Republic of the
|
|
|
(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 May 5, 2021.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
GENCO SHIPPING & TRADING LIMITED
|
||
DATE: May 5, 2021
|
||
/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated May 5, 2021.
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
• |
Announced Genco’s new comprehensive value strategy in April 2021
|
o
|
This strategy is centered on low financial leverage and three key tenets:
|
■ |
Attractive quarterly dividends based on cash flow after debt service less a reserve
|
■ |
Further debt reduction, and
|
■ |
Growth of the fleet
|
• |
As part of Genco’s new corporate strategy, we have taken the following initial steps in the year-to-date:
|
o
|
Paid down debt by $48.2 million during the first quarter of 2021
|
o
|
Agreed to acquire a fuel efficient, 2016-built 64,000 dwt Ultramax vessel
|
• |
We utilized the strong market to fix three vessels on period time charters to secure cash flows as part of our portfolio approach to fixture activity and in line with the execution of our value
strategy:
|
o |
Genco Liberty (2016-built Capesize): fixed at $31,000 per day for 10 to 13 months
|
o |
Genco Magic (2014-built Ultramax): fixed at $25,000 per day for 5 to 7 months
|
o |
Genco Pyrenees (2010-built Supramax): fixed at $23,000 per day for 5 to 7 months
|
• |
Genco increased its regular quarterly cash dividend to $0.05 per share for the first quarter of 2021 while also progressing towards achieving the targets under the new comprehensive value strategy
during a rising freight rate environment
|
o |
Payable on or about May 25, 2021 to all shareholders of record as of May 17, 2021
|
o |
We have now declared cumulative dividends totaling $0.805 per share over the last seven quarters
|
o |
Genco is targeting Q4 2021 results for its anticipated first dividend under its new corporate strategy, which would be payable in Q1 2022
|
• |
We recorded net income of $2.0 million for the first quarter of 2021
|
o |
Basic and diluted earnings per share of $0.05
|
o |
Adjusted net income of $2.7 million or basic and diluted adjusted earnings per share of $0.06, excluding a $0.7 million loss on sale of vessels
|
• |
Voyage revenues totaled $87.6 million and net revenue1 (voyage revenues minus voyage expenses and charter hire expenses) totaled
$47.1 million during Q1 2021
|
o |
Our average daily fleet-wide time charter equivalent, or TCE1, for Q1 2021 was $12,197
|
o |
We estimate our TCE to date for Q2 2021 to be $20,653 for 74% owned fleet available days, based on current fixtures
|
• |
Recorded adjusted EBITDA of $20.6 million during Q1 20211
|
• |
Maintained a strong financial position with $164.0 million of cash, including $40.8 million of restricted cash, as of March 31, 2021
|
• |
Continue to pay down debt through regularly scheduled quarterly repayments and prepayments from a combination of cash flow generation and cash on the balance sheet;
|
• |
Opportunistically grow the fleet on a low levered basis utilizing proceeds from previous vessel sales; and
|
• |
