Declares Increased Dividend of $0.66 per Share Dividend for Q4
2006; Increases 2007 Dividend Target Rate NEW YORK, Feb. 8
/PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited
(NASDAQ:GSTL) today reported its financial results for the three
months and twelve months ended December 31, 2006. The following
financial review discusses the results for the three and twelve
months ended December 31, 2006 and December 31, 2005. Fourth
quarter 2006 Highlights -- Declared an increased dividend of $0.66
per share, based on Q4 2006 results, payable on or about March 9,
2007 to all shareholders of record as of February 23, 2007; --
Recorded net income of $16.4 million, or $0.65 basic and diluted
earnings per share, excluding the unrealized non-cash gain from our
forward interest rate swap agreements; -- Recorded net income of
$16.5 million, or $0.65 basic and diluted earnings per share,
including the unrealized non-cash gain from our forward interest
rate swap agreements; -- Paid a $0.60 per share dividend on
November 30, 2006 based on Q3 2006 results; -- Agreed on January
22, 2007 to sell the Genco Glory for $13.15 million; and -- Reached
agreements on the following time charters. Vessel Charterer Charter
Duration Time Charter Rate(1) Genco Carrier Pacific Basin 11 to 13
Months $24,000 Chartering Ltd. Genco Wisdom HMMC 11 to 13 Months
24,000 Genco Trader Baumarine AS 10 to 12 Months 25,750 Genco
Leader AS Klaveness 23 to 25 Months 25,650 Genco Acheron STX
Panocean 11 to 13 Months 30,000 Genco Marine NYK Europe 11 to 13
Months 24,000 (1) Time charter rates presented are the gross daily
charterhire rates before the payments of brokerage commissions
ranging from 1.25% to 5% to third parties, except as indicated for
the Genco Trader and the Genco Leader in note 3 to the table
appearing below under the heading "Genco Shipping & Trading
Limited Fleet". In a time charter, the charterer is responsible for
voyage expenses such as bunkers, port expenses, agents' fees and
canal dues. Financial Review: 2006 Fourth quarter The Company
recorded net income of $16.5 million or $0.65 basic and diluted
earnings per share for the three months ended December 31, 2006.
Comparatively, for the three months ended December 31, 2005 net
income was $15.1 million or $0.60 basic and diluted earnings per
share. Included in net income for the fourth quarter of 2006 is a
$0.1 million non-cash gain from financial derivatives, related to
our two forward interest rate swap instruments as described below
under "Forward Interest Rate Swap Agreements." Excluding the
unrealized non-cash gain on financial derivatives, net income for
the fourth quarter of 2006 was $16.4 million, or $0.65 basic and
diluted earnings per share. EBITDA was $26.7 million for the three
months ended December 31, 2006 versus $24.1 million for the three
months ended December 31, 2005. Robert Gerald Buchanan, President,
commented, "2006 was an exceptional year for Genco, as the Company
enhanced its position in the industry and provided significant
value to shareholders. Our strong results for the fourth quarter
and full year are directly related to our success at further
consolidating the drybulk industry and signing a large portion of
our fleet on time charters at attractive rates. Building on the
success we had in 2006 securing vessels on time charter, we have
continued to capitalize on the favorable drybulk rate environment.
Going forward, we will continue to focus on meeting this important
objective, while seeking to continue to provide leading
multi-national charterers with service that meets the highest
operational standards." Genco Shipping & Trading Limited
recorded revenues of $35.7 million for the three months ended
December 31, 2006 versus $33.4 for the three months ended December
31, 2005, an increase of 6.9% primarily due to the operation of a
larger fleet. The average daily time charter equivalent, or TCE,
rates obtained by the Company's fleet decreased slightly to $20,435
per day for the three months ended December 31, 2006 compared to
$20,725 for the three months ended December 31, 2005. The decrease
was due mostly to higher charter rates achieved in the fourth
quarter of 2005 versus the fourth quarter of 2006 for the five
Handysize vessels on charter with Lauritzen Bulkers A/S, which
commenced their extended time charter contracts at $13,500 per
vessel per day during the third quarter of 2006. The decrease in
TCE rates was countered by higher charter rates achieved in the
fourth quarter of 2006 versus the same period last year for the
Genco Leader and Genco Trader, the two vessels which until recently
operated in the Baumarine pool, which were subject to fluctuations
of the spot market. Total operating expenses increased to $17.2
million for the three months ended December 31, 2006 from $16.5
million for the three-month period ended December 31, 2005. Vessel
operating expenses were $5.9 million for both comparative periods.
