0001140361-22-006488.txt : 20220224 0001140361-22-006488.hdr.sgml : 20220224 20220224063816 ACCESSION NUMBER: 0001140361-22-006488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220224 DATE AS OF CHANGE: 20220224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENCO SHIPPING & TRADING LTD CENTRAL INDEX KEY: 0001326200 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33393 FILM NUMBER: 22666405 BUSINESS ADDRESS: STREET 1: 299 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 BUSINESS PHONE: (646) 443-8550 MAIL ADDRESS: STREET 1: 299 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10171 8-K 1 brhc10034336_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT
 Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  February 24, 2022
 
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands
001-33393
98-0439758
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(I.R.S. employer identification no.)

299 Park Avenue
12th Floor
New York, NY
(Address of principal executive offices)
  
 
10171
(Zip code)

Registrant’s telephone number, including area code:  (646) 443-8550
 
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
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.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated February 24, 2022, reporting the Company’s financial results for the fourth quarter and fiscal year ended December 31, 2021.

The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.

(d)
Exhibits

Exhibit No.
Description
   
Press Release dated February 24, 2022.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

- 2 -
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping & Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
GENCO SHIPPING & TRADING LIMITED
   
 
DATE:   February 24, 2022
   
 
/s/ Apostolos Zafolias
  
 
Apostolos Zafolias
 
Chief Financial Officer

- 3 -
EXHIBIT INDEX
 
Exhibit No.
Description
   
Press Release dated February 24, 2022.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


- 4 -
 EX-99.1 2 brhc10034336_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


GENCO SHIPPING & TRADING LIMITED ANNOUNCES
FOURTH QUARTER FINANCIAL RESULTS

Value Strategy Implemented; Declares Dividend of $0.67 per share for Fourth Quarter 2021

Reports Highest Quarterly Earnings Per Share Since 2008

New York, New York, February 24, 2022 – Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and twelve months ended December 31, 2021.
 
The following financial review discusses the results for the three months and twelve months ended December 31, 2021 and December 31, 2020.
 
Fourth Quarter 2021 and Year-to-Date Highlights
 

 •
Implemented its comprehensive value strategy, reducing its cash flow breakeven rate, paving the way for compelling dividends


•
Declared a $0.67 per share dividend for the fourth quarter of 2021, marking the first dividend under Genco’s comprehensive value strategy
 

 o
Represents a ~350% increase from the last quarter’s dividend and the Company’s tenth consecutive quarterly payout
 

 o
Payable on or about March 17, 2022 to all shareholders of record as of March 10, 2022
 

 o
Q4 2021 dividend represents an annualized yield of 14% on Genco’s closing share price as of February 23, 2022
 

 o
We have now declared cumulative dividends totaling $1.725 per share over the last ten quarters, or approximately 9% of the Genco’s closing share price as of February 23, 2022
 

 •
Took delivery of the Genco Mary and the Genco Laddey, two high quality, fuel-efficient Ultramax vessels built in 2022 at Dalian Cosco KHI Ship Engineering Co. Ltd. (DACKS)
 

 o
These two deliveries complete the acquisitions of six Ultramax vessels Genco agreed to acquire from April to July 2021
 

 •
Repaid $203.2 million of debt during 2021, or 45% of the beginning year debt balance, meeting our year-end target of $246 million of debt outstanding, representing a net loan-to-value of 16%1
 
1

 •
Recorded net income of $90.9 million for the fourth quarter of 2021
 

 o
Basic and diluted earnings per share of $2.16 and $2.13, respectively
 

 o
Adjusted net income1 of $85.0 million or basic and diluted earnings per share of $2.02 and $1.99, respectively, which excludes a $5.8 million gain on sale of vessels
 

 o
Represents our highest quarterly earnings per share result since 2008
 

 •
Voyage revenues totaled $183.3 million and net revenue2 (voyage revenues minus voyage expenses and charter hire expenses) totaled $132.7 million during Q4 2021
 

 o
Our average daily fleet-wide time charter equivalent, or TCE2, for Q4 2021 was $35,200, marking our highest quarterly TCE since 2008
 

 o
For 2021, our average daily fleet-wide TCE2 was $24,402, representing our highest annual TCE since 2010
 

 o
We estimate our TCE to date for Q1 2022 to be $24,215 for 87% of our owned fleet available days, based on both period and current spot fixtures
 

 •
Recorded Adjusted EBITDA of $102.2 million during Q4 2021, which is greater than our Adjusted EBITDA for all of 20202
 

 o
Genco’s 2021 Adjusted EBITDA was $252.9 million, greater than 2019 and 2020 combined and double the 2018 level
 

 •
Maintained a strong liquidity position with $120.5 million of cash as of December 31, 2021, after $203.2 million of debt repayments as well as $108.7 million paid for vessels acquired in the year
 

 •
Transitioned the technical management of nearly all of our vessels to our joint venture with the Synergy Group, GS Shipmanagement, with remaining vessels expected to transition in Q1 2022
 
John C. Wobensmith, Chief Executive Officer, commented, “2021 proved to be truly transformational for Genco, as we implemented our comprehensive value strategy, creating a unique drybulk vehicle with an attractive risk-reward profile for the benefit of shareholders. Following the announcement of this strategy in April 2021, we spent the balance of the year executing on the blueprint we laid out, focused on growth and financial deleveraging, to position Genco to pay meaningful and sustainable dividends throughout the drybulk cycle. Consistent with our disciplined capital allocation approach, we paid down $203 million of debt in 2021, or 45% of our beginning of the year balance, while taking steps to grow the fleet through the acquisition of six high quality, fuel efficient Ultramax vessels. The combination of these important efforts resulted in a substantial reduction of our cash flow breakeven rate, which we believe will benefit Genco in both the short and long term and enhance our dividend paying ability.”