Refinance credit facilities to increase flexibility, improve key terms and lower cash flow breakeven rates
|
• |
Net loan-to-value ratio of 20% based on current market values
|
• |
Cash balance of approximately $75 million, with cash above this level used to pay down debt
|
• |
Capesize: $24,911 for 72% of the owned available Q2 2021 days
|
• |
Ultramax and Supramax: $17,795 for 76% of the owned available Q2 2021 days
|
• |
Fleet average: $20,653 for 74% of the owned available Q2 2021 days
|
• |
Capesize: $13,595
|
• |
Ultramax and Supramax: $11,687
|
• |
Handysize: $7,912
|
• |
Fleet average: $12,197
|
o |
Genco Liberty (2016-built Capesize): fixed at $31,000 per day for 10 to 13 months
|
o |
Genco Magic (2014-built Ultramax): fixed at $25,000 per day for 5 to 7 months
|
o |
Genco Pyrenees (2010-built Supramax): fixed at $23,000 per day for 5 to 7 months
|
Q2 2021
|
Q3 2021
|
Q4 2021
|
||||||||||
Estimated Drydock Costs (1)
|
$
|
2.1 million |
$
|
3.2 million |
$
|
2.2 million | ||||||
Estimated BWTS Costs (2)
|
$
|
0.8 million |
$
|
0.6 million |
$
|
1.8 million | ||||||
Estimated Offhire Days (3)
|
45
|
80
|
45
|
Three Months Ended
March 31, 2021
|
Three Months Ended
March 31, 2020
|
|||||||
(Dollars in thousands, except share and per share data)
(unaudited)
|
||||||||
INCOME STATEMENT DATA:
|
||||||||
Revenues:
|
||||||||
Voyage revenues
|
$
|
87,591
|
$
|
98,336
|
||||
Total revenues
|
87,591
|
98,336
|
||||||
Operating expenses:
|
||||||||
Voyage expenses
|
35,074
|
48,368
|
||||||
Vessel operating expenses
|
19,046
|
21,813
|
||||||
Charter hire expenses
|
5,435
|
3,075
|
||||||
General and administrative expenses (inclusive of nonvested stock amortization expense of $0.5 million and $0.5 million, respectively)
|
6,102
|
5,767
|
||||||
Technical management fees
|
1,464
|
1,854
|
||||||
Depreciation and amortization
|
13,441
|
17,574
|
||||||
Impairment of vessel assets
|
-
|
112,814
|
||||||
Loss on sale of vessels
|
720
|
486
|
||||||
Total operating expenses
|
81,282
|
211,751
|
||||||
Operating income (loss)
|
6,309
|
(113,415
|
)
|
|||||
Other income (expense):
|
||||||||
Other income (expense)
|
146
|
(584
|
)
|
|||||
Interest income
|
71
|
594
|
||||||
Interest expense
|
(4,541
|
)
|
(6,945
|
)
|
||||
Other expense, net
|
(4,324
|
)
|
(6,935
|
)
|
||||
Net income (loss)
|
$
|
1,985
|
$
|
(120,350
|
)
|
|||
Net earnings (loss) per share - basic
|
$
|
0.05
|
$
|
(2.87
|
)
|
|||
Net earnings (loss) per share - diluted
|
$
|
0.05
|
$
|
(2.87
|
)
|
|||
Weighted average common shares outstanding - basic
|
41,973,782
|
41,866,357
|
||||||
Weighted average common shares outstanding - diluted
|
42,276,380
|
41,866,357
|
||||||
March 31, 2021
|
December 31, 2020
|
|||||||
BALANCE SHEET DATA (Dollars in thousands):
|
(unaudited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
123,191
|
$
|
143,872
|
||||
Restricted cash
|
40,519
|
35,492
|
||||||
Due from charterers, net
|
11,243
|
12,991
|
||||||
Prepaid expenses and other current assets
|
13,149
|
10,856
|
||||||
Inventories
|
24,148
|
21,583
|
||||||
Vessels held for sale
|
15,630
|
22,408
|
||||||
Total current assets
|
227,880
|
247,202
|
