
|
-
|
-
|
8,008
|
||||||||||||
Fleet average
|
28,756
|
21,137
|
26,354
|
16,508
|
||||||||||||
Daily vessel operating expenses
|
||||||||||||||||
Capesize
|
$
|
6,816
|
$
|
5,461
|
$
|
6,716
|
$
|
5,335
|
||||||||
Ultramax
|
5,732
|
4,684
|
5,922
|
4,820
|
||||||||||||
Supramax
|
10,161
|
4,966
|
9,100
|
4,714
|
||||||||||||
Handysize
|
-
|
-
|
-
|
5,541
|
||||||||||||
Fleet average
|
7,358
|
5,151
|
7,100
|
5,015
|
||||||||||||
|
1) |
EBITDA represents net income attributable to Genco Shipping & Trading Limited 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, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. 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 third quarter of 2022 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 third quarter to the most comparable financial measures presented in accordance with GAAP.
|
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
Six Months Ended
June 30, 2021
|
|||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Voyage revenues (in thousands)
|
$
|
137,764
|
$
|
121,008
|
$
|
273,991
|
$
|
208,599
|
||||||||
Voyage expenses (in thousands)
|
32,460
|
36,702
|
70,924
|
71,775
|
||||||||||||
Charter hire expenses (in thousands)
|
5,044
|
8,325
|
12,682
|
13,761
|
||||||||||||
Realized gain on fuel hedges (in thousands)
|
667
|
-
|
1,296
|
-
|
||||||||||||
100,927
|
75,981
|
191,681
|
123,063
|
|||||||||||||
Total available days for owned fleet
|
3,510
|
3,595
|
7,273
|
7,455
|
||||||||||||
Total TCE rate
|
$
|
28,756
|
$
|
21,137
|
$
|
26,354
|
$
|
16,508
|
||||||||
|
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 Liberty
|
180,387
|
2016
|
4
|
Genco Defender
|
180,377
|
2016
|
5
|
Genco Constantine
|
180,183
|
2008
|
6
|
Genco Augustus
|
180,151
|
2007
|
7
|
Genco 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
|
Ultramax
|
|||
1
|
Genco Freedom
|
63,671
|
2015
|
2
|
Genco Vigilant
|
63,671
|
2015
|
3
|
Baltic Hornet
|
63,574
|
2014
|
4
|
Genco Enterprise
|
63,473
|
2016
|
5
|
Baltic Mantis
|
63,470
|
2015
|
6
|
Baltic Scorpion
|
63,462
|
2015
|
7
|
Genco Magic
|
63,446
|
2014
|
8
|
Baltic Wasp
|
63,389
|
2015
|
9
|
Genco Constellation
|
63,310
|
2017
|
10
|
Genco Mayflower
|
63,304
|
2017
|
11
|
Genco Madeleine
|
63,166
|
2014
|
12
|
Genco Weatherly
|
61,556
|
2014
|
13
|
Genco Mary
|
61,085
|
2022
|
14
|
Genco Laddey
|
61,085
|
2022
|
15
|
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 Picardy
|
55,257
|
2005
|