General and administrative expenses decreased slightly to $2.1
million from $2.5 million during the comparative periods.
Management fees were $0.4 million for the three months ended
December 31, 2006 and $0.3 million for the three months ended
December 31, 2005, respectively, and relate to fees paid to our
independent technical managers. Daily vessel operating expenses
decreased to $3,415 per vessel per day during the fourth quarter of
2006 from $3,794 for the same quarter last year. 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. For the years ended December 31, 2006 and
2005, the average daily vessel operating expenses for our fleet
were $3,285 and $2,805 per day, respectively. As 2005 was our
initial period of operations for the majority of our fleet, we
believe the year ended December 31, 2006 is more reflective of our
daily vessel operating expenses compared to the corresponding
period in 2005. Based on management's estimates and budgets
provided by our technical managers, we expect our vessels to have
daily vessel operating expenses during 2007 on a weighted basis of
$3,682. Financial Review: Twelve months 2006 Net income was $63.5
million or $2.51 basic and diluted earnings per share, for the
twelve months ended December 31, 2006 compared to $54.5 million, or
$2.91 basic and diluted earnings per share for the twelve months
ended December 31, 2005. Adjusted net income was $63.5 million for
the twelve months ended December 31, 2006 and $58.6 million for the
twelve months ended December 31, 2005. The adjustment to net income
and earnings per share excludes the non-cash deferred financing
charge of $4.1 million during the third quarter of 2005 and was a
result of the retirement of our original credit facility. Revenues
increased 13.9% to $133.2 million for the twelve months ended
December 31, 2006 compared to $116.9 million for the twelve months
ended December 31, 2005. Revenues in both periods consisted of
charter payments for our vessels. The increase in revenues was due
primarily to the operation of a larger fleet. EBITDA was $100.8
million for the twelve months ended December 31, 2006 versus $91.7
million for the twelve months ended December 31, 2005. TCE rates
obtained by the Company decreased 2.1% to $20,455 per day for the
twelve months ended December 31, 2006 from $20,903 for the same
period in 2005 mostly due to lower charter rates achieved on the
five handysize vessels on time charter to Lauritzen. The five
vessels were renewed under a time charter with Lauritzen in the
third quarter of 2006 at a lower charter rate than the previous
time charter. Furthermore, lower charter rates were realized on the
Genco Leader, which was subject to lower overall spot market in
2006 versus 2005. Total operating expenses were $62.9 million for
the twelve months ended December 31, 2006 compared to $48.2 million
for the twelve months ended December 31, 2005, and daily vessel
operating expenses per vessel were $3,285 versus $2,805 for the
comparative periods. The average daily vessel operating expenses
for our fleet was $3,285 per day for the year ended December 31,
2006, as compared to our budgeted amount of $3,184. Liquidity and
Capital Resources Cash Flow Net cash provided by operating
activities for the year ended December 31, 2006 increased 2.0% to
$90.1 million from $88.2 million. The increase primarily was due to
higher net income and depreciation and amortization in the year
ended December 31, 2006 due to the operation of a larger fleet. Net
cash provided by operating activities for year ended December 31,
2006 was primarily a result of recorded net income of $63.5
million, and depreciation and amortization charges of $27.0
million. For the year ended December 31, 2005, net cash provided by
operating activities was primarily a result of recorded net income
of $54.5 million, and depreciation and amortization charges of
$22.3 million, and amortization of deferred financing costs of $4.6
million in 2005. The majority of our fleet was acquired in 2005 and
as a result net cash used in investing activities declined to $82.8
million for the year ended December 31, 2006 from $268.1 million
for the year ended December 31, 2005. For the year ended December
31, 2006 the cash used in investing activities related primarily to
the purchase of three additional vessels for $81.6 million. For the
year ended December 31, 2005, the cash used in investing activities
relating to the acquisition of ten vessels was $267.0 million. Net
cash provided by financing activities for the years ended December
31, 2006 and 2005 was $19.4 million and $219.3 million,
respectively. For the year ended December 31, 2006, net cash
provided by financing activities consisted mostly of the payment of
cash dividends of $61.0 million offset by $81.3 million of proceeds
from our New Credit Facility used to acquire three vessels. For the
year ended December 31, 2005, the primary sources of net cash
provided by financing activities were net proceeds from our initial
public equity offering of $230.3 million and $130.7 million in net
borrowings under our New Credit Facility. In addition, we retired
the $357.0 million outstanding under our Original Credit Facility
and paid cash dividends of $15.2 million. Capital Expenditures We
make capital expenditures from time to time in connection with
vessel acquisitions. Our fleet consists of seven Panamax drybulk
carriers, seven Handymax drybulk carriers and five Handysize
drybulk carriers excluding the Genco Glory due to its pending sale.