||||||
Noncurrent assets:
|
||||||||
Vessels, net of accumulated
depreciation of $215,970 and $204,201, respectively
|
924,468
|
919,114
|
||||||
Vessels held for exchange
|
-
|
38,214
|
||||||
Deferred drydock, net
|
14,374
|
14,689
|
||||||
Fixed assets, net
|
6,139
|
6,393
|
||||||
Operating lease right-of-use assets
|
6,538
|
6,882
|
||||||
Restricted cash
|
315
|
315
|
||||||
Fair value of derivative instruments
|
629
|
-
|
||||||
Total noncurrent assets
|
952,463
|
985,607
|
||||||
Total assets
|
$
|
1,180,343
|
$
|
1,232,809
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
24,402
|
$
|
22,793
|
||||
Current portion of long-term debt
|
65,277
|
80,642
|
||||||
Deferred revenue
|
7,389
|
8,421
|
||||||
Current operating lease liabilities
|
1,788
|
1,765
|
||||||
Total current liabilities
|
98,856
|
113,621
|
||||||
Noncurrent liabilities
|
||||||||
Long-term operating lease liabilities
|
7,606
|
8,061
|
||||||
Contract liability
|
-
|
7,200
|
||||||
Long-term debt, net of deferred financing costs of $8,677 and $9,653, respectively
|
327,064
|
358,933
|
||||||
Total noncurrent liabilities
|
334,670
|
374,194
|
||||||
Total liabilities
|
433,526
|
487,815
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock
|
419
|
418
|
||||||
Additional paid-in capital
|
1,713,082
|
1,713,406
|
||||||
Accumulated other comprehensive income
|
161
|
-
|
||||||
Accumulated deficit
|
(966,845
|
)
|
(968,830
|
)
|
||||
Total equity
|
746,817
|
744,994
|
||||||
Total liabilities and equity
|
$
|
1,180,343
|
$
|
1,232,809
|
||||
Three Months Ended
March 31, 2021
|
Three Months Ended
March 31, 2020
|
|||||||
STATEMENT OF CASH FLOWS (Dollars in thousands):
|
(unaudited)
|
|||||||
Cash flows from operating activities
|
||||||||
Net income (loss)
|
$
|
1,985
|
$
|
(120,350
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
13,441
|
17,574
|
||||||
Amortization of deferred financing costs
|
976
|
951
|
||||||
Right-of-use asset amortization
|
344
|
337
|
||||||
Amortization of nonvested stock compensation expense
|
522
|
481
|
||||||
Impairment of vessel assets
|
-
|
112,814
|
||||||
Loss on sale of vessels
|
720
|
486
|
||||||
Amortization of premium on derivative
|
69
|
-
|
||||||
Interest rate cap premium payment
|
(240
|
)
|
-
|
|||||
Insurance proceeds for protection and indemnity claims
|
41
|
101
|
||||||
Change in assets and liabilities:
|
||||||||
Decrease (increase) in due from charterers
|
1,748
|
(1,303
|
)
|
|||||
Increase in prepaid expenses and other current assets
|
(2,692
|
)
|
(1,074
|
)
|
||||
Decrease in inventories
|
(2,565
|
)
|
(2,134
|
)
|
||||
Increase (decrease) in accounts payable and accrued expenses
|
1,548
|
(9,916
|
)
|
|||||
(Decrease) increase in deferred revenue
|
(1,032
|
)
|
1,191
|
|||||
Decrease in operating lease liabilities
|
(432
|
)
|
(412
|
)
|
||||
Deferred drydock costs incurred
|
(939
|
)
|
(2,784
|
)
|
||||
Net cash provided by (used in) operating activities
|
13,494
|
(4,038
|
)
|
|||||
Cash flows from investing activities
|
||||||||
Purchase of vessels and ballast water treatment systems, including deposits
|
(1,190
|
)
|
(273
|
)
