|
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
|
|
|
(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
|
|||
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
Press Release dated November 4, 2020.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE:
|
November 4, 2020
|
/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release dated November 4, 2020
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
● |
Genco announced a regular quarterly cash dividend of $0.02 per share for the third quarter of 2020
|
o |
Payable on or about November 25, 2020 to all shareholders of record as of November 17, 2020
|
o |
We have now declared cumulative dividends totaling $0.735 per share over the last five quarters
|
● |
Genco maintains a strong financial position with $160.8 million of cash, including $24.5 million of restricted cash, as of September 30, 2020
|
● |
Voyage revenues totaled $87.5 million and net revenue1 (voyage revenues minus voyage expenses and
charter hire expenses) totaled $53.0 million during Q3 2020
|
o |
Our average daily fleet-wide time charter equivalent, or TCE1, for Q3 2020 was $11,456
|
o |
We estimate our TCE to date for Q4 2020 to be $13,004 for 57% of our owned fleet available days, based on current fixtures
|
● |
We recorded a net loss of $21.1 million for the third quarter of 2020
|
o |
Basic and diluted loss per share of $0.50
|
o |
Adjusted net income of $1.2 million or basic and diluted earnings per share of $0.03, excluding $21.9 million in non-cash vessel impairment charges and a $0.4 million loss on sale of
vessels
|
● |
Recorded adjusted EBITDA of $22.3 million during Q3 20201
|
● |
In the second half of 2020 to date, we have completed the sale of four vessels
|
o |
The Baltic Wind, a 2009-built Handysize, delivered to buyers on July 7, 2020
|
o |
The Baltic Breeze, a 2010-built Handysize, delivered to buyers on July 31, 2020
|
o |
The Genco Bay, a 2010-built Handysize, delivered to buyers on October 1, 2020
|
o |
The Baltic Jaguar, a 2009-built Supramax, delivered to buyers on October 16, 2020
|
● |
We have also agreed to sell the Genco Normandy, a 2007-built Supramax, the Genco Loire, a 2009-built Supramax, and the Baltic Panther, a 2009-built Supramax, which are part of our
fleet renewal program and we expect to deliver to the respective buyers during Q4 2020 and Q1 2021
|
● |
Genco’s focus remains on the health and safety of our crew members and our team onshore during this uncertain time
|
o |
We have completed crew rotations on the majority of our fleet in the year-to-date, involving over 1,600 crew members, despite various travel and port restrictions and during a time
in which seafarers globally have been onboard vessels well in excess of their original contract duration
|
● |
Capesize: $19,363 for 52% of the owned available Q4 2020 days
|
● |
Ultramax and Supramax: $10,113 for 62% of the owned available Q4 2020 days
|
● |
Handysize: $8,731 for 47% of the owned available Q4 2020 days
|
● |
Fleet average: $13,004 for 57% of the owned available Q4 2020 days
|
● |
Capesize: $16,287
|
● |
Ultramax and Supramax: $9,857
|
● |
Handysize: $6,445
|
● |
Fleet average: $11,456
|
Q4 2020
|
2021
|
|
Estimated Drydock Costs (1)
|
$3.0 million
|
$9.3 million
|
Estimated BWTS Costs (2)
|
$1.1 million
|
$5.4 million
|
Estimated Offhire Days (3)
|
94
|
230
|
Three Months Ended
September 30, 2020
|
Three Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2019
|
|||||||||||||
(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
|
$
|
87,524
|
$
|