Mr. Wobensmith, continued, “We are pleased to conclude 2021 with our best quarter in well over a decade, culminating in more than $100 million of EBITDA and a $0.67 per share dividend for the fourth quarter, representing our first dividend under our value strategy. Looking ahead to the first quarter of 2022, we have the majority of our available days booked at over $24,200 per day. This includes earnings generated through our opportunistic container fixtures, which have been generating premium rates above the typical drybulk backhaul route, while further insulating the Company from the softer January rate environment and providing premium positions upon

2
redelivery. Going forward, despite a near-term seasonal decline in freight rates in early 2022, we continue to have a positive outlook on the drybulk market due to the favorable supply and demand balance underpinned by the historically low newbuilding orderbook. Genco remains well positioned to capitalize on these favorable market dynamics utilizing its best-in-class commercial operating platform together with its barbell approach to fleet composition which creates exposure to all drybulk commodities and upside potential. 2021 was a momentous year for the Company, across the board, and we look forward to continue to build on our success in 2022 and beyond.”

1 Based on estimates from VesselsValue.com and pro forma for delivery of our two Ultramax vessels delivered in January 2022.
 
2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for a further reconciliation.
 
Comprehensive Value Strategy Implementation in 2021

Genco’s comprehensive value strategy is centered on three key pillars:

 •
Paying sizeable quarterly cash dividends to shareholders

•
Low financial leverage, and

•
Opportunistically growing the Company’s asset base

We believe this strategy is a key differentiator for the Company and will drive shareholder value over the long-term creating a compelling risk-reward balance.

Drawing on one of the strongest balance sheets in the industry, Genco utilized a phased in approach to further reduce its debt, grow its fleet and refinance its credit facilities in order to lower its cash flow breakeven levels positioning the Company to pay a sizeable quarterly dividend across diverse market environments. At the same time, we also maintain significant flexibility to grow the fleet through accretive vessel acquisitions. The fourth quarter of 2021 marks the first dividend under the Company’s new corporate strategy and will be payable in March 2022.

Since announcement in April 2021, Genco has implemented this strategy through the following measures:


 •
Deleveraging: paid down $203.2 million of debt during 2021, or approximately 45% of our beginning of the year debt balance

•
Refinancing: closed on a new global credit facility to increase flexibility, improve key terms and lower cash flow breakeven rates

•
Revolver: our $450 million credit facility has a substantial revolver in place with $184.8 million of availability as of December 31, 2021

•
Growth: acquired six modern, fuel efficient Ultramaxes

•
Securing revenue: opportunistically fixed various period time charterers to secure cash flows and de-risk recent acquisitions as shown in the following table:

3
Vessel
Type
  
DWT
    
Year Built
    
Rate
  
Duration
Min Expiration
Genco Liberty
Capesize
    
180,387
      
2016
    
$
31,000
  
10-13 months
Mar-22
Baltic Bear
Capesize
    
177,717
      
2010
    
$
32,000
  
10-14 months
Mar-22
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
    
63,498
      
2015
    
$
17,750
  
11-13 months
Sep-22
Genco Freedom
Ultramax
    
63,671
      
2015
    
$
23,375
  
20-23 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
  
11-14 months
Jan-23
Genco Resolute
Capesize
    
181,060
      
2015
    
121% of BCI
  
11-14 months
Jan-23

Our debt outstanding as of December 31, 2021 was $246 million following voluntary debt repayments totaling $59 million in the fourth quarter of 2021. Importantly, following these repayments, we have no mandatory debt amortization payments until 2026. Regardless of this favorable mandatory amortization schedule, we plan to continue to voluntarily pay down our debt with the medium-term objective of reducing our net debt to zero and a longer-term goal of zero debt.  Specifically, as previously announced, Genco paid down an additional $8.75 million of debt during the first quarter of 2022.
 
Dividend policy
 
For the fourth quarter of 2021, Genco declared a cash dividend of $0.67 per share. This represents a ~350% increase from the $0.15 per share paid during the previous quarter and marks the first quarterly dividend under our new comprehensive value strategy.
 
As part of Genco’s value strategy, the Board of Directors adopted a new quarterly dividend policy for dividends payable commencing in the first quarter of 2022 in respect to the Company’s financial results for the fourth quarter of 2021.  Under the new quarterly dividend policy, the amount available for quarterly dividends is to be calculated based on the following formula, which includes the Q4 2021 dividend calculation and estimated amounts for calculation of the dividend for the first quarter of 2022:

4
Dividend calculation
  
Q4 2021 actual
    
Q1 2022 estimates
  
Net revenue
  
$
132.70
    
Fixtures + market
  
Operating expenses
    
(31.79
)
    
(31.63
)
Operating cash flow
  
$
100.92
          
Less: debt repayments
    
(59.00
)
    
(8.75
)
Less: capex for dydocking/BWTS/ESDs
    
(2.92
)
    
(5.90
)
Less: reserve
    
(10.75
)
    