In addition to acquisitions that we may undertake in future
periods, we will incur additional capital expenditures due to
special surveys and drydockings for our fleet. We estimate our
drydocking costs for our fleet through 2008 to be: Q1 2007 2007
2008 Estimated Costs (1) $0.7 million $3.6 million $3.0 million
Estimated Offhire Days (2) 40 200 120 (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
from operations. (2) Assumes 20 days per drydocking per vessel.
Actual length will vary based on the condition of the vessel, yard
schedules and other factors. The Genco Trader and the Genco Marine
completed their drydocking during the first half of 2006 at a
combined cost of $1.0 million. The Genco Marine exceeded the budget
due to the vessel drydocking in Portugal versus China. During third
quarter, the Genco Muse completed drydocking at a cost of $0.9
million, exceeding its initial budget due to the vessel drydocking
in the United States due to positioning rather than in China.
During the fourth quarter 2006, the Company completed the
drydocking of the Genco Carrier and Genco Glory at a combined cost
of $1.3 million. We estimate that ten vessels will be drydocked in
2007, of which two will be drydocked during the first quarter of
2007. An additional six vessels are estimated to be drydocked in
2008. 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 Twelve Months Ended December December
December December 31, 31, 31, 31, 2006 2005 2006 2005 (Dollars in
thousands, (Dollars in thousands, except share and per except share
and per share data) share data) (unaudited) INCOME STATEMENT DATA:
Revenues $35,715 $33,385 $133,232 $116,906 Operating expenses:
Voyage expenses 1,490 1,243 4,710 4,287 Vessel operating expenses
5,881 5,885 20,903 15,135 General and administrative expenses 2,073
2,522 8,882 4,937 Management fees 392 344 1,439 1,479 Depreciation
and amortization 7,341 6,555 26,978 22,322 Total operating expenses
17,177 16,549 62,912 48,160 Operating income 18,538 16,836 70,320
68,746 Other expense: Income from derivative instruments 107 - 108
- Interest income 1,049 489 3,129 1,084 Interest expense (3,176)
(2,185) (10,035) (15,348) Other expense: (2,020) (1,696) (6,798)
(14,264) Net income $16,518 $15,140 $63,522 $54,482 Adjusted net
income(1) $16,518 $15,140 $63,522 $58,585 Earnings per share -
basic $0.65 $0.60 $2.51 $2.91 Adjusted earnings per share - basic
$0.65 $0.60 $2.51 $3.12 Earnings per share - diluted $0.65 $0.60
$2.51 $2.90 Weighted average shares outstanding - basic 25,302,154
25,260,000 25,278,726 18,751,726 Weighted average shares
outstanding - diluted 25,390,662 25,273,762 25,351,297 18,755,195
December 31, December 31, 2006 2005 BALANCE SHEET DATA: Cash
$73,554 $46,912 Current assets, including cash 88,118 49,705 Total
assets 578,262 489,958 Current liabilities, including current
portion of long-term debt 15,173 5,978 Total long-term debt,
including current portion 211,933 130,683 Shareholders' equity
353,533 348,242 Twelve Months Twelve Months Ended Ended December
31, December 31, 2006 2005 Net cash provided by operating
activities $90,068 $88,230 Net cash used in investing activities
(82,840) (268,072) Net cash provided by financing activities 19,414
219,323 Three Three Twelve Twelve Months Months Months Months Ended
Ended Ended Ended December December December December 31, 2006 31,
2005 31, 2006 31, 2005 FLEET DATA: (unaudited) Total number of
vessels at end of period 20 17 20 17 Average number of vessels (2)
18.7 16.9 17.4 14.8 Total ownership days for fleet (3) 1,722 1,551
6,363 5,396 Total available days for fleet (4) 1,675 1,551 6,283
5,388 Total operating days for fleet (5) 1,668 1,543 6,237 5,345
Fleet utilization (6) 99.6% 99.5% 99.3% 99.2% AVERAGE DAILY
RESULTS: Time charter equivalent (7) $20,435 $20,725 $20,455
$20,903 Daily vessel operating expenses per vessel (8) 3,415 3,794
3,285 2,805 Three Three Twelve Twelve Months Months Months Months
Ended Ended Ended Ended December December December December 31,
2006 31, 2005 31, 2006 31, 2005 (Dollars in (Dollars in thousands)
thousands) EBITDA Reconciliation: (unaudited) Net Income $16,518
$15,140 $63,522 $54,482 + Net interest expense 2,127 1,696 6,906
14,264 + Depreciation and amortization 7,341 6,555 26,978 22,322 +
Amortization of nonvested stock compensation 255 277 1,589 277 +
Amortization of value of time charter acquired 466 398 1,850 398