103,776
|
$
|
260,066
|
$
|
280,790
|
||||||||
Total revenues
|
87,524
|
103,776
|
260,066
|
280,790
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Voyage expenses
|
33,487
|
42,967
|
123,550
|
127,789
|
||||||||||||
Vessel operating expenses
|
23,460
|
24,711
|
66,332
|
72,260
|
||||||||||||
Charter hire expenses
|
1,020
|
5,475
|
5,527
|
12,743
|
||||||||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $0.5 million, $0.6 million, $1.5 million and $1.6 million, respectively)
|
5,115
|
6,144
|
16,353
|
18,253
|
||||||||||||
Technical management fees
|
1,739
|
1,885
|
5,316
|
5,710
|
||||||||||||
Depreciation and amortization
|
16,115
|
18,184
|
49,619
|
54,532
|
||||||||||||
Impairment of vessel assets
|
21,896
|
12,182
|
134,710
|
26,078
|
||||||||||||
Loss (gain) on sale of vessels
|
358
|
-
|
844
|
(611
|
)
|
|||||||||||
Total operating expenses
|
103,190
|
111,548
|
402,251
|
316,754
|
||||||||||||
Operating loss
|
(15,666
|
)
|
(7,772
|
)
|
(142,185
|
)
|
(35,964
|
)
|
||||||||
Other (expense) income:
|
||||||||||||||||
Other (expense) income
|
(436
|
)
|
86
|
(900
|
)
|
523
|
||||||||||
Interest income
|
101
|
892
|
948
|
3,292
|
||||||||||||
Interest expense
|
(5,097
|
)
|
(7,797
|
)
|
(17,515
|
)
|
(24,496
|
)
|
||||||||
Impairment of right-of-use asset
|
-
|
-
|
-
|
(223
|
)
|
|||||||||||
Other expense
|
(5,432
|
)
|
(6,819
|
)
|
(17,467
|
)
|
(20,904
|
)
|
||||||||
Net loss
|
$
|
(21,098
|
)
|
$
|
(14,591
|
)
|
$
|
(159,652
|
)
|
$
|
(56,868
|
)
|
||||
Net loss per share - basic
|
$
|
(0.50
|
)
|
$
|
(0.35
|
)
|
$
|
(3.81
|
)
|
$
|
(1.36
|
)
|
||||
Net loss per share - diluted
|
$
|
(0.50
|
)
|
$
|
(0.35
|
)
|
$
|
(3.81
|
)
|
$
|
(1.36
|
)
|
||||
Weighted average common shares outstanding - basic
|
41,928,682
|
41,749,200
|
41,898,756
|
41,739,287
|
||||||||||||
Weighted average common shares outstanding - diluted
|
41,928,682
|
41,749,200
|
41,898,756
|
41,739,287
|
||||||||||||
September 30, 2020
|
December 31, 2019
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
136,233
|
$
|
155,889
|
||||
Restricted cash
|
24,227
|
6,045
|
||||||
Due from charterers, net
|
10,906
|
13,701
|
||||||
Prepaid expenses and other current assets
|
9,014
|
10,049
|
||||||
Inventories
|
21,159
|
27,208
|
||||||
Vessels held for sale
|
20,889
|
10,303
|
||||||
Total current assets
|
222,428
|
223,195
|
||||||
|
||||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated depreciation
of $247,761 and $288,373, respectively
|
1,062,888
|
1,273,861
|
||||||
Deferred drydock, net
|
17,157
|
17,304
|
||||||
Fixed assets, net
|
7,534
|
5,976
|
||||||
Operating lease right-of-use assets
|
7,225
|
8,241
|
||||||
Restricted cash
|
315
|
315
|
||||||
Total noncurrent assets
|
1,095,119
|
1,305,697
|
||||||
|
||||||||
Total assets
|
$
|
1,317,547
|
$
|
1,528,892
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
22,973
|
$
|
49,604
|
||||
Current portion of long-term debt
|
80,642
|
69,747
|
||||||
Deferred revenue
|
8,318
|
6,627
|
||||||
Current operating lease liabilities
|
1,742
|
1,677
|
||||||
Total current liabilities
|
113,675
|
127,655
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
8,511
|
9,826
|
||||||
Long-term debt, net of deferred financing costs of $10,650 and $13,094, respectively
|
384,141
|
412,983
|
||||||
Total noncurrent liabilities
|
392,652
|
422,809
|
||||||
Total liabilities
|
506,327
|
550,464
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
418
|
417
|
||||||
Additional paid-in capital
|
1,713,711
|
1,721,268
|
||||||
Accumulated deficit
|
(902,909
|