(10.75
)
Cash flow distributable as dividends
  
$
28.25
    
Sum of the above
  
Number of shares to be paid dividends
    
42.4
      
42.4
  
Dividend per share
  
$
0.67
          
Numbers in millions except per share amounts

For purposes of the foregoing calculation, operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses and charter hire expenses), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management fees, and interest expense other than non-cash deferred financing costs).  During the fourth quarter of 2021, we paid down $59.00 million of debt on a voluntary basis. Drydocking, ballast water treatment system and energy saving device costs related to three vessels that drydocked during the fourth quarter. Furthermore, our reserve for Q4 2021 was $10.75 million as previously announced in advance. Anticipated uses for the reserve include, but are not limited to, vessel acquisitions, debt repayments, and general corporate purposes. In order to set aside funds for these purposes, we plan to set the reserve on a quarterly basis for the subsequent quarter and is anticipated to be based on future quarterly debt repayments and interest expense. The quarterly reserve for the first quarter of 2022 is expected to be $10.75 million. The reserve was determined based on $8.75 million for voluntary debt repayments anticipated to be made in Q2 2022 as well as estimated cash interest expense on our debt and remains subject to our Board of Directors’ discretion. The quarterly debt repayment and reserve will be reassessed on a quarterly basis in advance by the Board of Directors and management. Estimated expenses, debt repayments, and capital expenditures for Q1 2022 are estimates presented for illustrative purposes.  The amounts shown will vary based on actual results. Maintaining a quarterly reserve as well as optionality for the uses of the reserve are important factors of our corporate strategy that are intended to allow Genco to retain liquidity to take advantage of a variety of market conditions.

The Board expects to reassess the payment of dividends as appropriate from time to time. The quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with law and contractual obligations and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facilities) and the Board of Directors’ determination that each declaration and payment
 
5
is at the time in the best interests of the Company and its shareholders after its review of our financial performance.
 
Genco’s active commercial operating platform and fleet deployment strategy
 
Overall, we utilize a portfolio approach towards revenue generation through a combination of short-term, spot market employment as well as opportunistically booking longer term coverage. Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet. Our barbell approach towards fleet composition enables Genco to gain exposure to both the major and minor bulk commodities with a fleet whose cargoes carried align with global commodity trade flows. This approach continues to serve us well given the upside potential in major bulk rates together with the relative stability of minor bulk rates.

Based on current fixtures to date, our estimated TCE to date for the first quarter of 2022 on a load-to-discharge basis is presented below. Our estimated Q1 TCE based on current fixtures, while lower than Q4 2021, highlights our proactive approach of booking coverage ahead of the seasonally softer first quarter market. In 2021, we selectively booked period time charter coverage for approximately one to two years on four Capesize and four Ultramax vessels. We view these fixtures as part of our portfolio approach to fixture activity and prudent to take advantage of in the firm freight rate environment.

Estimated net TCE - Q1 2022 to Date
  
Vessel Type
  
Period
    
Spot
    
Fleet-wide
    
% Fixed
  
Capesize
  
$
27,955
    
$
23,568
    
$
24,612
      
93
%
Ultramax/Supramax
  
$
21,093
    
$
24,586
    
$
23,947
      
83
%
Fleet-wide
  
$
24,301
    
$
24,193
    
$
24,215
      
87
%

Given our eight vessels fixed on one to two year period time charters, we have provided a TCE breakout of the period time charters as well as the spot trading fixtures in the first quarter to date. Actual rates for the first quarter will vary based upon future fixtures.

Fleet Update
 
The Company took delivery of the remaining two 2022-built, high specification, fuel efficient Ultramax vessels it agreed to acquire in May 2021, namely the Genco Mary and the Genco Laddey. Both of these vessels were delivered to Genco on January 6, 2022.

As for vessel divestitures, we completed the sale of the Genco Provence on November 2, 2021, for gross proceeds of $13.25 million. With this sale, we have now divested the oldest vessel in our fleet and in the process have avoided drydocking capex costs scheduled for 2022 of approximately $0.8 million.

Financial Review: 2021 Fourth Quarter
 
6
The Company recorded net income for the fourth quarter of 2021 of $90.9 million, or $2.16 and $2.13 basic and diluted earnings per share, respectively. Comparatively, for the three months ended December 31, 2020, the Company recorded a net loss of $65.9 million, or $1.57 basic and diluted net loss per share.

The Company’s revenues increased to $183.3 million for the three months ended December 31, 2021, as compared to $95.5 million recorded for the three months ended December 31, 2020, primarily due to higher rates achieved by both our major and minor bulk vessels, as well as our third-party time chartered-in vessels. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $35,200 per day for the three months ended December 31, 2021 as compared to $13,167 per day for the three months ended December 31, 2020. During the fourth quarter of 2021, the drybulk market remained firm as Capesize rates reached a peak of $86,953 on October 7, 2021. While freight rates retreated from these high levels, the earnings environment remained robust for the quarter led by strong global commodity demand together with low net fleet growth and continued fleet-wide inefficiencies. During the first quarter of 2022, the drybulk freight market seasonally declined primarily due to weather related issues in Brazil limiting cargo availability, the timing of newbuilding vessel deliveries as well as the timing of the Lunar New Year and the Beijing Olympics.
 