EBITDA(9) 26,707 24,066 100,845 91,743 (1) Adjusted net income is
presented to provide additional information, in the opinion of
management, with respect to the Company's ability to compare from
period to period its operations without the non-cash $4.1 million
charge to write-off deferred financing costs associated with the
retirement of the original credit facility. While adjusted net
income is used by management as a measure of the operating
performance, it is not necessarily comparable to other similarly
titled captions of other companies due to differences in methods of
calculations. Adjusted net income should not be considered an
alternative to net income or other performance measurements under
accounting principles generally accepted in the United States of
America. (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
available days as the number of our ownership days less the
aggregate number of days that our vessels are off-hire due to
scheduled repairs or repairs under guarantee, vessel upgrades or
special surveys and the aggregate amount of time that we spend
positioning our vessels. 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. (5) We define operating days as the number of our
available days in a period less the aggregate number of days that
our 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. (6) We calculate fleet utilization by dividing the number
of our operating days during a period by the number of our
available days during the period. The shipping industry uses fleet
utilization to measure a company's efficiency in finding suitable
employment for its vessels and minimizing the number of days that
its vessels are off- hire for reasons other than scheduled repairs
or repairs under guarantee, vessel upgrades, special surveys or
vessel positioning. (7) We define TCE rates as our net voyage
revenue (voyage revenues less voyage expenses) divided by the
number of our available days during the period, which is consistent
with industry standards. 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. (8) 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. (9) EBITDA
represents net income plus net interest expense, income tax
expense, depreciation and amortization, amortization of nonvested
stock compensation, and amortization of the value of time charter
acquired. 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.
EBITDA is also used by our lenders in certain loan covenants. For
these reasons, we believe that EBITDA is a useful measure to
present to our investors. EBITDA is not an item recognized by U.S.
GAAP 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 source 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. Genco Shipping &
Trading Limited's Fleet Our fleet, excluding the Genco Glory due to
its pending sale, currently consists of seven Panamax, seven
Handymax and five Handysize drybulk carriers with an aggregate
carrying capacity of approximately 988,000 dwt. All of the vessels
in our fleet were built in Japanese shipyards with a reputation for
constructing high-quality vessels. Our fleet contains four groups
of sister ships, which are vessels of virtually identical sizes and
specifications. We believe that maintaining a fleet that includes
sister ships reduces costs by creating economies of scale in the
maintenance, supply and crewing of our vessels. As of December 31,
2006, and excluding the Genco Glory, the average age of our fleet
was 8.9 years, as compared to the average age for the world fleet
of approximately 15.6 years for the drybulk shipping segments in
which we compete. All of the vessels in our fleet are currently on
long-term time charters with an average remaining life of
approximately 7.5 months as of January 31, 2007. Vessel Charterer
Charter Time Charter Expiration(1) Rate (2) Panamax Vessels Genco
Beauty Cargill March 2007 $29,000 Genco Knight BHP March 2007
29,000 Genco Leader AS Klaveness December 2008 25,650 (3) Genco
Trader Baumarine AS October 2007 25,750 (3) Genco Vigour BHP March
2007 29,000 Genco Acheron Global Maritime March 2007 28,500
Investments Ltd. STX Pan Ocean January 2008 30,000 (4) Genco
Surprise Cosco Bulk Carrier Co., Ltd. November 2007 25,000 Handymax
Vessels Genco Success KLC January 2008 24,000 Genco Commander A/S
Klaveness October 2007 19,750 Genco Carrier DBCN Corporation March
2007 24,000 Pacific Basin January 2008 24,000 (4) Chartering Ltd.
