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))
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit No. |
Description
|
99.1 |
Press Release dated February 27, 2018.
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: February 27, 2018
|
||
/s/ Apostolos Zafolias | ||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated February 27, 2018.
|
· |
Recorded net income of $2.6 million for the fourth quarter of 2017
|
o |
Basic and diluted earnings per share of $0.07
|
o |
First reported quarterly net income since Q4 2011 highlighting the successful implementation of our commercial strategy and cost optimization initiatives together with improving market conditions
|
· |
Voyage revenues minus voyage expenses totaled $59.3 million during Q4 2017, nearly 50% higher than the same period of 2016
|
· |
Time charter equivalent (“TCE”) increased during each quarter of 2017 culminating in $11,017 for Q4 2017 marking a year-over-year improvement of 65%
|
o |
Currently have fixed 82% of our Q1 2018 days at a TCE of $10,556
|
· |
Concluded 2017 with a cash position of $204.9 million, which compares to $169.1 million of cash at the end of 2016, representing an increase of $35.8 million, and includes restricted cash
|
· |
Paid down the $400 Million Credit Facility by $11.3 million on February 13, 2018, from cash flow from operations during Q4 2017
|
· |
Established Singapore presence with the opening of a new office focusing on the major bulks
|
· |
Completed the withdrawal of 19 vessels from pool agreements and integrated these vessels into our in-house commercial strategy
|
· |
Completed the repositioning of our minor bulk fleet increasing exposure to the Atlantic basin as an investment as part of our new commercial strategy
|
o |
Completed the final wave of this repositioning effort during Q4 2017
|
o |
Currently have 80% of our minor bulk fleet with Atlantic redelivery positions
|
o |
Expect to utilize these positions and our overall platform to drive revenue generation in 2018
|
· |
Substantially increased our customer base having entered into business with over 40 direct cargo customers over the last year
|
· |
Further reduced daily vessel operating expenses (“DVOE”) to $4,387 per vessel per day during Q4 2017 highlighting our industry leading low-cost structure
|
o |
DVOE for the full year 2017 was $4,417 per vessel per day as we executed on various cost optimization efforts throughout the year
|
· |
Recorded EBITDA of $27.5 million during Q4 2017 and $42.0 million for the full year 2017
|
· |
Capesize: $16,767
|
· |
Panamax: $10,038
|
· |
Ultramax, Supramax and Handymax: $9,752
|
· |
Handysize: $8,485
|
· |
Total: $11,017
|
· |
Capesize: $14,988 for 77% of the available Q1 2018 days
|
· |
Panamax: $9,591 for 81% of the available Q1 2018 days
|
· |
Ultramax, Supramax and Handymax: $10,061 for 85% of the available Q1 2018 days
|
· |
Handysize: $8,197 for 81% of the available Q1 2018 days
|
· |
Total: $10,556 for 82% of the available Q1 2018 days
|
Q1 2018
|
Q2-Q4 2018
|
|
Estimated Costs (1)
|
$1.7 million
|
$3.8 million
|
Estimated Offhire Days (2)
|
40
|
85
|
Three Months Ended
December 31, 2017
|
Three Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2017
|
Twelve Months Ended
December 31, 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
|
$
|
74,918
|
$
|
43,785
|
$
|
209,698
|
$
|
133,246
|
||||||||
Service revenues
|
-
|
100
|
-
|
2,340
|
||||||||||||
Total revenues
|
74,918
|
43,885
|
209,698
|
135,586
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Voyage expenses
|
15,579
|
3,995
|
25,321
|
13,227
|
||||||||||||
Vessel operating expenses
|
24,219
|
27,510
|
98,086
|
113,636
|
||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $0.5 million, $6.2 million, $4.1 million and $20.7 million respectively)
|
5,640
|
15,074
|
22,190
|
45,174
|
||||||||||||
Technical management fees
|
1,925
|
2,171
|
7,659
|
8,932
|
||||||||||||
Depreciation and amortization
|
17,582
|
18,178
|
71,776
|
76,330
|