Voyage expenses were $36.6 million for the three months ended December 31, 2021 compared to $33.4 million during the prior year period. This increase was primarily due to higher bunker expenses, partially offset by the operation of fewer vessels. Vessel operating expenses increased to $22.5 million for the three months ended December 31, 2021 from $21.1 million for the three months ended December 31, 2020, due to higher crew expenses as a result of COVID-19 related expenses and disruptions. General and administrative expenses increased to $6.8 million for the fourth quarter of 2021 compared to $4.9 million for the fourth quarter of 2020, primarily due to higher personnel related expenses as well as higher legal and professional fees. Depreciation and amortization expenses decreased to $14.8 million for the three months ended December 31, 2021 from $15.5 million for the three months ended December 31, 2020, primarily due to a decrease in depreciation for certain vessels in our fleet that were impaired during 2020.

Daily vessel operating expenses, or DVOE, amounted to $5,766 per vessel per day for the fourth quarter of 2021 compared to $4,726 per vessel per day for the fourth quarter of 2020. This increase is primarily attributable to higher crew expenses as a result of COVID-19 related expenses and disruptions, which amounted to $770 per vessel per day, as well as higher lubricant-related expenses. COVID related expenses were higher than anticipated during the quarter as a result of a global escalation of cases and the timing of our crew changes. We believe daily vessel operating expenses are best measured for comparative purposes over a 12‑month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on estimates provided by our technical managers, our DVOE budget for the first quarter of 2022 is $5,825 per vessel per day on a fleet-wide basis including an estimate for COVID-19 related expenses. The potential impacts of COVID-19 are beyond our control and are difficult to predict due to uncertainties surrounding the pandemic.

Apostolos Zafolias, Chief Financial Officer, commented, “During 2021, our unrelenting focus was on improving the strength of our balance sheet, taking steps to further reduce our leverage and breakeven levels and enhancing our earnings power and dividend potential. We are pleased to have

7
achieved important objectives for the year, underpinning our value strategy, as highlighted by our closing of a new, attractive $450 million credit facility, our $203 million reduction of debt and our opportunistic vessel purchases. We enter the year with a cash flow breakeven among the lowest in the industry and significant financial flexibility including a sizeable cash position. Maintaining balance sheet strength while optimizing the risk-reward balance for our shareholders remains a priority for Genco as we continue to execute our value strategy.”

Financial Review: Twelve Months 2021
 
The Company recorded net income of $182.0 million or $4.33 and $4.27 basic and diluted net earnings per share for the twelve months ended December 31, 2021, respectively. This compares to a net loss of $225.6 million or $5.38 basic and diluted net loss per share for the twelve months ended December 31, 2020. Net income for the twelve months ended December 31, 2021 includes a $4.9 million gain on sale of vessels as well as a $4.4 million loss on debt extinguishment. Net loss for the twelve months ended December 31, 2020 includes $208.9 million in non-cash vessel impairment charges and a $1.9 million loss on sale of vessels.  Revenues increased to $547.1 million for the twelve months ended December 31, 2021 compared to $355.6 million for the twelve months ended December 31, 2020, primarily due to higher rates achieved by our fleet as well as our third-party time chartered-on vessels, which was partially offset by the operation of fewer vessels in our fleet. Voyage expenses decreased to $146.2 million for the twelve months ended December 31, 2021 from $157.0 million for the same period in 2020. TCE rates obtained by the Company increased to $24,402 per day for the twelve months ended December 31, 2021 from $10,221 per day for the twelve months ended December 31, 2020. Total operating expenses for the twelve months ended December 31, 2021 and 2020 were $346.0 million and $558.9 million, respectively. General and administrative expenses for the twelve months ended December 31, 2021 increased to $24.5 million as compared to $21.3 million in the same period of 2020, primarily due to higher personnel related expenses, as well as higher legal and professional fees. DVOE was $5,409 in 2021 versus $4,612 in 2020. The increase in daily vessel operating expense was predominantly due to higher crew expenses as a result of COVID-19 related expenses and disruptions. EBITDA for the twelve months ended December 31, 2021 amounted to $253.4 million compared to $(139.0) million during the prior period. During the twelve months of 2021 and 2020, EBITDA included non-cash impairment charges, gains and losses on sale of vessels as well as a loss on debt extinguishment as mentioned above. Excluding these items, our adjusted EBITDA would have amounted to $252.9 million and $71.8 million, for the respective periods.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the years ended December 31, 2021 and 2020 was $231.1 million and $36.9 million, respectively.  This increase in cash provided by operating activities was primarily due to higher rates achieved by our major and minor bulk vessels, changes in working capital, as well as a decrease in drydocking related expenditures and interest expense.

Net cash used in investing activities during the year ended December 31, 2021 was $67.6 million as compared to $37.4 million net cash provided by investing activities during the year ended

8
December 31, 2020.  This fluctuation was primarily due to the purchase of four Ultramax vessels which delivered during the third quarter of 2021, as well as deposits made for the two Ultramax vessels that were delivered during January 2022. Additionally, there was a decrease in the net proceeds from the sale of vessels.  These fluctuations were partially offset by a decrease in scrubber related expenses and purchase of other fixed assets during 2021 as compared to 2020.

Net cash used in financing activities during the years ended December 31, 2021 and 2020 was $222.7 million and $56.9 million, respectively.  The increase was primarily due to the refinancing of the $495 Million Credit Facility and the $133 Million Credit Facility with the $450 Million Credit Facility on August 31, 2021. During 2021, the increase in total net cash used in financing activities related to our credit facilities was $156.6 million as compared to 2020. Additionally, there was a $5.6 million increase in deferred financing costs paid in relation to the $450 Million Credit Facility during 2021. Lastly, there was a $3.6 million increase in the payment of dividends during 2021 as compared to 2020.

