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)
|
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
|
|
☐
|
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))
|
Emerging growth company
|
☐ |
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 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press Release dated May 6, 2020.
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: May 6, 2020
|
||
/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated May 6, 2020
|
• |
As Genco’s main focus is on the health and safety of our crew members and our team onshore, we have taken various proactive measures in response to COVID-19
|
o |
Specifically, these measures have centered around business continuity, crew protection and headquarters operations
|
• |
Genco maintains a strong financial position with $149.5 million of cash, including $15.2 million of restricted cash, as of March 31, 2020
|
• |
Genco announced a regular quarterly cash dividend of $0.02 per share for the first quarter of 2020
|
o |
Payable on or about May 28, 2020 to all shareholders of record as of May 18, 2020
|
o |
We have now paid or declared cumulative dividends totaling $0.695 per share over the last three quarters
|
• |
We are in the process of negotiating a revolving credit facility with lenders of our current bank group for up to $25 million, which we expect will be collateralized by the vessels in our $108 million credit facility
|
• |
We completed our exhaust gas cleaning systems (“scrubbers”) installation program for our 17 Capesize vessels in January 2020
|
• |
Recorded a net loss of $120.4 million for the first quarter of 2020
|
o |
Basic and diluted loss per share of $2.87
|
o |
Adjusted net loss of $7.1 million or basic and diluted loss per share of $0.17, excluding $112.8 million in non-cash vessel impairment charges and a $0.5 million loss on sale of vessels
|
• |
Recorded adjusted EBITDA of $16.9 million during Q1 20201
|
•
|
Voyage revenues totaled $98.3 million and net revenue1 (voyage revenues minus voyage expenses and charter hire expenses) totaled $46.9 million during Q1 2020
|
•
|
Our average daily fleet-wide time charter equivalent, or TCE1, for Q1 2020 was $9,755 marking an improvement of 6% as compared to Q1 2019
|
o |
During the quarter, we benefited from forward coverage taken ahead of a seasonally softer first quarter as well as the timely execution of our scrubber program on our Capesize vessels
|
• |
In 2020, we have completed the sale of our oldest Handysize vessel and our last remaining Panamax
|
o |
The Genco Charger, a 2005-built Handysize, delivered to buyers on February 24, 2020
|
o |
The Genco Thunder, a 2007-built Panamax, delivered to buyers on March 5, 2020
|
• |
We have also entered into memoranda of agreement to sell three additional Handysize vessels: the Baltic Wind, the Genco Bay and the Baltic Breeze for aggregate gross proceeds of $23.6 million
|
• |
Capesize: $16,660
|
• |
Ultramax and Supramax: $6,908
|
• |
Handysize: $5,734
|
• |
Fleet average: $9,755
|
• |
Capesize: $9,525 for 65% of the owned available Q2 2020 days
|
• |
Ultramax and Supramax: $5,584 for 60% of the owned available Q2 2020 days
|
• |
Handysize: $4,562 for 62% of the owned available Q2 2020 days
|
• |
Fleet average: $6,773 for 62% of the owned available Q2 2020 days
|
Q2 2020
|
Q3 2020
|
Q4 2020
|
||||||||||
Estimated Drydock Costs (1)
|
$5.5 million
|
$1.4 million
|
$0.7 million
|
|||||||||
Estimated BWTS Costs (2)
|
$2.1 million
|
$0.9 million
|
-
|
|||||||||
Estimated Offhire Days (3)
|
150
|
40
|
20
|
Three Months Ended
March 31, 2020
|
Three Months Ended