||||||||||||
Other operating income
|
-
|
(777
|
)
|
-
|
(960
|
)
|
||||||||||
Impairment of vessel assets
|
-
|
-
|
21,993
|
69,278
|
||||||||||||
Gain on sale of vessels
|
-
|
(3,632
|
)
|
(7,712
|
)
|
(3,555
|
)
|
|||||||||
Total operating expenses
|
64,945
|
62,519
|
239,313
|
322,062
|
||||||||||||
Operating loss
|
9,973
|
(18,634
|
)
|
(29,615
|
)
|
(186,476
|
)
|
|||||||||
Other (expense) income:
|
||||||||||||||||
Impairment of investment
|
-
|
-
|
-
|
(2,696
|
)
|
|||||||||||
Other (expense) income
|
(12
|
)
|
694
|
(164
|
)
|
645
|
||||||||||
Interest income
|
546
|
61
|
1,551
|
204
|
||||||||||||
Interest expense
|
(7,938
|
)
|
(7,254
|
)
|
(30,497
|
)
|
(28,453
|
)
|
||||||||
Other expense
|
(7,404
|
)
|
(6,499
|
)
|
(29,110
|
)
|
(30,300
|
)
|
||||||||
Income (loss) before reorganization items, net
|
2,569
|
(25,133
|
)
|
(58,725
|
)
|
(216,776
|
)
|
|||||||||
Reorganization items, net
|
-
|
(29
|
)
|
-
|
(272
|
)
|
||||||||||
Income (loss) before income taxes
|
2,569
|
(25,162
|
)
|
(58,725
|
)
|
(217,048
|
)
|
|||||||||
Income tax benefit (expense)
|
-
|
58
|
-
|
(709
|
)
|
|||||||||||
Net income (loss)
|
$
|
2,569
|
$
|
(25,104
|
)
|
$
|
(58,725
|
)
|
$
|
(217,757
|
)
|
|||||
Net earnings (loss) per share - basic
|
$
|
0.07
|
$
|
(3.43
|
)
|
$
|
(1.71
|
)
|
$
|
(30.03
|
)
|
|||||
Net earnings (loss) per share - diluted
|
$
|
0.07
|
$
|
(3.43
|
)
|
$
|
(1.71
|
)
|
$
|
(30.03
|
)
|
|||||
Weighted average common shares outstanding - basic
|
34,559,830
|
7,318,452
|
34,242,631
|
7,251,231
|
||||||||||||
Weighted average common shares outstanding - diluted
|
34,682,302
|
7,318,452
|
34,242,631
|
7,251,231
|
||||||||||||
December 31, 2017
|
December 31, 2016
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
174,479
|
$
|
133,400
|
||||
Restricted cash
|
7,234
|
8,242
|
||||||
Due from charterers, net
|
12,855
|
10,373
|
||||||
Prepaid expenses and other current assets
|
22,671
|
15,750
|
||||||
Vessels held for sale
|
-
|
4,840
|
||||||
Total current assets
|
217,239
|
172,605
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated depreciation of $213,431 and $163,053, respectively
|
1,265,577
|
$
|
1,354,760
|
|||||
Deferred drydock, net
|
13,382
|
12,637
|
||||||
Fixed assets, net
|
1,014
|
1,018
|
||||||
Other noncurrent assets
|
514
|
514
|
||||||
Restricted Cash
|
23,233
|
27,426
|
||||||
Total noncurrent assets
|
1,303,720
|
1,396,355
|
||||||
Total assets
|
$
|
1,520,959
|
$
|
1,568,960
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
23,230
|
22,885
|
|||||
Current portion of long-term debt
|
24,497
|
4,576
|
||||||
Deferred revenue
|
4,722
|
1,488
|
||||||
Total current liabilities
|
52,449
|
28,949
|
||||||
Noncurrent liabilities
|
||||||||
Long-term lease obligations
|
2,588
|
1,868
|
||||||
Long-term debt, net of deferred financing costs of $9,032 and $11,357, respectively
|
490,895
|
508,444
|
||||||
Total noncurrent liabilities
|
493,483
|
510,312
|
||||||
Total liabilities
|
545,932
|
539,261
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Series A Preferred Stock
|
-
|
120,789
|
||||||
Common stock
|
345
|
74
|
||||||
Additional paid-in capital
|
1,628,355
|
1,503,784
|
||||||
Retained deficit
|
(653,673
|
)
|
(594,948
|
)
|
||||
Total equity
|
975,027
|
1,029,699
|
||||||
Total liabilities and equity
|
$
|
1,520,959
|
$
|
1,568,960
|
||||
Twelve Months Ended
December 31, 2017
|
Twelve Months Ended
December 31, 2016
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(58,725
|
)
|
$
|
(217,757
|
)
|
||
Adjustments to reconcile to net loss to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
71,776
|
76,330
|
||||||
Amortization of deferred financing costs
|
2,325
|
2,847
|
||||||
PIK interest, net
|
4,542
|
800
|
||||||
Amortization of nonvested stock compensation expense
|
4,053
|
20,680
|
||||||
Impairment of vessel assets
|
21,993
|
69,278
|
||||||
Gain on sale of vessels
|
(7,712
|
)
|
(3,555
|
)
|
||||
Impairment of investment
|
-
|
2,696
|
||||||