Capital Expenditures

We make capital expenditures from time to time in connection with vessel acquisitions. As of February 24, 2022, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 10.0 years.

In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions. We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for 2022 to be:

   
Q1 2022
  
Q2 2022
  
Q3 2022
  
Q4 2022
  
Estimated Drydock Costs (1)
 
$3.8 million
 
$10.1 million

$3.9 million
  
-
  
Estimated BWTS Costs (2)
 
$1.2 million
 
$4.6 million
 
$1.5 million
  
-
  
Estimated Fuel Efficiency Upgrade Costs (3)
 
$0.9 million
 
$6.1 million
 
$1.3 million
 
$0.8 million
  
Total Estimated Costs
 
$5.9 million
 
$20.9 million
 
$6.7 million
 
$0.8 million
  
Estimated Offhire Days (4)
  
99
  
234
  
103
  
-
  

(1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.
 
(2) Estimated costs associated with the installation of ballast water treatment systems is expected to be funded with cash on hand.
 
(3) Estimated costs associated with the installation of fuel efficiency upgrades are expected to be funded with cash on hand.
 
9
 (4) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q1 2022 consists of 36 days for one Capesize, 42 days for three Ultramaxes and 21 days for one Supramax. Estimated offhire days for 2022 relate to 15 vessels drydocking during the year.

10
Summary Consolidated Financial and Other Data
 
The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below.

   
Three Months Ended
December 31, 2021
    
Three Months Ended
December 31, 2020
      
Twelve Months Ended
December 31, 2021
    
Twelve Months Ended
December 31, 2020
  
   
(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
  
$
183,277
    
$
95,495
      
$
547,129
    
$
355,560
  
Total revenues
    
183,277
      
95,495
        
547,129
      
355,560
  
                                   
Operating expenses:
                                  
Voyage expenses
    
36,610
      
33,435
        
146,182
      
156,985
  
Vessel operating expenses
    
22,467
      
21,088
        
82,089
      
87,420
  
Charter hire expenses
    
13,964
      
4,780
        
36,370
      
10,307
  
General and administrative expenses (inclusive of nonvested stock amortization
    
6,838
      
4,912
        
24,454
      
21,266
  
expense of $0.6 million, $0.5 million, $2.3 million and $2.0 million , respectively)
                                  
Technical management fees
    
1,213
      
1,645
        
5,612
      
6,961
  
Depreciation and amortization
    
14,822
      
15,549
        
56,231
      
65,168
  
Impairment of vessel assets
    
-
      
74,225
        
-
      
208,935
  
(Gain) loss on sale of vessels
    
(5,818
)
    
1,012
        
(4,924
)
    
1,855
  
Total operating expenses
    
90,096
      
156,646
        
346,014
      
558,897
  
                                   
Operating income (loss)
    
93,181
      
(61,151
)
      
201,115
      
(203,337
)
                                   
Other income (expense):
                                  
Other income (expense)
    
101
      
49
        
541
      
(851
)
Interest income
    
10
      
79
        
154
      
1,028
  
Interest expense
    
(2,402
)
    
(4,898
)
      
(15,357
)
    
(22,413
)
Loss on debt extinguishment
    
-
      
-
        
(4,408
)
    
-
  
Other expense, net
    
(2,291
)
    
(4,770
)
      
(19,070
)
    
(22,236
)
                                   
Net income (loss)
  
$
90,890
    
$
(65,921
)
    
$
182,045
    
$
(225,573
)
                                   
Less: Net income attributable to noncontrolling interest
    
38
      
-
        
38
    
$
-
  
                                   
Net income (loss) attributable to Genco Shipping & Trading Limited
  
$
90,852
    
$
(65,921
)
    
$
182,007
    
$
(225,573
)
                                   
Net earnings (loss) per share - basic
  
$
2.16
    
$
(1.57
)
    
$
4.33
    
$
(5.38
)
                                   
Net earnings (loss) per share - diluted
  
$
2.13
    
$
(1.57
)
    
$
4.27
    
$
(5.38
)
                                   
Weighted average common shares outstanding - basic
    
42,102,187
      
41,933,926
        
42,060,996
      
41,907,597
  
                                   
Weighted average common shares outstanding - diluted
    
42,709,594
      
41,933,926
        
42,588,871
      
41,907,597
  
                                   

11
   
December 31, 2021
    
December 31, 2020
  
BALANCE SHEET DATA (Dollars in thousands):
  
(unaudited)
        
             
Assets
            
Current assets:
            
Cash and cash equivalents
  
$
114,573
    
$
143,872
  
Restricted cash
    
5,643
      
35,492
  
Due from charterers, net
    
20,116
      
12,991
  
Prepaid expenses and other current assets
    
9,935
      
10,856
  
Inventories
    
24,563
      
21,583
  
Vessels held for sale
    
-
      
22,408
  
Total current assets
    
174,830
      
247,202
  
                 
Noncurrent assets:
                