Genco Prosperity DS Norden March 2007 23,000 Genco Wisdom HMMC
November 2007 24,000 Genco Marine NYK Europe March 2007 18,000(5)
February 2008 24,000 Genco Muse Qatar Navigation September 2007
26,500(6) QSC Handysize Vessels Genco Explorer Lauritzen Bulkers
July 2007 13,500 Genco Pioneer Lauritzen Bulkers August 2007 13,500
Genco Progress Lauritzen Bulkers August 2007 13,500 Genco Reliance
Lauritzen Bulkers July 2007 13,500 Genco Sugar Lauritzen Bulkers
July 2007 13,500 (1) The charter expiration dates presented
represent the earliest dates that our charters may be terminated in
the ordinary course. Under the terms of each contract, the
charterer is entitled to extend time charters from two to four
months in order to complete the vessel's final voyage plus any time
the vessel has been off-hire. (2) Time charter rates presented are
the gross daily charterhire rates before the payments of brokerage
commissions ranging from 1.25% to 5% to third parties, except as
indicated for the Genco Trader and the Genco Leader in note 3
below. In a time charter, the charterer is responsible for voyage
expenses such as bunkers, port expenses, agents' fees and canal
dues. (3) The Genco Leader and the Genco Trader were delivered to
the charterer for the commencement of the time charter on January
15, 2007 and December 24, 2006, respectively. For each of these
vessels, the time charter rate presented is the net daily
charterhire rate. There are no payments of brokerage commissions
associated with these time charters. (4) The estimated charter
expiration is based on the time charter beginning in March 2007,
the earliest possible termination of the previous charterer. (5)
The time charter rate was $26,000 until March 2006 and $18,000
thereafter until March 2007. For purposes of revenue recognition,
the time charter contract through March 2007 is reflected on a
straight- line basis in accordance with generally accepted
accounting principles in the United States, or U.S. GAAP.
Additionally, we have reached an agreement with the current
charterer for an additional 11 to 13 months at a rate of $24,000
per day, less a 5% third-party brokerage commission. (6) Since this
vessel was acquired with an existing time charter at an
above-market rate, we allocated the purchase price between the
vessel and an intangible asset for the value assigned to the
above-market charterhire. This intangible asset is amortized as a
reduction to voyage revenues over the remaining term of the
charter, resulting in a daily rate of approximately $22,000
recognized as revenues. For cash flow purposes, we will continue to
receive $26,500 per day until the charter expires. Q4 2006 Dividend
Announcement The Company's Board of Directors declared a fourth
quarter 2006 dividend of $0.66 per share payable on or about March
9, 2007 to all shareholders of record as of February 23, 2007. As
previously announced, the Company plans to declare quarterly
dividends to shareholders by each February, May, August and
November, in amounts substantially equal to its available cash from
operations during the previous quarter, less cash expenses for that
quarter (principally vessel operating expenses and debt service)
and any reserves the Board of Directors determines the Company
should maintain. These reserves may cover, among other things:
drydocking, repairs, claims, liabilities and other obligations,
interest expense and debt amortization, acquisitions of additional
assets and working capital. The Q4 2006 dividend of $0.66 equates
to an annualized yield of 8.5% based on the closing price of Genco
Shipping & Trading's common stock as of February 7, 2007 at
$31.05. John C. Wobensmith, Chief Financial Officer, commented, "We
are pleased to increase our dividend by 10% for the fourth quarter
of 2006 to $0.66 per share, which is our new quarterly target rate
for 2007. Our ability to increase the dividend is testimony to
Genco's significant earnings power. During the fourth quarter of
2006, we took delivery of two Panamax vessels and one Handymax
vessel acquired earlier in the year, growing our fleet by 23% on a
tonnage basis and expanding our leading role in the drybulk
industry. As we have executed our plan to grow our fleet and
distribute strong cash flows to shareholders, we also further
strengthened our balance sheet to pursue additional strategic
acquisition opportunities that meet our strict return criteria.