Realized gain on sale of investment
|
-
|
(689
|
)
|
|||||
Change in assets and liabilities:
|
||||||||
(Increase) decrease in due from charterers
|
(2,482
|
)
|
213
|
|||||
(Increase) decrease in prepaid expenses and other current assets
|
(6,921
|
)
|
5,485
|
|||||
Increase (decrease) in accounts payable and accrued expenses
|
1,494
|
(5,309
|
)
|
|||||
Increase in deferred revenue
|
3,234
|
430
|
||||||
Increase in lease obligations
|
720
|
719
|
||||||
Deferred drydock costs incurred
|
(7,782
|
)
|
(2,150
|
)
|
||||
Net cash provided by (used in) operating activities
|
26,515
|
(49,982
|
)
|
|||||
Cash flows from investing activities
|
||||||||
Purchase of vessels, including deposits
|
(262
|
)
|
(458
|
)
|
||||
Purchase of other fixed assets
|
(290
|
)
|
(329
|
)
|
||||
Net proceeds from sale of vessels
|
15,513
|
13,024
|
||||||
Sale of AFS securities
|
-
|
10,489
|
||||||
Net cash provided by investing activities
|
14,961
|
22,726
|
||||||
Cash flows from financing activities
|
||||||||
Proceeds from $400 Million Credit Facility
|
-
|
400,000
|
||||||
Repayments on the $400 Million Credit Facility
|
(400
|
)
|
-
|
|||||
Repayments on the $100 Million Term Loan Facility
|
-
|
(60,099
|
)
|
|||||
Repayments on the $253 Million Term Loan Facility
|
-
|
(145,268
|
)
|
|||||
Repayments on the 2015 Revolving Credit Facility
|
-
|
(56,218
|
)
|
|||||
Repayments on the $44 Million Term Loan Facility
|
-
|
(38,500
|
)
|
|||||
Repayments on the $98 Million Credit Facility
|
(1,332
|
)
|
(3,000
|
)
|
||||
Repayments on the $148 Million Credit Facility
|
-
|
(140,383
|
)
|
|||||
Repayments on the $22 Million Term Loan Facility
|
-
|
(18,625
|
)
|
|||||
Repayments on the 2014 term Loan Facilities
|
(2,763
|
)
|
(2,763
|
)
|
||||
Cash settlement of non-accredited Note holders
|
-
|
(101
|
)
|
|||||
Proceeds from issuance of Series A Preferred Stock
|
-
|
125,000
|
||||||
Payment of Series A Preferred Stock issuance costs
|
(1,103
|
)
|
(3,108
|
)
|
||||
Payment of deferred financing costs
|
-
|
(1,500
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(5,598
|
)
|
55,435
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
35,878
|
28,179
|
||||||
Cash, cash equivalents and restricted cash at beginning of period
|
169,068
|
140,889
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
204,946
|
$
|
169,068
|
||||
Three Months Ended
December 31, 2017
|
Three Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2017
|
Twelve Months Ended
December 31, 2016
|
|||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
|||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net income (loss)
|
$
|
2,569
|
$
|
(25,104
|
)
|
$
|
(58,725
|
)
|
$
|
(217,757
|
)
|
|||||
+ Net interest expense
|
7,392
|
7,193
|
28,946
|
28,249
|
||||||||||||
+ Income tax (benefit) expense
|
-
|
(58
|
)
|
-
|
709
|
|||||||||||
+ Depreciation and amortization
|
17,582
|
18,178
|
71,776
|
76,330
|
||||||||||||
EBITDA(1)
|
$
|
27,543
|
$
|
209
|
$
|
41,997
|
$
|
(112,469
|
)
|
|||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31, 2017
|
December 31, 2016
|
December 31, 2017
|
December 31, 2016
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Total number of vessels at end of period
|
60
|
65
|
60
|
65
|
||||||||||||
Average number of vessels (2)
|
60.0
|
66.7
|
60.8
|
68.8
|
||||||||||||
Total ownership days for fleet (3)
|
5,520
|
6,132
|
22,207
|
25,176
|
||||||||||||
Total available days for fleet (4)
|
5,386
|
5,975
|
21,357
|
24,457
|
||||||||||||
Total operating days for fleet (5)
|
5,334
|
5,869
|
20,941
|
24,164
|
||||||||||||
Fleet utilization (6)
|
99.0
|
%
|
98.2
|
%
|
98.1
|
%
|
98.8
|
%
|
||||||||
AVERAGE DAILY RESULTS:
|
||||||||||||||||
Time charter equivalent (7)
|
$
|
11,017
|
$
|
6,659
|
$
|
8,633
|
$
|
4,907
|
||||||||
Daily vessel operating expenses per vessel (8)
|
4,387
|
4,486
|
4,417
|
4,514
|
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 voyage revenues less voyage expenses, 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.