)
|
(743,257
|
)
|
||||
Total equity
|
811,220
|
978,428
|
||||||
Total liabilities and equity
|
$
|
1,317,547
|
$
|
1,528,892
|
||||
Nine Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2019
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(159,652
|
)
|
$
|
(56,868
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
49,619
|
54,532
|
||||||
Amortization of deferred financing costs
|
2,906
|
2,828
|
||||||
Noncash operating lease expense
|
1,016
|
911
|
||||||
Amortization of nonvested stock compensation expense
|
1,491
|
1,596
|
||||||
Impairment of right-of-use asset
|
-
|
223
|
||||||
Impairment of vessel assets
|
134,710
|
26,078
|
||||||
Loss (gain) on sale of vessels
|
844
|
(611
|
)
|
|||||
Insurance proceeds for protection and indemnity claims
|
330
|
413
|
||||||
Insurance proceeds for loss of hire claims
|
78
|
-
|
||||||
Change in assets and liabilities:
|
||||||||
Decrease in due from charterers
|
2,795
|
1,915
|
||||||
Decrease (increase) in prepaid expenses and other current assets
|
143
|
(655
|
)
|
|||||
Decrease in inventories
|
6,049
|
6,566
|
||||||
(Decrease) increase in accounts payable and accrued expenses
|
(17,956
|
)
|
5,061
|
|||||
Increase (decrease) increase in deferred revenue
|
1,691
|
(79
|
)
|
|||||
Decrease in operating lease liabilities
|
(1,250
|
)
|
(1,187
|
)
|
||||
Deferred drydock costs incurred
|
(6,799
|
)
|
(11,965
|
)
|
||||
Net cash provided by operating activities
|
16,015
|
28,758
|
||||||
Cash flows from investing activities
|
||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(3,379
|
)
|
(10,392
|
)
|
||||
Purchase of scrubbers (capitalized in Vessels)
|
(10,948
|
)
|
(24,736
|
)
|
||||
Purchase of other fixed assets
|
(3,684
|
)
|
(3,590
|
)
|
||||
Net proceeds from sale of vessels
|
29,854
|
6,309
|
||||||
Insurance proceeds for hull and machinery claims
|
484
|
612
|
||||||
Net cash provided by (used in) investing activities
|
12,327
|
(31,797
|
)
|
|||||
Cash flows from financing activities
|
||||||||
Proceeds from the $133 Million Credit Facility
|
24,000
|
-
|
||||||
Repayments on the $133 Million Credit Facility
|
(5,660
|
)
|
(4,740
|
)
|
||||
Proceeds from the $495 Million Credit Facility
|
11,250
|
21,500
|
||||||
Repayments on the $495 Million Credit Facility
|
(49,981
|
)
|
(49,575
|
)
|
||||
Payment of common stock issuance costs
|
-
|
(105
|
)
|
|||||
Cash dividends paid
|
(8,963
|
)
|
-
|
|||||
Payment of deferred financing costs
|
(462
|
)
|
(611
|
)
|
||||
Net cash used in financing activities
|
(29,816
|
)
|
(33,531
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(1,474
|
)
|
(36,570
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
162,249
|
202,761
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
160,775
|
$
|
166,191
|
||||
Three Months Ended
September 30, 2020
|
||||||||||||||||
Adjusted Net Income Reconciliation
|
(unaudited)
|
|||||||||||||||
Net loss
|
$
|
(21,098
|
)
|
|||||||||||||
+ Impairment of vessel assets
|
21,896
|
|||||||||||||||
+ Loss on sale of vessels
|
358
|
|||||||||||||||
Adjusted net income
|
$
|
1,156
|
||||||||||||||
Adjusted net earnings per share - basic
|
$
|
0.03
|
||||||||||||||
Adjusted net earnings per share - diluted
|
$
|
0.03
|
||||||||||||||
Weighted average common shares outstanding - basic
|
41,928,682
|
|||||||||||||||
Weighted average common shares outstanding - diluted
|
41,928,682
|
|||||||||||||||
Weighted average common shares outstanding - basic as per financial statements
|
41,928,682
|
|||||||||||||||
Dilutive effect of stock options
|
-
|