|
||||
Purchase of scrubbers (capitalized in Vessels)
|
(41
|
)
|
(7,778
|
)
|
||||
Purchase of other fixed assets
|
(152
|
)
|
(1,039
|
)
|
||||
Net proceeds from sale of vessels
|
21,272
|
14,510
|
||||||
Insurance proceeds for hull and machinery claims
|
61
|
157
|
||||||
Net cash provided by investing activities
|
19,950
|
5,577
|
||||||
Cash flows from financing activities
|
||||||||
Repayments on the $133 Million Credit Facility
|
(22,740
|
)
|
(1,580
|
)
|
||||
Proceeds from the $495 Million Credit Facility
|
-
|
11,250
|
||||||
Repayments on the $495 Million Credit Facility
|
(25,470
|
)
|
(16,660
|
)
|
||||
Cash dividends paid
|
(888
|
)
|
(7,290
|
)
|
||||
Net cash used in financing activities
|
(49,098
|
)
|
(14,280
|
)
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(15,654
|
)
|
(12,741
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
179,679
|
162,249
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
164,025
|
$
|
149,508
|
||||
Three Months Ended
March 31, 2021
|
||||
Adjusted Net Income Reconciliation
|
(unaudited)
|
|||
Net income
|
$
|
1,985
|
||
+ Loss on sale of vessels
|
720
|
|||
Adjusted net income
|
$
|
2,705
|
||
|
||||
Adjusted net earnings per share - basic
|
$
|
0.06
|
||
Adjusted net earnings per share - diluted
|
$
|
0.06
|
||
|
||||
Weighted average common shares outstanding - basic
|
41,973,782
|
|||
Weighted average common shares outstanding - diluted
|
42,276,380
|
|||
|
||||
Weighted average common shares outstanding - basic as per financial statements
|
41,973,782
|
|||
Dilutive effect of stock options
|
87,358
|
|||
Dilutive effect of restricted stock awards
|
215,240
|
|||
Weighted average common shares outstanding - diluted as adjusted
|
42,276,380
|
|||
Three Months Ended
March 31, 2021
|
Three Months Ended
March 31, 2020
|
|||||||
EBITDA Reconciliation:
|
(Dollars in thousands)
(unaudited)
|
|||||||
Net income (loss)
|
$
|
1,985
|
$
|
(120,350
|
)
|
|||
+ Net interest expense
|
4,470
|
6,351
|
||||||
+ Depreciation and amortization
|
13,441
|
17,574
|
||||||
EBITDA(1)
|
$
|
19,896
|
$
|
(96,425
|
)
|
|||
+ Impairment of vessel assets
|
-
|
112,814
|
||||||
+ Loss on sale of vessels
|
720
|
486
|
||||||
Adjusted EBITDA
|
$
|
20,616
|
$
|
16,875
|
||||
Three Months Ended
|
||||||||
March 31, 2021
|
March 31, 2020
|
|||||||
FLEET DATA:
|
(unaudited)
|
|||||||
Total number of vessels at end of period
|
41
|
53
|
||||||
Average number of vessels (2)
|
43.3
|
54.3
|
||||||
Total ownership days for fleet (3)
|
3,897
|
4,942
|
||||||
Total chartered-in days (4)
|
341
|
422
|
||||||
Total available days for fleet (5)
|
4,201
|
5,229
|
||||||
Total available days for owned fleet (6)
|
3,860
|
4,807
|
||||||
Total operating days for fleet (7)
|
4,122
|
5,126
|
||||||
Fleet utilization (8)
|
97.8
|
%
|
97.8
|
%
|
||||
AVERAGE DAILY RESULTS:
|
||||||||
Time charter equivalent (9)
|
$
|
12,197
|
$
|
9,755
|
||||
Daily vessel operating expenses per vessel (10)
|
4,887
|
4,413
|
Three Months Ended
|
||||||||
March 31, 2021
|
March 31, 2020
|
|||||||
FLEET DATA:
|
(unaudited)
|
|||||||
Ownership days
|
||||||||
Capesize
|
1,530.0
