Genco Shipping & Trading reports 4Q17 and annual results

Highlights: 4Q17 results and results for 12 months ended 31 December 2017

• Recorded net income of US$2.6 million for 4Q17.
  - Basic and diluted earnings per share of US$0.07
  - First reported quarterly net income since 4Q11
• Voyage revenues minus voyage expenses totalled US$59.3 million during 4Q17, nearly 50% higher than the same period of 2016.
• Time charter equivalent (TCE) increased during each quarter of 2017 culminating in US$11 017 for 4Q17, marking a year-over-year improvement of 65%.
• Concluded 2017 with a cash position of US$204.9 million, which compares to US$169.1 million of cash at the end of 2016, representing an increase of US$35.8 million, and includes restricted cash.
• Paid down the US$400 million credit facility by US$11.3 million on 13 February 2018, from cash flow from operations during 4Q17.
• Established Singapore presence with the opening of a new office focusing on the major bulks.
• Completed the withdrawal of 19 vessels from pool agreements and integrated the vessels into commercial strategy.
• Completed repositioning of the minor bulk fleet.
- 80% of minor bulk fleet with Atlantic redelivery positions
• Increased customer base having entered into business with over 40 direct cargo customers over the last year.
• Reduced daily vessel operating expenses (DVOE) to US$4387 per vessel per day during 4Q17.
- DVOE for the full year 2017 was US$4417 per vessel per day
• Recorded EBITDA of US$27.5 million during 4Q17 and US$42.0 million for the full year 2017.

John C. Wobensmith, CEO, commented: “The fourth quarter of 2017 represented a major inflection point for Genco. The considerable success we experienced throughout the year transforming our commercial strategy and optimising our cost structure enabled us to capitalise on improving market conditions, as we returned to profitability for the first time in six years. During the fourth quarter and full year, we expanded our in-house commercial platform, which included incorporating voyage charters and direct cargo liftings to our service offerings, establishing a Singapore presence and appointing industry veterans to spearhead the employment of both our major and minor bulk fleet. With a global presence, full-scale logistics solution and focus on strategic fleet deployment, we believe we are in a strong position to continue to serve leading charterers and cargo customers while further benefiting from industry fundamentals, which we believe will remain favourable in 2018.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/06032018/genco-shipping-reports-4q17-and-annual-results/