|||||||||||||||
Dilutive effect of restricted stock awards
|
-
|
|||||||||||||||
Weighted average common shares outstanding - diluted as adjusted
|
41,928,682
|
|||||||||||||||
|
||||||||||||||||
Three Months Ended
September 30, 2020
|
Three Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2019
|
|||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
|||||||||||||||
EBITDA Reconciliation:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net loss
|
$
|
(21,098
|
)
|
$
|
(14,591
|
)
|
$
|
(159,652
|
)
|
$
|
(56,868
|
)
|
||||
+ Net interest expense
|
4,996
|
6,905
|
16,567
|
21,204
|
||||||||||||
+ Depreciation and amortization
|
16,115
|
18,184
|
49,619
|
54,532
|
||||||||||||
EBITDA(1)
|
$
|
13
|
$
|
10,498
|
$
|
(93,466
|
)
|
$
|
18,868
|
|||||||
+ Impairment of vessel assets
|
21,896
|
12,182
|
134,710
|
26,078
|
||||||||||||
+ Impairment of right-of-use asset
|
-
|
-
|
-
|
223
|
||||||||||||
+ Loss (gain) on sale of vessels
|
358
|
-
|
844
|
(611
|
)
|
|||||||||||
Adjusted EBITDA
|
$
|
22,267
|
$
|
22,680
|
$
|
42,088
|
$
|
44,558
|
||||||||
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2020
|
September 30, 2019
|
September 30, 2020
|
September 30, 2019
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Total number of vessels at end of period
|
51
|
58
|
51
|
58
|
||||||||||||
Average number of vessels (2)
|
51.4
|
58.0
|
52.9
|
58.1
|
||||||||||||
Total ownership days for fleet (3)
|
4,729
|
5,336
|
14,495
|
15,861
|
||||||||||||
Total chartered-in days (4)
|
145
|
430
|
816
|
1,071
|
||||||||||||
Total available days for fleet (5)
|
4,773
|
5,165
|
14,891
|
15,984
|
||||||||||||
Total available days for owned fleet (6)
|
4,628
|
4,735
|
14,075
|
14,914
|
||||||||||||
Total operating days for fleet (7)
|
4,626
|
5,130
|
14,576
|
15,737
|
||||||||||||
Fleet utilization (8)
|
96.2
|
%
|
98.9
|
%
|
97.3
|
%
|
97.9
|
%
|
||||||||
AVERAGE DAILY RESULTS:
|
||||||||||||||||
Time charter equivalent (9)
|
$
|
11,456
|
$
|
11,687
|
$
|
9,307
|
$
|
9,405
|
||||||||
Daily vessel operating expenses per vessel (10)
|
4,961
|
4,631
|
4,576
|
4,556
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2020
|
September 30, 2019
|
September 30, 2020
|
September 30, 2019
|
|||||||||||||
FLEET DATA:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Ownership days
|
||||||||||||||||
Capesize
|
1,564.0
|
1,564.0
|
4,658.0
|
4,641.0
|
||||||||||||
Panamax
|
-
|
184.0
|
64.8
|
573.2
|
||||||||||||
Ultramax
|
552.0
|
552.0
|
1,644.0
|
1,638.0
|
||||||||||||
Supramax
|
1,840.0
|
1,840.0
|
5,480.0
|
5,460.0
|
||||||||||||
Handymax
|
-
|
-
|
-
|
-
|
||||||||||||
Handysize
|
773.3
|
1,196.0
|
2,648.0
|
3,549.0
|
||||||||||||
Total
|
4,729.3
|
5,336.0
|
14,494.8
|
15,861.2
|
||||||||||||
Chartered-in days
|
||||||||||||||||
Capesize
|
-
|
103.5
|
-
|
182.9
|
||||||||||||
Panamax
|
-
|
-
|
-
|
-
|
||||||||||||
Ultramax
|
82.2
|
-
|
374.7
|
96.3
|
||||||||||||
Supramax
|
60.6
|
247.5
|
363.5
|
529.3
|
||||||||||||
Handymax
|
-
|
-
|
14.5
|
17.4
|
||||||||||||
Handysize
|
2.5
|
79.2
|
63.2
|
244.8
|
||||||||||||
Total
|
145.3
|
430.2
|
815.9
|
1,070.7
|
||||||||||||
Available days (owned & chartered-in fleet)
|
||||||||||||||||
Capesize
|
1,551.2
|
1,220.2
|
4,609.5
|
4,258.9
|
||||||||||||
Panamax
|
-
|
183.7
|
64.4
|
572.9
|
||||||||||||
Ultramax
|
633.8
|
532.9
|
1,939.4
|
1,715.1
|
||||||||||||
Supramax
|
1,829.2
|
1,955.1
|
5,581.8
|
5,686.2
|
||||||||||||
Handymax
|
-
|
-
|
14.5
|
17.4
|
||||||||||||
Handysize
|
758.9
|
1,273.1
|
2,681.1
|
3,733.9
|
||||||||||||
Total
|
4,773.2
|
5,165.0
|
14,890.7