|
1,547.0
|
||||||
Panamax
|
-
|
64.8
|
||||||
Ultramax
|
731.8
|
546.0
|
||||||
Supramax
|
1,407.7
|
1,820.0
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
227.5
|
964.7
|
||||||
Total
|
3,897.0
|
4,942.5
|
||||||
Chartered-in days
|
||||||||
Capesize
|
-
|
-
|
||||||
Panamax
|
-
|
-
|
||||||
Ultramax
|
232.5
|
178.3
|
||||||
Supramax
|
108.3
|
204.1
|
||||||
Handymax
|
-
|
14.5
|
||||||
Handysize
|
-
|
25.1
|
||||||
Total
|
340.8
|
422.0
|
||||||
Available days (owned & chartered-in fleet)
|
||||||||
Capesize
|
1,505.6
|
1,528.4
|
||||||
Panamax
|
-
|
64.4
|
||||||
Ultramax
|
955.6
|
668.4
|
||||||
Supramax
|
1,512.2
|
1,971.0
|
||||||
Handymax
|
-
|
14.5
|
||||||
Handysize
|
227.5
|
982.2
|
||||||
Total
|
4,200.9
|
5,228.9
|
||||||
Available days (owned fleet)
|
||||||||
Capesize
|
1,505.6
|
1,528.4
|
||||||
Panamax
|
-
|
64.4
|
||||||
Ultramax
|
723.1
|
490.1
|
||||||
Supramax
|
1,403.9
|
1,766.9
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
227.5
|
957.1
|
||||||
Total
|
3,860.1
|
4,806.9
|
||||||
Operating days
|
||||||||
Capesize
|
1,499.1
|
1,528.4
|
||||||
Panamax
|
-
|
60.1
|
||||||
Ultramax
|
950.0
|
667.8
|
||||||
Supramax
|
1,482.0
|
1,944.9
|
||||||
Handymax
|
-
|
14.5
|
||||||
Handysize
|
191.3
|
910.4
|
||||||
Total
|
4,122.4
|
5,126.1
|
||||||
Fleet utilization
|
||||||||
Capesize
|
99.6
|
%
|
99.9
|
%
|
||||
Panamax
|
-
|
92.7
|
%
|
|||||
Ultramax
|
98.5
|
%
|
99.9
|
%
|
||||
Supramax
|
97.8
|
%
|
98.6
|
%
|
||||
Handymax
|
-
|
100.0
|
%
|
|||||
Handysize
|
84.1
|
%
|
92.0
|
%
|
||||
Fleet average
|
97.8
|
%
|
97.8
|
%
|
||||
Average Daily Results:
|
||||||||
Time Charter Equivalent
|
||||||||
Capesize
|
$
|
13,595
|
$
|
16,660
|
||||
Panamax
|
-
|
5,439
|
||||||
Ultramax
|
10,582
|
8,107
|
||||||
Supramax
|
12,292
|
6,492
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
7,912
|
5,734
|
||||||
Fleet average
|
12,197
|
9,755
|
||||||
Daily vessel operating expenses
|
||||||||
Capesize
|
$
|
5,208
|
$
|
4,886
|
||||
Panamax
|
-
|
4,175
|
||||||
Ultramax
|
4,972
|
4,637
|
||||||
Supramax
|
4,484
|
4,209
|
||||||
Handymax
|
-
|
-
|
||||||
Handysize
|
4,931
|
3,884
|
||||||
Fleet average
|
4,887
|
4,413
|
||||||
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 second
quarter of 2021 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, 2021
|
Three Months Ended
March 31, 2020
|
|||||||
Total Fleet
|
(unaudited)
|
|||||||
Voyage revenues (in thousands)
|
$
|
87,591
|
$
|
98,336
|
||||
Voyage expenses (in thousands)
|
35,074
|
48,368
|
||||||
Charter hire expenses (in thousands)
|
5,435
|
3,075
|
||||||
47,082
|
46,893
|
|||||||
Total available days for owned fleet
|
3,860
|
4,807
|
||||||
Total TCE rate
|
$
|
12,197
|
$
|
9,755
|
||||
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
|
Genco Freedom
|
63,498
|
2015
|
|
3
|
Genco Vigilant
|
63,498
|
2015
|
|
4
|
Baltic Mantis
|
63,470
|
2015
|
|
5
|
Baltic Scorpion
|
63,462
|
2015
|
|
6
|
Genco Magic
|
63,446
|
2014
|
|
7
|
Baltic Wasp
|
63,389
|
2015
|
|
8
|
Genco Weatherly
|
61,556
|
2014
|
|
9
|
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 Lorraine
|
53,417
|
2009
|