March 31, 2019
|
|||||||
(Dollars in thousands, except share and per share data)
(unaudited)
|
||||||||
INCOME STATEMENT DATA:
|
||||||||
Revenues:
|
||||||||
Voyage revenues
|
$
|
98,336
|
$
|
93,464
|
||||
Total revenues
|
98,336
|
93,464
|
||||||
Operating expenses:
|
||||||||
Voyage expenses
|
48,368
|
43,022
|
||||||
Vessel operating expenses
|
21,813
|
23,190
|
||||||
Charter hire expenses
|
3,075
|
2,419
|
||||||
General and administrative expenses (inclusive of nonvested stock amortization
expense of $0.5 million and $0.5 million, respectively)
|
5,767 |
6,310 |
||||||
Technical management fees
|
1,854
|
1,940
|
||||||
Depreciation and amortization
|
17,574
|
18,076
|
||||||
Impairment of vessel assets
|
112,814
|
-
|
||||||
Loss (gain) on sale of vessels
|
486
|
(611
|
)
|
|||||
Total operating expenses
|
211,751
|
94,346
|
||||||
Operating loss
|
(113,415
|
)
|
(882
|
)
|
||||
Other (expense) income:
|
||||||||
Other (expense) income
|
(584
|
)
|
329
|
|||||
Interest income
|
594
|
1,327
|
||||||
Interest expense
|
(6,945
|
)
|
(8,575
|
)
|
||||
Other expense
|
(6,935
|
)
|
(6,919
|
)
|
||||
Net loss
|
$
|
(120,350
|
)
|
$
|
(7,801
|
)
|
||
Net loss per share - basic
|
$
|
(2.87
|
)
|
$
|
(0.19
|
)
|
||
Net loss per share - diluted
|
$
|
(2.87
|
)
|
$
|
(0.19
|
)
|
||
Weighted average common shares outstanding - basic
|
41,866,357
|
41,726,106
|
||||||
Weighted average common shares outstanding - diluted
|
41,866,357
|
41,726,106
|
||||||
March 31, 2020
|
December 31, 2019
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
134,338
|
$
|
155,889
|
||||
Restricted cash
|
14,855
|
6,045
|
||||||
Due from charterers, net
|
15,004
|
13,701
|
||||||
Prepaid expenses and other current assets
|
10,865
|
10,049
|
||||||
Inventories
|
29,342
|
27,208
|
||||||
Vessels held for sale
|
23,129
|
10,303
|
||||||
Total current assets
|
227,533
|
223,195
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated depreciation of $228,208 and $288,373,
respectively
|
1,121,561
|
1,273,861
|
||||||
Deferred drydock, net
|
17,704
|
17,304
|
||||||
Fixed assets, net
|
5,949
|
5,976
|
||||||
Operating lease right-of-use assets
|
7,904
|
8,241
|
||||||
Restricted cash
|
315
|
315
|
||||||
Total noncurrent assets
|
1,153,433
|
1,305,697
|
||||||
Total assets
|
$
|
1,380,966
|
$
|
1,528,892
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
34,170
|
$
|
49,604
|
||||
Current portion of long-term debt
|
72,962
|
69,747
|
||||||
Deferred revenue
|
7,818
|
6,627
|
||||||
Current operating lease liabilities
|
1,698
|
1,677
|
||||||
Total current liabilities
|
116,648
|
127,655
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
9,393
|
9,826
|
||||||
Long-term debt, net of deferred financing costs of $12,143 and $13,094, respectively
|
403,729
|
412,983
|
||||||
Total noncurrent liabilities
|
413,122
|
422,809
|
||||||
Total liabilities
|
529,770
|
550,464
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
418
|
417
|
||||||
Additional paid-in capital
|
1,714,385
|
1,721,268
|
||||||
Accumulated deficit
|
(863,607
|
)
|
(743,257
|
)
|
||||
Total equity
|
851,196
|
978,428
|
||||||
Total liabilities and equity
|
$
|
1,380,966
|
$
|
1,528,892
|
||||
Three Months Ended
March 31, 2020
|
Three Months Ended
March 31, 2019
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(120,350
|
)
|
$
|
(7,801
|
)
|
||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
||||||||
Depreciation and amortization
|
17,574
|
18,076
|
||||||
Amortization of deferred financing costs
|
951
|
915
|
||||||
Noncash operating lease expense
|
337
|
285
|
||||||
Amortization of nonvested stock compensation expense