|
Three Months Ended
December 31, 2017
|
Three Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2017
|
Twelve Months Ended
December 31, 2016
|
|||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Voyage revenues (in thousands)
|
$
|
74,918
|
$
|
43,785
|
$
|
209,698
|
$
|
133,246
|
||||||||
Voyage expenses (in thousands)
|
15,579
|
3,995
|
25,321
|
13,227
|
||||||||||||
59,339
|
39,790
|
184,377
|
120,019
|
|||||||||||||
Total available days
|
5,386
|
5,975
|
21,357
|
24,457
|
||||||||||||
Total TCE rate
|
$
|
11,017
|
$
|
6,659
|
$
|
8,633
|
$
|
4,907
|
||||||||
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.
|
December 31, 2017
|
December 31, 2016
|
|||||||
Long-term debt, net consists of the following:
|
||||||||
Principal amount
|
$
|
519,083
|
$
|
523,577
|
||||
PIK interest
|
5,341
|
800
|
||||||
Less: Unamortized debt issuance costs
|
(9,032
|
)
|
(11,357
|
)
|
||||
Less: Current portion
|
(24,497
|
)
|
(4,576
|
)
|
||||
Long-term debt, net
|
$
|
490,895
|
$
|
508,444
|
||||
December 31, 2017
|
December 31, 2016
|
|||||||||||||||
Principal
|
Unamortized Debt
Issuance Cost
|
Principal
|
Unamortized Debt
Issuance Cost
|
|||||||||||||
$400 Million Credit Facility
|
$
|
399,600
|
$
|
6,332
|
$
|
400,000
|
$
|
7,967
|
||||||||
$98 Million Credit Facility
|
93,939
|
1,370
|
95,271
|
1,868
|
||||||||||||
2014 Term Loan Facilities
|
25,544
|
1,330
|
28,306
|
1,522
|
||||||||||||
PIK interest
|
5,341
|
-
|
800
|
-
|
||||||||||||
$
|
524,424
|
$
|
9,032
|
$
|
524,377
|
$
|
11,357
|
|||||||||
Vessel
|
DWT
|
Year Built
|
||
Capesize
|
||||
1
|
Genco Constantine
|
180,183
|
2008
|
|
2
|
Genco Augustus
|
180,151
|
2007
|
|
3
|
Baltic Lion
|
179,185
|
2012
|
|
4
|
Genco Tiger
|
179,185
|
2011
|
|
5
|
Genco London
|
177,833
|
2007
|
|
6
|
Baltic Wolf
|
177,752
|
2010
|
|
7
|
Genco Titus
|
177,729
|
2007
|
|
8
|
Baltic Bear
|
177,717
|
2010
|
|
9
|
Genco Tiberius
|
175,874
|
2007
|
|
10
|
Genco Commodus
|
169,098
|
2009
|
|
11
|
Genco Hadrian
|
169,025
|
2008
|
|
12
|
Genco Maximus
|
169,025
|
2009
|
|
13
|
Genco Claudius
|
169,001
|
2010
|
|
Panamax
|
||||
1
|
Genco Thunder
|
76,588
|
2007
|
|
2
|
Genco Raptor
|
76,499
|
2007
|
|
3
|
Genco Beauty
|
73,941
|
1999
|
|
4
|
Genco Vigour
|
73,941
|
1999
|
|
5
|
Genco Knight
|
73,941
|
1999
|
|
6
|
Genco Surprise
|
72,495
|
1998
|
|
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
|
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 Aquitaine
|
57,981
|
2009
|
|
6
|
Genco Brittany
|
58,018
|
2010
|
|
7
|
Genco Languedoc
|
58,018
|
2010
|
|
8
|
Genco Pyrenees
|
58,018
|
2010
|
|
9
|
Genco Bourgogne
|
58,018
|
2010
|
|
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 Cavalier
|
53,617
|
2007
|
|
15
|
Baltic Cougar
|
53,432
|
2009
|
|
16
|
Genco Loire
|
53,430
|
2009
|
|
17
|
Genco Normandy
|
53,596
|
2007
|
|
18
|
Genco Lorraine
|
53,417
|
2009
|
|
19
|
Baltic Panther
|
53,351
|
2009
|
|
20
|
Baltic Leopard
|
53,447
|
2009
|
|
21
|
Baltic Jaguar
|
53,474
|
2009
|
|
Handymax
|
|
|||
1
|
Genco Muse
|
48,913
|
2001
|
|
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 Challenger
|
28,428
|
2003
|
|
12
|
Genco Charger
|
28,398
|
2005
|
|
13
|
Genco Champion
|
28,445
|
2006
|
|
14
|
Genco Progress
|
29,952
|
1999
|
|
15
|
Genco Explorer
|
29,952
|
1999
|
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