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Genco Shipping & Trading records net loss of US15.6 million

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Dry Bulk,

Genco Shipping & Trading Ltd has reported its financial results for 1Q17, citing the following highlights.

  • Recorded a net loss of US$15.6 million for 1Q17.
  • Basic and diluted loss per share of US$0.47.
  • Adjusted basic and diluted loss of US$22.0 million or US$0.66 per share, excluding US$6.4 million for gain on sale of vessels.
  • During 1Q17 four vessels were delivered to buyers.
  • Sold the Genco Wisdom, the Genco Carrier, the Genco Reliance and the Genco Success for total net proceeds of US$12.7 million, which were recorded as cash on the balance sheet.
  • Expect to sell the Genco Prosperity, the last of the 10 vessels identified for sale, for total net proceeds of U$2.9 million.
  • Anticipate the vessel to be delivered to buyers by May 20, 2017, and net proceeds to be recorded as cash on the balance sheet.

John C. Wobensmith, Chief Executive Officer, commented: “During the first quarter, our focus remained on further enhancing the Company’s commercial strategy and advancing Genco’s position as a leading low-cost operator. Specifically, we have taken steps during the quarter to strengthen our chartering team to further enhance our commercial prospects focusing on both major and minor bulks, improve the age profile of our fleet and maintain a low breakeven level. As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage. Our financial flexibility also provides the Company the potential to pursue compelling growth opportunities for shareholders.”

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