|
481
|
452
|
||||||
Impairment of vessel assets
|
112,814
|
-
|
||||||
Loss (gain) on sale of vessels
|
486
|
(611
|
)
|
|||||
Insurance proceeds for protection and indemnity claims
|
101
|
226
|
||||||
Change in assets and liabilities:
|
||||||||
(Increase) decrease in due from charterers
|
(1,303
|
)
|
5,041
|
|||||
(Increase) decrease in prepaid expenses and other current assets
|
(1,074
|
)
|
927
|
|||||
Increase in inventories
|
(2,134
|
)
|
(1,077
|
)
|
||||
Decrease in accounts payable and accrued expenses
|
(9,916
|
)
|
(2,114
|
)
|
||||
Increase (decrease) in deferred revenue
|
1,191
|
(1,907
|
)
|
|||||
Decrease in operating lease liabilities
|
(412
|
)
|
(390
|
)
|
||||
Deferred drydock costs incurred
|
(2,784
|
)
|
(410
|
)
|
||||
Net cash (used in) provided by operating activities
|
(4,038
|
)
|
11,612
|
|||||
Cash flows from investing activities
|
||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(273
|
)
|
(3,406
|
)
|
||||
Purchase of scrubbers (capitalized in Vessels)
|
(7,778
|
)
|
(5,868
|
)
|
||||
Purchase of other fixed assets
|
(1,039
|
)
|
(1,199
|
)
|
||||
Net proceeds from sale of vessels
|
14,510
|
6,351
|
||||||
Insurance proceeds for hull and machinery claims
|
157
|
-
|
||||||
Net cash provided by (used in) investing activities
|
5,577
|
(4,122
|
)
|
|||||
Cash flows from financing activities
|
||||||||
Repayments on the $108 Million Credit Facility
|
(1,580
|
)
|
(1,580
|
)
|
||||
Proceeds from the $495 Million Credit Facility
|
11,250
|
-
|
||||||
Repayments on the $495 Million Credit Facility
|
(16,660
|
)
|
(15,000
|
)
|
||||
Payment of common stock issuance costs
|
-
|
(105
|
)
|
|||||
Cash dividends paid
|
(7,290
|
)
|
-
|
|||||
Payment of deferred financing costs
|
-
|
(591
|
)
|
|||||
Net cash used in financing activities
|
(14,280
|
)
|
(17,276
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(12,741
|
)
|
(9,786
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
162,249
|
202,761
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
149,508
|
$
|
192,975
|
||||
|
Three Months Ended
March 31, 2020
|
|||
Adjusted Net Loss Reconciliation
|
(unaudited)
|
|||
Net loss
|
$
|
(120,350
|
)
|
|
+ Impairment of vessel assets
|
112,814
|
|||
+ Loss on sale of vessels
|
486
|
|||
Adjusted net loss
|
$
|
(7,050
|
)
|
|
|
||||
Adjusted net loss per share - basic
|
$
|
(0.17
|
)
|
|
Adjusted net loss per share - diluted
|
$
|
(0.17
|
)
|
|
|
||||
Weighted average common shares outstanding - basic
|
41,866,357
|
|||
Weighted average common shares outstanding - diluted
|
41,866,357
|
|||
|
||||
Weighted average common shares outstanding - basic as per financial statements
|
41,866,357
|
|||
Dilutive effect of stock options
|
-
|
|||
Dilutive effect of restricted stock awards
|
-
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
41,866,357
|
|||
Three Months Ended
March 31, 2020
|
Three Months Ended
March 31, 2019
|
|||||||
EBITDA Reconciliation:
|
(Dollars in thousands)
(unaudited) |
|||||||
Net loss
|
$
|
(120,350
|
)
|
$
|
(7,801
|
)
|
||
+ Net interest expense
|
6,351
|
7,248
|
||||||
+ Depreciation and amortization
|
17,574
|
18,076
|
||||||
EBITDA(1)
|
$
|
(96,425
|
)
|
$
|
17,523
|
|||
+ Impairment of vessel assets
|
112,814
|
-
|
||||||
+ Loss (gain) on sale of vessels
|
486
|
(611
|
)
|
|||||
Adjusted EBITDA
|
$
|
16,875
|
$
|
16,912
|
||||
Three Months Ended
|
||||||||
March 31, 2020
|
March 31, 2019
|
|||||||
FLEET DATA:
|
(unaudited)
|
|||||||
Total number of vessels at end of period
|
53
|
58
|
||||||
Average number of vessels (2)
|
54.3
|
58.3
|
||||||
Total ownership days for fleet (3)
|
4,942
|