Vessels, net of accumulated depreciation of $253,005 and $204,201, respectively
    
981,141
      
919,114
  
Deposits on vessels
    
18,543
      
-
  
Vessels held for exchange
    
-
      
38,214
  
Deferred drydock, net
    
14,275
      
14,689
  
Fixed assets, net
    
7,237
      
6,393
  
Operating lease right-of-use assets
    
5,495
      
6,882
  
Restricted cash
    
315
      
315
  
Fair value of derivative instruments
    
1,166
      
-
  
Total noncurrent assets
    
1,028,172
      
985,607
  
 
                
Total assets
  
$
1,203,002
    
$
1,232,809
  
                 
Liabilities and Equity
                
Current liabilities:
                
Accounts payable and accrued expenses
  
$
29,956
    
$
22,793
  
Current portion of long-term debt
    
-
      
80,642
  
Deferred revenue
    
10,081
      
8,421
  
Current operating lease liabilities
    
1,858
      
1,765
  
Total current liabilities
    
41,895
      
113,621
  
                 
Noncurrent liabilities
                
Long-term operating lease liabilities
    
6,203
      
8,061
  
Contract liability
    
-
      
7,200
  
Long-term debt, net of deferred financing costs of $7,771 and $9,653, respectively
    
238,229
      
358,933
  
Total noncurrent liabilities
    
244,432
      
374,194
  
 
                
Total liabilities
    
286,327
      
487,815
  
 
                
Commitments and contingencies
                
 
                
Equity:
                
Common stock
    
419
      
418
  
Additional paid-in capital
    
1,702,166
      
1,713,406
  
Accumulated other comprehensive income
    
825
      
-
  
Accumulated deficit
    
(786,823
)
    
(968,830
)
Total Genco Shipping & Trading Limited shareholders’ equity
    
916,587
      
744,994
  
Noncontrolling interest
    
88
      
-
  
Total equity
    
916,675
      
744,994
  
 
                
Total liabilities and equity
  
$
1,203,002
    
$
1,232,809
  
                 

12
   
Twelve Months Ended
December 31, 2021
    
Twelve Months Ended
December 31, 2020
  
STATEMENT OF CASH FLOWS (Dollars in thousands):
  
(unaudited)
        
             
Cash flows from operating activities
            
Net income (loss)
  
$
182,045
    
$
(225,573
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
Depreciation and amortization
    
56,231
      
65,168
  
Amortization of deferred financing costs
    
3,536
      
3,903
  
Amortization of fair market value of time charters acquired
    
(4,263
)
    
-
  
Right-of-use asset amortization
    
1,387
      
1,359
  
Amortization of nonvested stock compensation expense
    
2,267
      
2,026
  
Impairment of vessel assets
    
-
      
208,935
  
(Gain) loss on sale of vessels
    
(4,924
)
    
1,855
  
Loss on debt extinguishment
    
4,408
      
-
  
Amortization of premium on derivative
    
197
      
-
  
Interest rate cap premium payment
    
(240
)
    
-
  
Insurance proceeds for protection and indemnity claims
    
988
      
569
  
Insurance proceeds for loss of hire claims
    
-
      
78
  
Change in assets and liabilities:
                
(Increase) decrease in due from charterers
    
(7,125
)
    
710
  
Increase in prepaid expenses and other current assets
    
(783
)
    
(1,938
)
(Increase) decrease in inventories
    
(2,980
)
    
5,625
  
Increase (decrease) in accounts payable and accrued expenses
    
5,405
      
(17,355
)
Increase in deferred revenue
    
1,660
      
1,794
  
Decrease in operating lease liabilities
    
(1,765
)
    
(1,677
)
Deferred drydock costs incurred
    
(4,925
)
    
(8,583
)
Net cash provided by operating activities
    
231,119
      
36,896
  
                 
Cash flows from investing activities
                
Purchase of vessels and ballast water treatment systems, including deposits
    
(115,680
)
    
(4,485
)
Purchase of scrubbers (capitalized in Vessels)
    
(199
)
    
(10,973
)
Purchase of other fixed assets
    
(1,585
)
    
(4,580
)
Net proceeds from sale of vessels
    
49,473
      
56,993
  
Insurance proceeds for hull and machinery claims
    
418
      
484
  
Net cash (used in) provided by investing activities
    
(67,573
)
    
37,439
  
                 
Cash flows from financing activities
                
Proceeds from the $450 Million Credit Facility
    
350,000
      
-
  
Repayments on the $450 Million Credit Facility
    
(104,000
)
    
-
  
Proceeds from the $133 Million Credit Facility
    
-
      
24,000
  
Repayments on the $133 Million Credit Facility
    
(114,940
)
    
(9,160
)
Proceeds from the $495 Million Credit Facility
    
-
      
11,250
  
Repayments on the $495 Million Credit Facility
    
(334,288
)
    
(72,686
)
Investment by non-controlling interest
    
50
      
-
  
Cash dividends paid
    
(13,463
)
    
(9,847
)
Payment of deferred financing costs
    
(6,053
)
    
(462
)
Net cash used in financing activities
    
(222,694
)
    
(56,905
)
                 
Net (decrease) increase in cash, cash equivalents and restricted cash
    
(59,148
)
    
17,430
  
                 
Cash, cash equivalents and restricted cash at beginning of period
    
179,679
      
162,249
  
Cash, cash equivalents and restricted cash at end of period
  
$
120,531
    
$
179,679
  
                 

13

  
Three Months Ended
 December 31, 2021
  
Adjusted Net Income Reconciliation
  
(unaudited)
  
Net income attributable to Genco Shipping & Trading Limited
  
$
90,852
  
  +
Gain on sale of vessels
    
(5,818
)
   