With $407.8 million in total proforma liquidity and a unique
dividend policy with a reserve for growth, we remain well
positioned to further consolidate the industry in a prudent manner
that meets our objectives related to earnings and cash flow
accretion as well as return on capital." Forward Interest Rate Swap
Agreements On March 24, 2006, the Company, entered into a forward
interest rate swap agreement with a notional amount of $50.0
million, and has a fixed interest rate on the notional amount of
5.075% from January 2, 2008 through January 2, 2013 (the "5.075%
Swap") The change in the value of this swap for this swap agreement
was recognized as income or expense from derivative instruments and
was listed as a component of other expense until the Company had
obligations against which the swap was designated and was an
effective hedge. In November 2006, the Company designated $50.0
million of the swap's notional amount against the Company's debt
and utilized hedge accounting whereby the change in value for the
portion of the swap that was effectively hedged was recorded as a
component of OCI. On March 29, 2006, the Company, entered into a
forward interest rate swap agreement with a notional amount of
$50.0 million and has a fixed interest rate on the notional amount
of 5.25% from January 2, 2007 through January 2, 2014 (the"5.25%
Swap"). The change in the value of this swap income or expense for
this swap agreement was recognized as expense from derivative
instruments and was listed as a component of other expense until
the Company had obligations against which the swap was designated
and was an effective hedge. Effective July 2006, the Company
designated $32.6 million and in October 2006 designated the
remaining $17.4 million of the swap's notional amount against the
Company's debt and utilized hedge accounting whereby the change in
value for the portion of the swap that was effectively hedged was
recorded as a component of OCI. For the portion of the Company debt
which has been hedged and the rate differential on the swap is in
effect, the total interest rate is fixed at the fixed interest rate
of swap plus the applicable margin on the debt of 0.95% in the
first 5 years of the New Credit Facility and 1.0% in the last five
years. About Genco Shipping & Trading Limited Genco Shipping
& Trading Limited transports iron ore, coal, grain, steel
products and other drybulk cargoes along worldwide shipping routes.
Genco Shipping & Trading Limited owns a fleet of 19 drybulk
vessels, excluding the Genco Glory due to its pending sale,
consisting of seven Panamax, seven Handymax and five Handysize
vessels, with a carrying capacity of approximately 988,000 dwt.
Conference Call Announcement Genco Shipping & Trading Limited
announced that it will hold a conference call on Friday, February
9, 2006 at 10:30 a.m., Eastern Time, to discuss its 2006 fourth
quarter financial results. The conference call and a presentation
will be simultaneously webcast and will be available on the
Company's website, http://www.gencoshipping.com/. To access the
conference call, dial (800) 289-0548 or (913) 981-5535 and enter
passcode 2917745. A replay of the conference call can also be
accessed until February 23, 2007 by dialing (888) 203-1112 or (719)
457-0820 and entering the passcode 2917745. The Company intends to
place additional materials related to the earnings announcement,
including a slide presentation, on its website prior to the
conference call. "Safe Harbor" Statement Under the Private
Securities Litigation Reform Act of 1995 This press release
contains forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward looking statements are based on 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) changes in demand or rates in the drybulk
shipping industry; (ii) changes in the supply of or demand for
drybulk products, generally or in particular regions; (iii) changes
in the supply of drybulk carriers including newbuilding of vessels
or lower than anticipated scrapping of older vessels; (iv) 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; (v) increases in costs and expenses
including but not limited to: crew wages, insurance, provisions,
repairs, maintenance and general and administrative expenses; (vi)
the adequacy of our insurance arrangements; (vii) changes in
general domestic and international political conditions; (viii)
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; (ix) the fulfillment of the
closing conditions under the Company's agreement to sell the Genco
Glory; and other factors listed from time to time in our public
filings with the Securities and Exchange Commission, including,
without limitation, our Annual Report on Form 10-K for the year
ended December 31, 2006, our Quarterly Reports on Form 10-Q, and
our reports on Form 8-K. Our ability to pay dividends in any period
will depend upon factors, including the limitations under our loan
agreements, applicable provisions of Marshall Islands law and the
final determination by the Board of Directors each quarter after
its review of our financial performance. 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. DATASOURCE: Genco Shipping & Trading Limited CONTACT:
John C. Wobensmith, Chief Financial Officer, Genco Shipping &
Trading Limited, +1-646-443-8555 Web site:
http://www.gencoshipping.com/
Copyright
Genco Shipping (NASDAQ:GSTL)
過去 株価チャート
から 11 2024 まで 12 2024
Genco Shipping (NASDAQ:GSTL)
過去 株価チャート
から 12 2023 まで 12 2024