|
15,984.4
|
||||||||||||
Available days (owned fleet)
|
||||||||||||||||
Capesize
|
1,551.2
|
1,116.7
|
4,609.5
|
4,076.0
|
||||||||||||
Panamax
|
-
|
183.7
|
64.4
|
572.9
|
||||||||||||
Ultramax
|
551.6
|
532.9
|
1,564.7
|
1,618.8
|
||||||||||||
Supramax
|
1,768.6
|
1,707.6
|
5,218.3
|
5,156.9
|
||||||||||||
Handymax
|
-
|
-
|
-
|
-
|
||||||||||||
Handysize
|
756.4
|
1,193.9
|
2,617.9
|
3,489.1
|
||||||||||||
Total
|
4,627.8
|
4,734.8
|
14,074.8
|
14,913.7
|
||||||||||||
Operating days
|
||||||||||||||||
Capesize
|
1,513.5
|
1,213.5
|
4,570.4
|
4,219.0
|
||||||||||||
Panamax
|
-
|
183.7
|
60.1
|
565.4
|
||||||||||||
Ultramax
|
625.4
|
530.9
|
1,929.6
|
1,672.7
|
||||||||||||
Supramax
|
1,814.0
|
1,940.5
|
5,521.3
|
5,609.5
|
||||||||||||
Handymax
|
-
|
-
|
14.5
|
17.4
|
||||||||||||
Handysize
|
673.4
|
1,261.2
|
2,479.8
|
3,652.9
|
||||||||||||
Total
|
4,626.3
|
5,129.8
|
14,575.7
|
15,736.9
|
||||||||||||
Fleet utilization
|
||||||||||||||||
Capesize
|
96.8
|
%
|
98.3
|
%
|
98.5
|
%
|
98.3
|
%
|
||||||||
Panamax
|
-
|
99.9
|
%
|
92.7
|
%
|
98.6
|
%
|
|||||||||
Ultramax
|
98.6
|
%
|
99.6
|
%
|
99.5
|
%
|
97.5
|
%
|
||||||||
Supramax
|
97.9
|
%
|
99.0
|
%
|
98.0
|
%
|
97.8
|
%
|
||||||||
Handymax
|
-
|
-
|
100.0
|
%
|
-
|
|||||||||||
Handysize
|
88.7
|
%
|
99.1
|
%
|
92.0
|
%
|
97.8
|
%
|
||||||||
Fleet average
|
96.2
|
%
|
98.9
|
%
|
97.3
|
%
|
97.9
|
%
|
||||||||
Average Daily Results:
|
||||||||||||||||
Time Charter Equivalent
|
||||||||||||||||
Capesize
|
$
|
16,287
|
$
|
16,311
|
$
|
14,147
|
$
|
11,549
|
||||||||
Panamax
|
-
|
14,747
|
5,365
|
10,935
|
||||||||||||
Ultramax
|
10,965
|
12,634
|
9,028
|
10,298
|
||||||||||||
Supramax
|
9,523
|
9,989
|
7,136
|
8,588
|
||||||||||||
Handymax
|
-
|
-
|
-
|
-
|
||||||||||||
Handysize
|
6,445
|
8,945
|
5,328
|
7,488
|
||||||||||||
Fleet average
|
11,456
|
11,687
|
9,307
|
9,405
|
||||||||||||
Daily vessel operating expenses
|
||||||||||||||||
Capesize
|
$
|
5,255
|
$
|
5,174
|
$
|
5,064
|
$
|
5,065
|
||||||||
Panamax
|
-
|
4,809
|
3,149
|
4,538
|
||||||||||||
Ultramax
|
5,709
|
4,841
|
4,728
|
4,628
|
||||||||||||
Supramax
|
4,786
|
4,550
|
4,396
|
4,426
|
||||||||||||
Handymax
|
-
|
-
|
-
|
-
|
||||||||||||
Handysize
|
4,191
|
3,920
|
3,967
|
4,060
|
||||||||||||
Fleet average
|
4,961
|
4,631
|
4,576
|
4,556
|
||||||||||||
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. 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 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
September 30, 2020
|
Three Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2019
|
|||||||||||||
Total Fleet
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Voyage revenues (in thousands)
|
$
|
87,524
|
$
|
103,776
|
$
|
260,066
|
$
|
280,790
|
||||||||
Voyage expenses (in thousands)
|
33,487
|
42,967
|
123,550
|
127,789
|
||||||||||||
Charter hire expenses (in thousands)
|
1,020
|
5,475
|
5,527
|
12,743
|
||||||||||||
53,017
|
55,334
|
130,989
|
140,258
|
|||||||||||||
Total available days for owned fleet
|
4,628
|
4,735
|
14,075
|
14,914
|
||||||||||||
Total TCE rate
|
$
|
11,456
|
$
|
11,687
|
$
|
9,307
|
$
|
9,405
|
||||||||
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 Leopard
|
53,447
|
2009
|
16
|
Baltic Cougar
|
53,432
|
2009
|
17
|
Genco Loire
|
53,430
|
2009
|
18
|
Genco Lorraine
|
53,417
|
2009
|
19
|
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 Cove
|
34,403
|
2010
|
5
|
Genco Avra
|
34,391
|
2011
|
6
|
Baltic Hare
|
31,887
|
2009
|
7
|
Baltic Fox
|
31,883
|
2010
|
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