Adjusted net income
  
$
85,034
  
             
   
Adjusted net earnings per share - basic
  
$
2.02
  
   
Adjusted net earnings per share - diluted
  
$
1.99
  
             
   
Weighted average common shares outstanding - basic
    
42,102,187
  
   
Weighted average common shares outstanding - diluted
    
42,709,594
  
             
   
Weighted average common shares outstanding - basic as per financial statements
    
42,102,187
  
   
Dilutive effect of stock options
    
380,055
  
   
Dilutive effect of restricted stock units
    
227,352
  
   
Weighted average common shares outstanding - diluted as adjusted
    
42,709,594
  
             

   
Three Months Ended
December 31, 2021
    
Three Months Ended
December 31, 2020
    
Twelve Months Ended
December 31, 2021
    
Twelve Months Ended
December 31, 2020
  
   
(Dollars in thousands)
    
(Dollars in thousands)
  
EBITDA Reconciliation:
  
(unaudited)
    
(unaudited)
  
Net income (loss) attributable to Genco Shipping & Trading Limited
  
$
90,852
    
$
(65,921
)
  
$
182,007
    
$
(225,573
)
 
+
Net interest expense
    
2,392
      
4,819
      
15,203
      
21,385
  
 
+
Depreciation and amortization
    
14,822
      
15,549
      
56,231
      
65,168
  
   
EBITDA(1)
  
$
108,066
    
$
(45,553
)
  
$
253,441
    
$
(139,020
)
                                     
 
+
Impairment of vessel assets
    
-
      
74,225
      
-
      
208,935
  
 
+
(Gain) loss on sale of vessels
    
(5,818
)
    
1,012
      
(4,924
)
    
1,855
  
 
+
Loss on debt extinguishment
    
-
      
-
      
4,408
      
-
  
   
Adjusted EBITDA
  
$
102,248
    
$
29,684
    
$
252,925
    
$
71,770
  
                                     

   
Three Months Ended
    
Twelve Months Ended
  
   
December 31, 2021
    
December 31, 2020
    
December 31, 2021
    
December 31, 2020
  
FLEET DATA:
  
(unaudited)
    
(unaudited)
  
Total number of vessels at end of period
    
42
      
47
      
42
      
47
  
Average number of vessels (2)
    
42.4
      
48.5
      
41.6
      
51.8
  
Total ownership days for fleet (3)
    
3,897
      
4,462
      
15,177
      
18,957
  
Total chartered-in days (4)
    
352
      
400
      
1,472
      
1,216
  
Total available days for fleet (5)
    
4,122
      
4,751
      
16,412
      
19,636
  
Total available days for owned fleet (6)
    
3,770
      
4,350
      
14,940
      
18,420
  
Total operating days for fleet (7)
    
4,060
      
4,637
      
16,165
      
19,204
  
Fleet utilization (8)
    
97.4
%
    
96.8
%
    
97.9
%
    
97.1
%
                                 
AVERAGE DAILY RESULTS:
                                
Time charter equivalent (9)
  
$
35,200
    
$
13,167
    
$
24,402
    
$
10,221
  
Daily vessel operating expenses per vessel (10)
    
5,766
      
4,726
      
5,409
      
4,612
  

14
   
Three Months Ended
    
Twelve Months Ended
  
   
December 31, 2021
    
December 31, 2020
    
December 31, 2021
    
December 31, 2020
  
FLEET DATA:
  
(unaudited)
    
(unaudited)
  
Ownership days
                        
Capesize
    
1,564.0
      
1,564.0
      
6,205.0
      
6,222.0
  
Panamax
    
-
      
-
      
-
      
64.8
  
Ultramax
    
1,196.0
      
560.0
      
3,716.8
      
2,204.0
  
Supramax
    
1,136.7
      
1,696.0
      
5,027.2
      
7,176.0
  
Handymax
    
-
      
-
      
-
      
-
  
Handysize
    
-
      
642.0
      
227.5
      
3,290.0
  
Total
    
3,896.7
      
4,462.0
      
15,176.5
      
18,956.8
  
                                 
Chartered-in days
                                
Capesize
    
-
      
-
      
-
      
-
  
Panamax
    
-
      
-
      
-
      
-
  
Ultramax
    
62.6
      
182.4
      
450.1
      
557.1
  
Supramax
    
247.6
      
203.7
      
979.9
      
567.2
  
Handymax
    
-
      
-
      
-
      
14.5
  
Handysize
    
42.2
      
14.3
      
42.2
      
77.4
  
Total
    
352.4
      
400.4
      
1,472.2
      
1,216.2
  
                                 
Available days (owned & chartered-in fleet)
                                
Capesize
    
1,535.2
      
1,547.7
      
6,118.6
      
6,158.2
  
Panamax
    
-
      
-
      
-
      
64.4
  
Ultramax
    
1,194.5
      
718.2
      
4,079.2
      
2,657.5
  
Supramax
    
1,350.4
      
1,865.6
      
5,944.9
      
7,443.1
  
Handymax
    
-
      
-
      
-
      
14.5
  
Handysize
    
42.2
      
619.2
      
269.8
      
3,298.2
  
Total
    
4,122.3
      
4,750.7
      
16,412.5
      
19,635.9
  
                                 
Available days (owned fleet)
                                