5,247
|
||||||
Total chartered-in days (4)
|
422
|
293
|
||||||
Total available days for fleet (5)
|
5,229
|
5,496
|
||||||
Total available days for owned fleet (6)
|
4,807
|
5,203
|
||||||
Total operating days for fleet (7)
|
5,126
|
5,383
|
||||||
Fleet utilization (8)
|
97.8
|
%
|
97.4
|
%
|
||||
AVERAGE DAILY RESULTS:
|
||||||||
Time charter equivalent (9)
|
$
|
9,755
|
$
|
9,230
|
||||
Daily vessel operating expenses per vessel (10)
|
4,413
|
4,420
|
Three Months Ended
|
||||||||
March 31, 2020
|
March 31, 2019
|
|||||||
FLEET DATA:
|
(unaudited)
|
|||||||
Ownership days
|
||||||||
Capesize
|
1,547.0
|
1,530.0
|
||||||
Panamax
|
64.8
|
207.2
|
||||||
Ultramax
|
546.0
|
540.0
|
||||||
Supramax
|
1,820.0
|
1,800.0
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
964.7
|
1,170.0
|
||||||
Total
|
4,942.5
|
5,247.2
|
||||||
Chartered-in days
|
||||||||
Capesize
|
-
|
-
|
||||||
Panamax
|
-
|
-
|
||||||
Ultramax
|
178.3
|
30.4
|
||||||
Supramax
|
204.1
|
186.4
|
||||||
Handymax
|
14.5
|
17.4
|
||||||
Handysize
|
25.1
|
58.9
|
||||||
Total
|
422.0
|
293.1
|
||||||
Available days (owned & chartered-in fleet)
|
||||||||
Capesize
|
1,528.4
|
1,528.8
|
||||||
Panamax
|
64.4
|
207.2
|
||||||
Ultramax
|
668.4
|
570.2
|
||||||
Supramax
|
1,971.0
|
1,945.6
|
||||||
Handymax
|
14.5
|
17.4
|
||||||
Handysize
|
982.2
|
1,226.9
|
||||||
Total
|
5,228.9
|
5,496.1
|
||||||
Available days (owned fleet)
|
||||||||
Capesize
|
1,528.4
|
1,528.8
|
||||||
Panamax
|
64.4
|
207.2
|
||||||
Ultramax
|
490.1
|
539.8
|
||||||
Supramax
|
1,766.9
|
1,759.2
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
957.1
|
1,168.0
|
||||||
Total
|
4,806.9
|
5,203.0
|
||||||
Operating days
|
||||||||
Capesize
|
1,528.4
|
1,515.3
|
||||||
Panamax
|
60.1
|
199.7
|
||||||
Ultramax
|
667.8
|
531.5
|
||||||
Supramax
|
1,944.9
|
1,915.9
|
||||||
Handymax
|
14.5
|
17.4
|
||||||
Handysize
|
910.4
|
1,202.7
|
||||||
Total
|
5,126.1
|
5,382.5
|
||||||
Fleet utilization
|
||||||||
Capesize
|
99.9
|
%
|
99.0
|
%
|
||||
Panamax
|
92.7
|
%
|
96.4
|
%
|
||||
Ultramax
|
99.9
|
%
|
93.2
|
%
|
||||
Supramax
|
98.6
|
%
|
97.1
|
%
|
||||
Handymax
|
100.0
|
%
|
100.0
|
%
|
||||
Handysize
|
92.0
|
%
|
97.9
|
%
|
||||
Fleet average
|
97.8
|
%
|
97.4
|
%
|
||||
Average Daily Results:
|
||||||||
Time Charter Equivalent
|
||||||||
Capesize
|
$
|
16,660
|
$
|
12,054
|
||||
Panamax
|
5,439
|
7,889
|
||||||
Ultramax
|
8,107
|
8,421
|
||||||
Supramax
|
6,492
|
8,769
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
5,734
|
6,938
|
||||||
Fleet average
|
9,755
|
9,230
|
||||||
Daily vessel operating expenses
|
||||||||
Capesize
|
$
|
4,886
|
$
|
4,963
|
||||
Panamax
|
4,175
|
4,327
|
||||||
Ultramax
|
4,637
|
4,300
|
||||||
Supramax
|
4,209
|
4,268
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
3,884
|
4,015
|
||||||
Fleet average
|
4,413
|
4,420
|
||||||
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 second quarter of 2020 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 second quarter to the most comparable
financial measures presented in accordance with GAAP.
|
Three Months Ended
March 31, 2020
|
Three Months Ended
March 31, 2019
|
|||||||
Total Fleet
|
(unaudited)
|
|||||||
Voyage revenues (in thousands)
|
$
|
98,336
|
$
|
93,464
|
||||
Voyage expenses (in thousands)
|
48,368
|
43,022
|
||||||
Charter hire expenses (in thousands)
|
3,075
|
2,419
|
||||||
46,893
|
48,023
|
|||||||
Total available days for owned fleet
|
4,807
|
5,203
|
||||||
Total TCE rate
|
$
|
9,755
|
$
|
9,230
|
||||
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
|
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
|