Capesize
    
1,535.2
      
1,547.7
      
6,118.6
      
6,158.2
  
Panamax
    
-
      
-
      
-
      
64.4
  
Ultramax
    
1,131.9
      
535.8
      
3,629.1
      
2,100.4
  
Supramax
    
1,102.8
      
1,661.9
      
4,965.0
      
6,875.9
  
Handymax
    
-
      
-
      
-
      
-
  
Handysize
    
-
      
604.9
      
227.6
      
3,220.8
  
Total
    
3,769.9
      
4,350.3
      
14,940.3
      
18,419.7
  
                                 
Operating days
                                
Capesize
    
1,530.9
      
1,521.6
      
6,080.1
      
6,093.0
  
Panamax
    
-
      
-
      
-
      
60.1
  
Ultramax
    
1,163.4
      
712.9
      
4,015.2
      
2,642.8
  
Supramax
    
1,323.4
      
1,824.1
      
5,835.7
      
7,338.1
  
Handymax
    
-
      
-
      
-
      
14.5
  
Handysize
    
42.2
      
578.3
      
233.5
      
3,055.9
  
Total
    
4,060.1
      
4,636.9
      
16,164.5
      
19,204.4
  
                                 
Fleet utilization
                                
Capesize
    
97.9
%
    
97.3
%
    
98.8
%
    
98.2
%
Panamax
    
-
      
-
      
-
      
92.7
%
Ultramax
    
96.6
%
    
98.8
%
    
97.6
%
    
99.3
%
Supramax
    
97.5
%
    
96.8
%
    
97.6
%
    
97.6
%
Handymax
    
-
      
-
      
-
      
100.0
%
Handysize
    
100
%
    
93.2
%
    
86.6
%
    
92.2
%
Fleet average
    
97.4
%
    
96.8
%
    
97.9
%
    
97.1
%
                                 
Average Daily Results:
                                
Time Charter Equivalent
                                
Capesize
  
$
40,620
    
$
17,460
    
$
27,293
    
$
14,977
  
Panamax
    
-
      
-
      
-
      
4,948
  
Ultramax
    
30,581
      
14,089
      
22,169
      
10,320
  
Supramax
    
32,455
      
10,514
      
23,235
      
7,957
  
Handymax
    
-
      
-
      
-
      
-
  
Handysize
    
-
      
8,822
      
8,116
      
5,987
  
Fleet average
    
35,200
      
13,167
      
24,402
      
10,221
  
                                 
Daily vessel operating expenses
                                
Capesize
  
$
5,519
    
$
5,232
    
$
5,572
    
$
5,106
  
Panamax
    
-
      
-
      
-
      
3,290
  
Ultramax
    
4,783
      
4,247
      
5,062
      
4,606
  
Supramax
    
7,091
      
4,648
      
5,443
      
4,456
  
Handymax
    
-
      
-
      
-
      
-
  
Handysize
    
-
      
4,105
      
5,856
      
3,994
  
Fleet average
    
5,766
      
4,726
      
5,409
      
4,612
  
                                 

15

 1)
EBITDA represents net income (loss) 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 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 first 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 first quarter to the most comparable financial measures presented in accordance with GAAP.

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.

About Genco Shipping & Trading Limited
 
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes

16
such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of February 24,, 2022, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 10.0 years.

The following table reflects Genco’s fleet list as of February 24, 2022:

17
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
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
Genco Freedom
63,671
2015
2
Baltic Hornet
63,574
2014
3
Genco Vigilant
63,498
2015
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

18
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
 
19
Conference Call Announcement
 
Genco Shipping & Trading Limited will hold a conference call on Thursday, February 24, 2022 at 8:30 a.m. Eastern Time to discuss its 2021 fourth quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the conference call, dial (646) 828-8193 or (888) 220-8451 and enter passcode 9610869. A replay of the conference call can also be accessed for two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 9610869. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.
 
Website Information
 
We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address.  The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.
 
   “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
 
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii)  weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to

20
complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed.; (xix) our financial results for the year ending December 31, 2021 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our new dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) the duration and impact of the COVID-19 novel coronavirus epidemic, which may negatively affect general global and regional economic conditions; our ability to charter our vessels at all and the rates at which are able to do so; our ability to call on or depart from ports on a timely basis or at all; our ability to crew, maintain, and repair our vessels, including without limitation the impact diversion of our vessels to perform crew rotations may have on our revenues, expenses, and ability to consummate vessel sales, expense and disruption to our operations that may arise from the inability to rotate crews on schedule, and delay and added expense we may incur in rotating crews in the current environment; our ability to staff and maintain our headquarters and administrative operations; sources of cash and liquidity; our ability to sell vessels in the secondary market, including without limitation the compliance of purchasers and us with the terms of vessel sale contracts, and the prices at which vessels are sold; and other factors relevant to our business described from time to time in our filings with the Securities and Exchange Commission; and (xxiv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.  As a result, the amount of dividends actually paid may vary.  We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

21
CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

 
22
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Feb. 24, 2022
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Entity Registrant Name GENCO SHIPPING & TRADING LIMITED
Entity Incorporation, State or Country Code 1T
Entity File Number 001-33393
Entity Tax Identification Number 98-0439758
Entity Address, Address Line One 299 Park Avenue
Entity Address, Address Line Two 12th Floor
Entity Address, City or Town New York,
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10171
City Area Code 646
Local Phone Number 443-8550
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Pre-commencement Issuer Tender Offer false
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Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol GNK
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